San Diego, April 19, 2004 — AIR Worldwide Corporation (AIR) announces the launch of Catastrophe Risk Engineering, a new consultative service that analyzes high-value or strategically significant properties to estimate potential human, financial and property losses in the event of a catastrophe. AIR's Catastrophe Risk Engineering analyzes the risk from terrorism, earthquakes and severe windstorms to help corporations and insurers develop strategies to minimize the impact of extreme events on mission-critical structures.
"Catastrophe Risk Engineering provides much more than a run-of-the-mill probable maximum loss or engineering analysis. It entails a detailed scientific and engineering analysis that couples the likelihood of extreme events impacting specific structures with an in-depth evaluation of the consequences," said S. Ming Lee, senior vice president at AIR Worldwide Corporation. "Catastrophe Risk Engineering helps clients make informed decisions about their most valuable or critical properties."
Results from a Catastrophe Risk Engineering analysis can be used to evaluate and potentially lower the cost of property and workers compensation insurance by identifying appropriate loss-mitigation measures. In addition, results can be used to perform cost/benefit analyses of proposed retrofit measures, assess potential business interruption losses and evaluate the life-safety qualities of structures.
AIR's Catastrophe Risk Engineering is designed for risk managers, insurers and property owners. It takes a multipronged approach, combining site surveys, risk modeling and engineering analysis to assess the risks from these extreme events:
About AIR Worldwide Corporation
AIR Worldwide Corporation (AIR) is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather. Utilizing the latest science and technology, AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States. Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds and property replacement cost valuation. Founded in 1987, AIR offers its insurance, reinsurance, corporate and government clients a complete line of risk modeling software and consulting services that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America, Europe and Asia. For more information, please visit 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. 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. Solutions from ISO's Quality Planning Corporation (QPC) subsidiary enable insurers to identify auto premium leakage and recover lost premium. 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)