AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…

Read More

M6.3 Earthquake Strikes Iran Coast near Nuclear Plant, Minimal Insured Losses Expected

According to catastrophe modeling firm AIR Worldwide, this morning, an M6.3 earthquake struck 55 miles southeast of Bandar Bushehr near Iran’s southwest coast, however insurance losses are expected to be minimal. According to the United States Geological Survey (USGS), the earthquake occurred at 3:22 p.m. local time (11:52:50 UTC) and struck at a depth of 10 kilometers (6 miles). The main shock was followed by six aftershocks, according to the Iran Seismological Centre, the strongest of which was M5.3. According to AIR, with its epicenter located at 28.5° North latitude…

Read More

AIR Worldwide Reports from Areas Affected by Sandy

Hurricane Sandy Damage flood Insurance surcharge

According to catastrophe modeling firm AIR Worldwide, Sandy’s diameter made it the largest Atlantic hurricane on record in terms of the span of tropical storm-force winds. The huge radius helped to keep the winds at Category 1 intensity and allowed the storm to interact with a system from the west that resulted in severe weather across a wide swath of the eastern United States. This week two AIR teams were deployed to survey damage in New York and New Jersey. Commentary in this report provide an initial glimpse into the…

Read More

Strong Earthquake Strikes Central Chile; No Tsunami or Significant Damage Reported

According to catastrophe modeling firm AIR Worldwide, yesterday evening, a M7.1 earthquake struck central Chile approximately 27 kilometers north-northwest of the city of Talca (approximate population of 200,000). According to the United States Geological Survey (USGS), the earthquake occurred at 7:37 PM local time (22:37:06 UTC) and struck at a depth of 34.8 kilometers. “The earthquake occurred on the subduction zone that was partially ruptured by the 2010 earthquake; it can therefore be considered another aftershock of the 2010 earthquake,” said Dr. Tao Lai, principal engineer at AIR Worldwide. “It…

Read More

New Entrants Adopt AIR Catastrophe Models to Better Manage Portfolios of ILS and Reinsurance Contracts

BOSTON, March 1, 2012 – Catastrophe risk modeling firm AIR Worldwide (AIR) announced that investment companies such as ILS Capital Management are leveraging catastrophe modeling solutions to better manage portfolios of insurance-linked securities (ILS) and reinsurance contracts. “We selected AIR as the main model for our risk management architecture because it is the best solution for modeling a diverse portfolio of ILS and traditional reinsurance contracts,” said Tim Tetlow, president and COO of ILS Capital Management, Ltd. “Its event-driven approach is critical in allowing portfolio correlation and seasonal aspects of…

Read More

AIR Worldwide report shows the changing earthquake risks seen in Japan

AIR Worldwide, a prestigious catastrophe modeling firm serving the global insurance industry, has released a new report titled “Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011.” The quake that struck Japan last year was a magnitude -9.0 and caused a fair amount of damage in Northern provinces. The quake itself did not cause a severe level of damage but it did trigger a massive tsunami that cut a swath of destruction in the country and spurred a nuclear crisis. AIR’s scientists have been conducting detailed…

Read More

Northwest Europe Battered by Windstorm Ulli

BOSTON, January 4, 2012 – According to catastrophe modeling firm AIR Worldwide, Windstorm Ulli is passing through Scandanavia and is expected to dissipate as it moves over the Baltic Sea today. A class 2 weather warning from the Swedish Meteorological and Hydrological Institute (SMHI) is still in force indicating the possibility of “danger to the public, causing major damage to property and major disruptions in essential services.” “Ulli was first recognized as a named low pressure system when it was located southwest of Newfoundland on December 31st making it the…

Read More

AIR Worldwide Launches Multiple Peril Crop Insurance Model for China

Catastrophe risk modeling firm AIR Worldwide (AIR) released the industry’s first Multiple Peril Crop Insurance (MPCI) Model for China. The new model provides a fully probabilistic approach for determining the likelihood of losses to the country’s major crops: corn, cotton, rapeseed, rice, soybeans, and wheat. The model captures the significant effects that weather-related perils have on each crop during the growth stage. This detailed information will help companies better prepare for and understand the exposure they carry based on China’s specific insurance programs, which tend to vary by province. “China…

Read More

Turkey quake and the impact on the nation’s insurance market

Turkey was rattled by a powerful earthquake this past Sunday, which caused widespread damage in many populated areas. AIR Worldwide, a global risk modeling firm, has released initial estimates of the extent of the damage. According to the agency, the damage is modest when compared to previous quakes that have struck the region. Nonetheless, AIR notes that the quake has claimed more than 200 lives, but government officials say that the ultimate total could be as high as 1,000. AIR notes that most urban residencies and commercial buildings are reinforced…

Read More

AIR Revises Its Industry Insured Loss Estimates for Hurricane Irene in the Bahamas Based on Updated Information Concerning Insurance Penetration

BOSTON, Sept. 15, 2011, — Catastrophe modeling firm AIR Worldwide has revised its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between USD 200 million and USD 400 million (previously USD 300 million to USD 700 million). AIR’s loss estimates for other countries in the Caribbean remain unchanged as do the estimates for losses from Irene in the United States. With the new estimates for the Bahamas, AIR now estimates industry insured losses for all impacted Caribbean countries at between USD 400 million and USD 800…

Read More