AIR Worldwide News

Report: Climate Change to Increase Insured Losses from Windstorms in the U.K.

Climate change will drive up wind losses in the U.K. in coming years, according to a recent report from the Association of British Insurers, the Met Office, and Boston, Mass.-based catastrophe modeler AIR Worldwide. The report shows that temperature increases …

New Modeling Product From AIR Worldwide Analyzes Client Cyber Risk

Catastrophe modeling firm AIR Worldwide has released a new cyber risk modeling application for the insurance and reinsurance markets. ARC (Analytics of Risk from Cyber) is designed to evaluate any commercial policy (including those vulnerable to silent cyber), measure and …

Trump’s Proposed Cuts to NASA and NOAA Could Impact Forecasting, Modeling

Funding cuts proposed in a White House budget that has been on the table for months spook some experts who are concerned that the ability to do everything from model changes in the climate to forecast the day-to-day weather could …

Cyclone Debbie Rips Across Australian State, Leaving ‘War Zone’; AIR Comments

A huge clean-up operation is under way in the Australian state of Queensland after a powerful cyclone swept through the region, tearing roofs off buildings, downing trees and forcing tourists to bunker down at luxury island resorts. The Whitsunday Islands …

Liability Risk Modeling Tool Launched by Lloyd’s and AIR’s Arium

Lloyd’s and modeling company Arium have launched a tool designed to enable insurers and reinsurers to model liability exposure probabilistically across their entire portfolios, Lloyd’s announced. “The new approach categorizes casualty events based on a company’s business activities – its …

Colombia’s Regulator Approves RMS Earthquake Model for Use by Insurers

RMS, the the Newark, Calif.-based catastrophe risk management firm, has received approval from the Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), to offer catastrophe modeling services to national and global insurance companies writing earthquake risk in Colombia. Insurers writing …

Colombia’s Insurance Regulator Approves Use of AIR’s Earthquake Model

Catastrophe modeling firm AIR Worldwide (AIR) announced that its earthquake model for Colombia has been approved by the country’s insurance regulator, the Superintendencia Financiera de Colombia, for use by domestic insurance companies in managing their earthquake risk. “The Colombian government …

Palomar Specialty Launches Residential Flood Program in California

Palomar Specialty Insurance Co. has launched Flood Guard, a private flood program in California that uses an advanced and granular proprietary rating system. Palomar used catastrophe modeling firm AIR Worldwide’s probabilistic flood model for the United States in its rate …

Verisk Analytics Buys UK-Based Arium, a Liability Risk Modeling Firm

Verisk Analytics Inc., the Jersey City, N.J.-based data analytics provider, has acquired Arium, an independent company specializing in liability risk modeling and decision support. London-based Arium will become part of AIR Worldwide (AIR), a Verisk Analytics business, and will enable …

Philippines Hunts for Crew of Ship Sunk by Typhoon Nock-Ten; AIR Comments

The Philippine coast guard pressed its search Tuesday for 18 crewmen from a cargo ship that sank at the height of Typhoon Nock-Ten, which struck the country on Christmas Day. Coast guard spokesman Armand Balilo said 14 other crewmen have been rescued …