AIR Worldwide Corporation (AIR), a technological provider in catastrophe modeling and weather risk management, announced the latest release of CLASIC/2™. CLASIC/2, an interactive desktop system for the assessment and management of catastrophic risk, is designed to produce the high level of detail needed by the primary insurance underwriter.
The 2002 version of CLASIC/2 incorporates new catastrophe models for Alaska and Hawaii earthquakes. The software now includes hurricane, earthquake and severe thunderstorm (including tornado, hail and straight-line wind) models covering all 50 states.
CLASIC/2 allows insurers to estimate catastrophe loss potential for an entire portfolio of properties or down to an exact address. The system takes full account of risk-specific structural details, occupancy, age, height, and locational characteristics, such as site-specific geographical or geological information. Results are used for risk selection, underwriting and pricing decisions. CLASIC/2 can also be used to produce loss estimates in real time, as actual catastrophe events are in progress.
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