AIR's Hurricane Model Certified by the Florida Commission for the Eighth Consecutive Year
BOSTON, May 13, 2004 — AIR Worldwide Corporation (AIR) today announced the certification of its 2004 U.S. hurricane model by the Florida Commission on Hurricane Loss Projection Methodology. For the eighth consecutive year, the AIR model has been certified for use in residential rate filings in Florida. AIR's hurricane model is available in its CLASIC/2TM,CATRADER® and CATStation® software.
"Once again, AIR successfully met all of the standards set forth by the Commission, which affirms AIR's approach to integrating new science and data through its annual update process," said David Lalonde, senior vice president at AIR. "Achieving the modeling standards set forth by the Commission is a high priority for AIR. Our clients look to the Commission process as an additional source of validation in using AIR model results to price, underwrite and manage catastrophe risk."
In an effort to provide insurers with the most stable and reliable loss estimates possible, AIR updates its Atlantic basin-wide hurricane model every year. In addition to this year's update of the historical storm catalog, the 2004 model includes enhanced apartment and condominium vulnerability functions that incorporate a component-based engineering approach to measuring wind resistivity.
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. A member of the ISO family of companies, AIR was founded in 1987 to provide 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.
Mike Gannon (AIR)