March 05, 2010
BOSTON,
March 5, 2010 – Catastrophe risk modeling firm AIR Worldwide estimates that
insured losses from the winter storm that impacted the East Coast of United
States between February 23 and 28 will be between USD 150 million and USD 350
million. Total insured losses from two prior storms, which occurred between
February 4 and February 7 and February 9 and February 11, respectively, are
estimated by AIR at between USD 400 million and USD 1 billion.
March 03, 2010
BOSTON, March 3, 2010 – Catastrophe risk modeling firm AIR Worldwide
estimates that insured losses in France, Belgium, Germany, and
Netherlands from winter storm Xynthia will be between 1.5 billion and 3
billion Euros. The strong extratropical cyclone (ETC) approached the
Atlantic coast of Western Europe on Saturday February 27th, in the
northern provinces of Spain and Portugal. It then moved northeast over
the Biscayan Sea into central France before losing intensity on its
path through Germany and eventually dissipating over the Baltic Sea.
March 01, 2010
BOSTON, March 1, 2010 – Catastrophe risk modeling firm AIR Worldwide
estimates that insured losses from the Mw8.8 earthquake that struck
central Chile early Saturday February 27th will likely exceed USD 2
billion (CLP 1,050 billion). Total economic losses may exceed USD 15
billion (CLP 7,875 billion). The death toll from the earthquake
currently exceeds 700, though this number is expected to rise.
February 16, 2010
BOSTON, Feb. 16, 2010 – AIR Worldwide (AIR) today announced that its industry-leading Crop Yield Model accurately projected 2009 corn and soybean yields, as confirmed by the United States Department of Agriculture (USDA) end-of-season estimates. In an October 28, 2009 report, AIR projected end-of-season corn average yield at 166.2 bushels per acre and 44.0 bushels per acre for soybeans, based on its Crop Yield Model. On January 12, 2010, the USDA reported a record crop size of 13.151 billion bushels of corn, with a yield of 165.2 bushels per acre and 3.3 billion bushels of soybeans with a yield of 44.0 bushels per acre. The AIR Crop Yield Model is a key component of the AIR Multiple Peril Crop Insurance (MPCI) Model for the United States.
February 03, 2010
BOSTON, Feb. 3, 2010 – AIR Worldwide (AIR) today announced that Elementum Advisors LLC, a Chicago-based alternative investment manager focused on collateralized reinsurance investments and insurance-linked securities (ILS), has licensed CATRADER®, the industry standard application for analyzing catastrophe reinsurance and insurance-linked securities. Elementum will use CATRADER and ALERT™, AIR's online real-time loss estimation service, to assess and manage the risks associated with its portfolio of catastrophe bonds and other insurance-linked securities.
January 13, 2010
BOSTON, Jan. 13, 2010 – According to catastrophe risk modeling firm AIR Worldwide, a powerful earthquake shook Haiti on Tuesday at 4:53 p.m. local time. The epicenter was located 16 kilometers (10 miles) southwest of Port-au-Prince (pop: 2 million), the Haitian capital. The U.S. Geological Survey (USGS) has issued a preliminary magnitude estimate of 7.0 and a focal depth of 10 km (6.2 miles). The 10km depth is the default value for mid-continental areas and mid-ocean ridges, since these earthquakes are usually relatively shallow. The depth may well be refined as additional information comes in from seismic networks around the world.
November 10, 2009
OREM, Utah and BOSTON, Nov. 10, 2009 — The latest release of 360Value® includes more than three dozen new commercial building use types to provide more options for insurers to calculate replacement-cost estimates. Additionally, 360Value’s commercial module user interface has been streamlined to enhance ease of use. 360Value is a web-based tool developed by ISO subsidiaries Xactware and AIR Worldwide that provides replacement-cost estimates for residential, commercial, and agricultural properties.
November 05, 2009
BOSTON, Nov. 5, 2009 – Catastrophe risk modeling firm AIR Worldwide (AIR), today announced the results of its collaboration with the U.K. Met Office to examine the financial implications of climate change to the insurance industry. The analysis was sponsored by the Association of British Insurers (ABI) in a special report titled, “Financial Risks of Climate Change,” which was released Wednesday at an ABI conference in London.
October 26, 2009
BOSTON, Oct. 26, 2009 – AIR Worldwide Corporation (AIR) today announced that it has provided risk modeling and analytical services for over 80% of the $2.1 billion of catastrophe bonds issued to date in 2009. AIR has been the modeling and calculation agent for many significant ILS transactions this year, including the groundbreaking “MultiCat Mexico 2009 Ltd.,” a partnership between the World Bank and Mexico to help manage catastrophe risk from multiple perils more effectively.
October 08, 2009
BOSTON, Oct. 8, 2009 – According to catastrophe risk modeling firm AIR Worldwide Corporation (AIR), shortly after 2:00 am local time on Thursday, Super Typhoon Melor made landfall in central Japan’s Aichi prefecture (population 7 million). It arrived as a weak Category 1 storm with sustained winds of about 119 kilometers per hour (74 mph), according to the Joint Typhoon Warning Center (JTWC). Using the available meteorological parameters for Super Typhoon Melor, AIR estimates insured losses to onshore properties in Japan to range from JPY 75 billion (850 million USD) to JPY 130 billion (1.5 billion USD). AIR’s loss estimates for Japan reflect insured damage to property (residential, commercial, industrial) and contents.