AIR's Scientifically Sound Models Provide Much-Needed Stability for Insurers
BOSTON, June 11, 2003 — AIR Worldwide Corporation (AIR), today announced the latest release of CLASIC/2TM, AIR's interactive desktop system for the assessment and management of catastrophe risk. The 2003 release includes the latest scientific enhancements to AIR's U.S. tropical cyclone model, including higher-resolution land use/land cover data for more accurate estimation of local wind speeds and a new technique for simulating the radius of maximum winds. The model was recently certified for the seventh consecutive year by the Florida Commission on Hurricane Loss Projection Methodology.
"AIR incorporates the latest research findings into our annual model updates," said Uday Virkud, senior vice president at AIR. "However, new research rarely causes sudden and dramatic changes in modeled loss estimates. This is especially true with regard to hurricanes, where the science and engineering are well understood. This stability in model output enables our clients to make a seamless transition to the latest release, without disruptions in pricing, risk selection, portfolio optimization and reinsurance pricing."
The 2003 release of CLASIC/2 also incorporates AIR's latest earthquake and severe thunderstorm models for Canada, and earthquake and tropical cyclone models for Japan. In addition, the new release features an enhanced data-import tool that allows insurers to easily transfer data into CLASIC/2.
CLASIC/2 allows insurers to estimate catastrophe loss potential for an entire portfolio of properties or down to an exact address. The system takes full account of risk-specific structural details, occupancy, age, height and locational characteristics, such as site-specific geographical or geological information.
About AIR Worldwide Corporation
AIR Worldwide Corporation (AIR) is the technological leader in catastrophe and weather risk modeling. Through its web-based and computer software solutions (ClimateCastSM,CLASIC/2TM, CATRADER®, CATMAP®/2,AIRProfiler®), AIR services the insurance, reinsurance and capital markets. AIR's models simulate losses from both man-made and natural catastrophes in more than 35 countries. AIR is headquartered in Boston and has additional offices in North America, Europe and Asia. For more information, please visit the AIR website at www.air-worldwide.com.
ISO is a leading source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides data, analytical and decision-support products; consulting; data processing; and technical, statistical and actuarial services. ISO field services include on-site rating and underwriting services and the evaluation of community loss-mitigation efforts. ISO's products help customers with sales and prospecting, underwriting, rating and quoting, customer management, policy administration, product development, claims administration and fraud detection. ISO's AIR Worldwide subsidiary provides technologies to assess and manage natural and man-made extreme-event risk. Through its ISO Claims Services, Inc. (iiX unit) and Intellicorp subsidiaries, ISO provides motor vehicle reports and criminal-records information and through its AscendantOne unit delivers rating, quoting and policy-administration solutions. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.
Mike Gannon (AIR)