BOSTON, May 19, 2009 — AIR Worldwide Corporation (AIR) today announced the certification of its 2009 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology (Commission). The Commission annually certifies models for use by insurers for developing Florida residential property rate filings. AIR has met the rigorous standards of the Commission every year since the Commission’s inception in 1996.
“For the thirteenth consecutive year, AIR met all of the standards set forth by the Florida Commission,” said David Lalonde, senior vice president at AIR. “This year the Commission added standards intended to more rigorously examine the approach used to model the more remote events in the ‘tail’ of the loss distributions produced by the model. Certification to these standards provides model users with increased confidence for employing AIR models for all catastrophe risk management activities, including ratemaking and risk transfer analysis.”
In this year’s release, AIR updated the model’s catalog of simulated events for storms impacting Florida using hurricane landfall information for the 2007 Atlantic season and data resulting from the NOAA Hurricane Research Division’s reanalysis of the HURDAT database for the period from 1915 through 1920. The impact of these enhancements on modeled losses is minimal.
AIR's 2009 U.S. Hurricane Model will be available in Version 11.0 of CLASIC/2TM, CATRADER®, and CATStation® catastrophe risk management systems.
About AIR Worldwide Corporation
AIR Worldwide Corporation (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 50 countries. More than 400 insurance, reinsurance, financial, corporate and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, agricultural risk management, and property replacement cost valuation. AIR is a member of the ISO family of companies and is headquartered in Boston with additional offices in North America, Europe and Asia. For more information, please visit www.air-worldwide.com.
Kevin Long/Rebekka Grater