AIR Worldwide (AIR) is reporting the certification of its 2010 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology.
The commission certifies models for use by insurers for developing Florida residential and commercial residential property rate filings. AIR has met the standards every year since the commission’s inception in 1996.
The Version 12.0 update to the AIR U.S. Hurricane Model includes the latest meteorological understanding on hurricane structure, a basin-wide catalog, a model domain expanded by three additional states to include 29 states and the District of Columbia, and more detailed modeling of spatial and temporal variations in vulnerability.
Overall, the latest release of the AIR says it news model will enable “significantly more precise” risk differentiation based on such factors as geography, construction, occupancy, year built, and individual building characteristics.
AIR’s 2010 U.S. Hurricane Model will be available in Version 12.0 of CLASIC/2, CATRADER, and CATStation catastrophe risk management systems.
More than 400 insurance, reinsurance, financial, corporate, and government clients use AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, agricultural risk management, and property replacement-cost valuation. AIR is a member of the ISO family of companies and is headquartered in Boston.
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