BOSTON, May 17, 2006 — AIR Worldwide Corporation (AIR) today announced that PICC Property and Casualty Company Limited (PICC) has licensed CLASIC/2™ and CATRADER®, AIR's catastrophe risk management systems, to manage earthquake risk to residential, commercial, and industrial exposures in China.
“As the leading Chinese insurer, PICC P&C pays considerable attention to catastrophe risk,” said Zhang Qing, general manager of the reinsurance department at PICC. “AIR's catastrophe risk management systems will enable PICC to continuously monitor our exposure and efficiently manage our reinsurance needs. AIR's catastrophe risk management systems also provide valuable information for pricing risks and improving portfolio profitability without increasing catastrophe risk.”
PICC will assess and manage earthquake risk using AIR's China Earthquake Model. Loss estimates derived from AIR's China Earthquake Model are based on a highly detailed hazard database incorporating China's extensive historical earthquake experience and the most current scientific findings of earthquake risk in the country. The model estimates potential damage to most of China's widely varied building inventory, including masonry, reinforced concrete, and steel-frame buildings. It also incorporates an objective, engineering-based approach to assess the time-dependent vulnerability of buildings under construction, from excavation to project completion.
“PICC is a leader in the China insurance market, whose property portfolio represents 50 percent of the market,” said Kenneth Zou, AIR's chief representative in China. “We look forward to assisting PICC in their implementation of an effective catastrophe risk management strategy.”
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.
Michael Gannon (AIR Worldwide)