BOSTON, Oct. 4, 2006 — AIR Worldwide Corporation (AIR) announces the latest release of its CLASIC/2™ catastrophe risk management system. Version 8.5 features AIR ExportExpress™, a new utility that simplifies the export of company exposure and loss data.
“Greater focus on risk management and transparency by regulators, rating agencies, and management is requiring more detailed information on companies’ catastrophe risk,” said Uday Virkud, senior vice president at AIR. “To meet these diverse reporting and decision-making requirements, companies must typically extract exposure and loss information in multiple resolutions and formats. Using AIR ExportExpress, companies can easily extract virtually any combination of exposure and loss information to meet their expanding information needs.”
AIR ExportExpress now enables users without knowledge of SQL to export exposure and loss data from CLASIC/2 for reporting and analysis. AIR ExportExpress dramatically simplifies the process of exporting data by making data available at a variety of resolutions and providing a series of filters to refine the results. Sixteen types of extracts are available, which can be filtered by geography, peril, line of business, construction and occupancy. By applying these options, AIR ExportExpress can be used, for example, to analyze the loss contribution for specific stochastic events by exporting event level losses, or to analyze portfolio loss contribution by geographical area and contract. Insurers can also determine loss costs by exporting exposure and average annual loss (AAL) together in a single file.
Significant enhancements have also been made to AIR ImportExpress™, a utility that facilitates the quick import of exposure data into AIR’s CLASIC/2 and CATStation® catastrophe risk modeling systems. In Version 8.5, the performance of AIR ImportExpress for initial data import has been improved in some cases by a factor of three and for data re-import by a factor of ten. In addition, AIR ImportExpress now includes options for checking control totals and address validation so the system can automatically correct data that the user would otherwise have to check and correct manually.
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. An ISO business, 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 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 United States and around the world, ISO’s services help customers protect people, property and financial assets.
Michael Gannon (AIR Worldwide)