BOSTON, May 19, 2014 — Catastrophe modelling firm AIR Worldwide (AIR) today announced that Pana Harrison (Asia) Pte Ltd, a Singaporean and Lloyd’s registered general insurance and reinsurance broker, has collaborated with AIR to better assess and manage catastrophe risk on behalf of its clients. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
“To provide our clients with the most comprehensive view of typhoon and earthquake risk in China, we needed reliable assessments of catastrophe risk,” said Richard Lim, deputy CEO of Pana Harrison. “Based on AIR’s long-standing presence in Singapore, as well as their extensive regional knowledge of the Asian insurance market, we are confident in our decision to collaborate with them. AIR’s advanced models and analytical services will be instrumental in advising our clients in the most effective way to structure their reinsurance programs.”
AIR’s innovative catastrophe models are state of the art and incorporate advances in science and engineering to provide a comprehensive and realistic view of risk. For example, the AIR Typhoon Model for China captures the risk from both wind and flood — a critically important feature because standard residential, commercial, and construction-all-risks/erection-all-risks (CAR/EAR) policies cover both perils. The model features a unified catalog of nearly 300,000 events affecting China and other modeled countries in the northwest Pacific, allowing local direct insurers in China to analyze country-specific risk. The model also allows global insurers and reinsurers to seamlessly assess the risk to policies and portfolios that span multiple countries, thereby accounting for loss correlations in a physically realistic way.
AIR’s Earthquake Model for China — the development of which was informed by strategic alliances with leading local research institutions — draws on the country’s long historical catalog, including written records of earthquakes dating back to 780 B.C. The model incorporates a catalog of more than 580,000 simulated events, as well as damage functions for more than 200 construction types and occupancy classes, including damage functions for the CAR/EAR line of business. That line comprises a higher portion of insurance business here than in many other regions because of China’s continued and rapid growth.
“We are delighted that Pana Harrison has decided to leverage the combined power of our Touchstone platform and our market-leading models for China to advise their clients,” said Ashish Jain, assistant vice president at AIR Worldwide, Singapore. “Our business relationship with Pana Harrison reflects our continued focus on and growth in this evolving insurance/reinsurance market and wider Asia-Pacific region, where companies are increasingly turning to AIR for sophisticated tools and services to assess and manage their catastrophe risk.”
About AIR Worldwide
AIR Worldwide (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 90 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, and agricultural risk management. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
About Pana Harrison
Pana Harrison (Asia) Pte Ltd, a Singaporean General Insurance and Reinsurance Broker and exempt Financial Adviser, has one of the most competent team of financial advisers, life and general insurance brokers in Singapore. Established in 1980 as a Joint Venture with Harrison Horncastle Insurance Group (UK), Pana Harrison is licensed and supervised by the Monetary Authority of Singapore.