CLASIC/2™ enables insurance and facultative reinsurance underwriters, catastrophe risk managers, managing general agents,
claims managers and others, to assess the catastrophe loss potential
of individual risks, policies, and portfolios of policies. Utilizing detailed
exposure information on each location and policy, this intuitive and logically
designed system facilitates individual risk selection and pricing decisions.
CLASIC/2 also provides
information used to support risk retention and transfer alternatives, growth strategies, and real-time event planning.
CLASIC/2, like all AIR software systems, is driven by the same scientifically
advanced catastrophe modeling technology that has made AIR synonymous with technological
leadership.
CLASIC/2 provides the following valuable functions:
- Estimates and reports full probabilistic loss distributions for individual risks, policies,
user-defined groups of policies, and entire property portfolios
- Evaluates loss mitigation strategies and enables "what-if" analyses
for individual risks or entire portfolios through the application of a robust engineering module
that incorporates detailed information about the structural
characteristics of individual risks
- Calculates ground-up, gross, and net losses by event
Other significant features include:
Detailed Risk, Insurance, and Reinsurance Terms Incorporated
- State-of-the-art engineering module utilizes primary risk characteristics, including construction
type, occupancy, age, height and, in addition, enables the inclusion of over 30 secondary risk characteristics
- Gross loss estimates incorporate the impact of insurance conditions for primary and excess policies with a multitude of limit and deductible types, such as coverage deductibles, site deductibles, minimum and maximum deductibles, CEA mini-policy deductibles, and
different types of attachment points
- Net loss estimates take into consideration both treaty and facultative reinsurance coverages
Customizable Database and Loss Result Format
- Groups of companies, individual companies, divisions, territories, and many other segments can be defined
by the user to mirror a
company's unique organizational structure
- Reports on exposure and estimated loss for user-defined categories can be efficiently obtained to support decision-making in
the areas of underwriting, pricing, portfolio risk management, claims, etc.
AIRGeocode Express™ Geocoding System Enables Site-specific Analysis
- CLASIC/2's embedded geocode utility enables the estimation of loss potential for each
risk based on its locational characteristics, which means that CLASIC/2 takes full advantage of the high-resolution geographical and geological data embedded in
the AIR hazard models
— data that can have a significant impact on how an event affects a specific
risk
- AIRGeocode Express can be used alone or in conjunction with other commercial geocoding systems
AIRMap Express™ Mapping System Provides Seamless View of Risk
- Color coded maps of individual risk locations, as well as aggregate
exposures and losses can be viewed from any window within the system
- Maps are customizable to include major waterways, highways, parks, and other key orientation
points
- Unique built-in peril viewer enables the user to view specific events such as hurricanes and earthquakes without
exiting the
software
Real-time Loss Estimation Capabilities
- Probabilistic event sets for several types of perils can be downloaded from AIR's
ALERT™ website in real time; in the case of hurricanes and
typhoons, event sets for modeled countries are available up to 48 hours
before projected landfall
- Portfolio analyses can be performed based on these event sets to determine a
company's loss potential using actual exposures and the most current
information about the event
From quantifying catastrophe risk for pricing and underwriting decisions, to identifying and quantifying the effects of loss mitigation measures,
CLASIC/2 is a critical tool for managing catastrophe risk.
