BOSTON, Dec. 12, 2005 — AIR Worldwide Corporation (AIR) and ISO announce the opening of the AIR Worldwide Corporation Beijing Representative Office in China. AIR, a subsidiary of ISO, helps more than 400 insurers, reinsurers, government agencies and corporations worldwide assess and manage catastrophe risk.
"The opening of our office is an important step as we begin to service the China insurance market," said Mr. Kenneth Zou, AIR's chief representative for China. "AIR's catastrophe risk modeling capabilities and ISO's expertise in data management and rating, underwriting and claims adjudication will help China's insurers, reinsurers and risk managers manage their risk effectively and efficiently."
AIR's commitment to the China insurance market has continued to grow over the past two years. AIR released its detailed China earthquake model earlier this year. The model enables insurers and reinsurers to estimate potential property losses caused by earthquakes for multiple lines of business. To accommodate insurance coverage needs in the rapidly developing country, AIR's China earthquake model incorporates special damage functions for structures under construction that are typically covered by construction all risks/erection all risks (CAR/EAR) policies. The model was recently used to complete an earthquake risk analysis for PICC Property and Casualty Company Limited, the largest insurer in China.
The AIR Worldwide Corporation Beijing Representative Office is located at One East Chang An Avenue, Dong Cheng District, Beijing 100738, China. The telephone number is 86 10 8520 0042.
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.
ISO, based in Jersey City, New Jersey, is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.