Applied Insurance Research, Inc. (AIR), a catastrophe and weather risk modeling company, announced the assembly of a suite of products developed to meet the needs of corporate risk managers. The products, capitalizing on AIR’s databases of hazard and property information and on AIR’s experience in catastrophe modeling, are designed to assist risk managers in the three fundamental stages of exposure mitigation: identification of the hazard, quantification of potential loss, and management of risk transfer.
According to Ming Lee, senior vice president of AIR, risk managers are finding it hard to purchase affordable coverage, let the proper amount of coverage in a hardening market. Ming added the risk managers are finding themselves in an unfamiliar position of having to convince underwriters to take on their risk, and then pay premiums 40 to 100 percent higher than last year. “These new market dynamics make it all the more important to know the amount of coverage truly necessary to meet corporate needs. To do that you must first know your exposure.”
AIRProfiler, AIR’s web-based product for location-specific hazard information, addresses that need. It can sort and filter property exposure according to user-defined hazard criteria. Risk managers can then identify and focus on the most vulnerable properties and generate a concise summary of those properties’ exposure to risk. This summary can be used to meet underwriter’s requirements for information or to determine alternate mitigation measures.
AIR will be showcasing AIRProfiler at this year’s RIMS Conference and Exhibition in New Orleans, April 14-18. At RIMS, AIR also plans to present their probabilistic loss modeling products and services, which give corporate risk managers more precise understanding of their coverage needs and optimal deductible levels.
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