AIR Releases New Models and New Features in 2003 Version of CLASIC/2

June 12, 2003

Boston-based catastrophe and weather risk modeler AIR Worldwide Corp. announced the latest release of CLASIC/2(TM), it’s interactive desktop system for the assessment and management of catastrophe risk.

“The 2003 release includes the latest scientific enhancements to AIR’s U.S. tropical cyclone model, including higher resolution land use/land cover data for more accurate estimation of local wind speeds and a new technique for simulating the radius of maximum winds,” said the bulletin. “The model was recently certified for the seventh consecutive year by the Florida Commission on Hurricane Loss Projection Methodology. ”

“AIR incorporates the latest research findings into our annual model updates,” stated Uday Virkud, senior vice president at AIR. “However, new research rarely causes sudden and dramatic changes in modeled loss estimates. This is especially true with regard to hurricanes, where the science and engineering are well understood. This stability in model output enables our clients to make a seamless transition to the latest release, without disruptions in pricing, risk selection, portfolio optimization, and reinsurance pricing.”

The company said the updated model also “incorporates AIR’s latest earthquake and severe thunderstorm models for Canada, and earthquake and tropical cyclone models for Japan. In addition, the new release features an enhanced data import tool that allows insurers to easily transfer data into CLASIC/2.”

The system “allows insurers to estimate catastrophe loss potential for an entire portfolio of properties or down to an exact address, the bulletin continued, “taking “full account of risk-specific structural details, occupancy, age, height, and locational characteristics, such as site-specific geographical or geological information.”

In addition to its Boston headquarters AIR has offices in North America, Europe and Asia. More information can be obtained from the company’s Website at: www.air-worldwide.com.
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