AIR Worldwide Appoints Bill Churney Chief Operating Officer

insurance news

BOSTON, July 23, 2013 ─ Catastrophe modeling firm AIR Worldwide (AIR) has appointed Bill Churney to the position of chief operating officer. Churney will have immediate responsibility for all product management, software product development, global business development, marketing, consulting, and client service activities. “We’re extremely pleased to welcome Bill Churney to the newly created position of COO to help lead AIR as we continue to experience rapid growth in the global market for catastrophe modeling and related risk management services,” said Ming Lee, CEO of AIR Worldwide. “Bill has been…

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Catastrophe insurance market recommendations made by RIMS

Insurance News on catastrophe insurance losses

A letter sent to the U.S. Treasury has made a number of natural cat coverage marketplace suggestions. The Risk Management Society (RIMS) has now issued a letter to the United States Treasury in order to share its recommendations regarding potential improvements to the way that the natural catastrophe insurance market operates throughout the country. The organization had been asked to submit this letter as an element of a study conducted by the FIO. The Federal Insurance Office (FIO), a part of the U.S. Department of the Treasury, is performing a…

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AIR Releases Comprehensive Japan Earthquake Model Update following Tohoku

Japan Earthquake Insurance 2011

BOSTON, July 1, 2013 – Catastrophe modeling firm AIR Worldwide today announced that it has updated its Earthquake Model for Japan to include insights gained from the Great Tohoku earthquake of March 2011, which yielded a vast amount of ground motion data, damage observations, and detailed claims data. As a result, the AIR model represents the industry’s first and currently only comprehensive view of seismic risk in Japan post-Tohoku. In addition to capturing the complex seismicity of Japan and the changes that took place as a result of the Tohoku…

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Scandinavia Hit Hard by Windstorm Dagmar

According to catastrophe modeling firm AIR Worldwide, Windstorm Dagmar has moved across Russia north of St. Petersburg and begun to dissipate, its hurricane-force winds having caused power outages, tree- downings, and landslides and other disruption across northern Scandinavia on Christmas Day and the early hours of yesterday, December 27th. According to AIR, Windstorm Dagmar developed almost suddenly, the product of a large temperature contrast between cold air moving south from Greenland/Arctic Norway and warm air moving north from the Azores/Iberia. Its formation assisted by a rapid deepening of lows and…

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Emily Dissipates after Hitting Haiti; Rain still a Threat in Hispaniola

BOSTON, Aug. 5, 2011 – According to catastrophe modeling firm AIR Worldwide, Emily remained stalled and disorganized in the Caribbean yesterday morning before finally reaching Haiti’s southwestern coast just before 5 pm EDT. As a result of interaction with Haiti’s mountainous terrain, the storm—at tropical storm-strength earlier in the day—rapidly degenerated. As of 5pm EDT last night, Emily had dissipated completely. It is now a remnant low pressure system, lacking a closed surface circulation. Even though the system’s winds are not a threat, rain and flooding are. Precipitation from Emily…

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Risk modeler Eqecat makes vital revisions to its hurricane, earthquake and typhoon models

Worldwide risk and catastrophe modeling firm Eqecat is preparing to release three major revisions to its Worldcatenterprise 3.16 platform. The firm will be updating its existing North Atlantic hurricane, Canadian earthquake and Asian typhoon models. Eqecat is one of many companies in the catastrophe modeling industry that have been making revision to their models recently. The upheaval will have a somewhat dramatic effect on insurance companies and their rates, as these companies rely heavily on risk models to calculate the cost of coverage. The updates will make Eqecat’s catastrophe models…

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Experts claim catastrophe risk modeling needs to change

The property and casualty insurance business isn’t what it used to be. Traditional methods of deciding risk management worked well in its time. According to the managing director of the Wharton Risk Management and Decision Process Center (WRMDPC) in Pennsylvania, the time has come where changing the way the industry calculates risk is essential to its survival. In the property and casualty sector, the traditional notion was that catastrophic events only occurred about every 25 years or so. It also counted on the fact that the risks were, for the…

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