AIR Worldwide News

Natural Disasters Could Cost $750 Billion Annually in 15 Years: AIR Study  

Economic losses from global natural catastrophes likely will triple over the next 15 years, unless steps are taken to reduce bad development choices, according to preliminary results of a catastrophe modeling study presented at the third UN World Conference on …

Severe Tropical Cyclone Pam Makes Landfall on Vanuatu: AIR Report

A report from catastrophe modeling firm AIR Worldwide describes the movement of Tropical Cyclone Pam over the last two days. The storm in the South Pacific has intensified rapidly, and is now a Category 5 storm (on the BOM scale) …

Climate Change Modeling on Cusp of Paradigm Shift

In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

AIR’s ‘Global Exceedance Probability Curve’ Report Shows Industry Loss Metrics

Catastrophe modeling firm AIR Worldwide estimated that the 1 percent exceedance probability loss (or the 100-year return period loss) is approximately $231.5 billion and the long-term average annual loss from natural catastrophes and terrorism is $72.6 billion. These statistics were …

Risk Modelers Working on Tools for Gauging Cyber Attack Risk

Even as the Sony Corp. cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get. Unlike earthquakes, …

Risk Modelers Aim to Gauge Risks of ‘Cyber Hurricane’

Even as the Sony Corp. cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get. Unlike earthquakes, …

Early Insured Loss Estimates on Hurricane Gonzalo Up to $400M

Early estimates by catastrophe modeling firms indicate insured losses from Hurricane Gonzalo in Bermuda will come in between $200 and $400 million. EQECAT estimates $300 million in insured losses, about the scale caused by Hurricane Fabian in 2003. Both storms …

India’s Cyclone Hudhud May Have $400 Million Price Tag

Cyclone Hudhud, which hit India’s east coast last week, probably cost insurers $100 million to $400 million, modeling firm AIR Worldwide said. The storm damaged transportation infrastructure, power supply systems and more than 40,000 homes, the Boston-based modeler said today …

Tropical Storm Ana Forecast to Impact Hawaii This Weekend

A Central Pacific Hurricane Center advisory shows Tropical Storm Ana is located 315 miles south-southwest of Hilo, Hawaii, with maximum sustained winds of 70 mph. While Ana is gradually strengthening, and may achieve hurricane status later today, the storm is …

AIR Worldwide Discusses Expected Damages From Typhoon Phanfone

An ominous storm from the outset, Typhoon Phanfone is now on track to impact large areas of Japan with damaging winds and substantial rainfall, from Osumi and the southeastern coast of Kyushu to Shikoku and Honsh, according to Boston-based catastrophe …