AIR Worldwide Delivers Innovative Approach to Data Quality Scoring in Latest Release of TruExposure

January 1, 2011 / 2 min read

BOSTON, December 1, 2010 — AIR Worldwide today announced that it has added data quality scoring capabilities to TruExposure®, a comprehensive suite of solutions to help property insurers and reinsurers validate, benchmark, and improve exposure data used for catastrophe analyses. TruExposure data quality scores not only quantify the potential impact of missing primary risk characteristics on catastrophe loss estimates, but they also indicate where data improvements will have the greatest benefit.

Many insurance/reinsurance companies are benefitting from TruExposure. “AXIS has been concerned with data quality issues for quite some time, and we welcome AIR’s initiative to develop TruExposure to help the insurance market better assess and ultimately improve its exposure data quality,” said Lionel Poggio, head of Catastrophe Modeling at AXIS Re. “We’re confident that TruExposure will enhance our ability to objectively assess data quality, ultimately increasing the value of our catastrophe risk analyses.”

The new data scoring capability in TruExposure leverages AIR’s industry exposure database and advanced catastrophe models to provide two scores essential to understanding and improving the quality of data used for catastrophe risk assessment:

TruExposure Data Quality Scores measure the extent to which incomplete exposure data may impact catastrophe modeling results. Data quality scores are provided for individual locations and at the portfolio level.
TruExposure Overall Risk Scores incorporate data quality, hazard risk, and property replacement value to help companies determine — at a location or portfolio level — where enhancements to exposure data can meaningfully improve their catastrophe risk estimates.

“Insurers and reinsurers often need to assess the catastrophe risk of portfolios in which a number of the properties’ primary characteristics — location, construction type, occupancy class, age, and height—are unknown or of questionable accuracy,” said Uday Virkud, P.E., executive vice president at AIR Worldwide. “TruExposure data scores allow companies to quickly assess and compare the quality of data used for catastrophe risk analyses and prioritize among portfolios — or subsets of locations within a portfolio — where data improvement can have a significant influence on loss estimates.”

TruExposure validation, scoring, benchmarking, and augmentation are available today through AIR’s TruExposure for CLASIC/2TM software application or as a consulting service. Data quality consulting services include data management reviews and data preparation and cleansing.

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 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 Verisk Insurance Solutions group at Verisk Analytics and is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.

Release: Immediate

Contact:
Kevin Long
AIR Worldwide
01-617-267-6645
klong@air-worldwide.com