Tag: AIR Worldwide

Hurricane Sandy Expected to Strike at Midnight: AIR

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insurance news - atlantic hurricane season

  According to catastrophe modeling firm AIR Worldwide, As forecast, Hurricane Sandy intensified overnight and its path began to turn toward the U.S. East Coast. As of 11 a.m. EDT, Sandy has maximum sustained winds of 90 mph and is moving north-northwest at 18 mph. Although the NHC’s latest advisory indicates that Sandy’s sustained winds have achieved 90 mph, some weakening is likely to occur before landfall tonight and Sandy is expected to arrive on the south Jersey shore with winds of about 75 mph. As indicated in the National…

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Tropical Storm Ernesto Brings Heavy Rainfall with Second Landfall: AIR

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Tropical Storm Ernesto

BOSTON, Aug. 10, 2012 – According to catastrophe modeling firm AIR Worldwide, Tropical Storm Ernesto made its second landfall on Thursday, August 9 at around 1:00 PM CDT in southern part of the Mexican state of Veracruz. Wind damage is expected to be minimal, but the storm’s heavy rainfall is expected to continue throughout the day, even as the system dissipates. Significant insured losses are currently not expected from Ernesto. Interestingly, global models suggest that the remnants of Ernesto may redevelop into a tropical cyclone early next week after exiting…

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AIR Expands Its Catastrophe Risk Engineering Solutions to Include Supply Chain Risk Quantification

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Insurance News on catastrophe insurance losses

Insurance news… AIR Worldwide (AIR) announced today that it has expanded its suite of Catastrophe Risk Engineering (CRE) solutions to help quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks. AIR’s new offering will help risk managers better assess and reduce their risk from catastrophic perils such as hurricanes, earthquakes, floods, tornadoes, and tsunamis. This includes risk not only from physical damage but also from direct and contingent business interruption losses across the entire supply chain network. “The catastrophe risk to supply chain networks…

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Commercial Insurance Expert John Elbl Appointed Vice President in AIR Worldwide’s Business Development Group

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BOSTON, March 20, 2012 – AIR Worldwide (AIR) today announced that John Elbl has been appointed vice president in AIR’s Business Development Group. He joins AIR after 13 years with Zurich Insurance Company, most recently as global head of catastrophe modeling. In his new role, Elbl will assist with service and support for AIR’s commercial insurer clients, as well as aid in developing AIR software and models to better meet the needs of commercial insurers. “John brings extensive experience working with companies to interpret analysis results, optimize modeling workflows, and…

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U.S. Experiences Early Season Severe Thunderstorm and Tornado Outbreak: AIR

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According to catastrophe modeling firm AIR Worldwide, just two days after a series of tornadoes caused significant destruction in parts of the Ohio Valley and the Central Plains, a massive storm system on March 2 spawned dozens of tornadoes across 11 states. Preliminary data from the National Weather Service (NWS) indicate that more than 100 tornadoes touched down during this latest violent outbreak. Across the southern Ohio Valley and parts of the Southeast are widespread reports of houses ripped off their foundations, roofs blown off, downed power lines and trees,…

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New Entrants Adopt AIR Catastrophe Models to Better Manage Portfolios of ILS and Reinsurance Contracts

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BOSTON, March 1, 2012 – Catastrophe risk modeling firm AIR Worldwide (AIR) announced that investment companies such as ILS Capital Management are leveraging catastrophe modeling solutions to better manage portfolios of insurance-linked securities (ILS) and reinsurance contracts. “We selected AIR as the main model for our risk management architecture because it is the best solution for modeling a diverse portfolio of ILS and traditional reinsurance contracts,” said Tim Tetlow, president and COO of ILS Capital Management, Ltd. “Its event-driven approach is critical in allowing portfolio correlation and seasonal aspects of…

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Scandinavia Hit Hard by Windstorm Dagmar

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According to catastrophe modeling firm AIR Worldwide, Windstorm Dagmar has moved across Russia north of St. Petersburg and begun to dissipate, its hurricane-force winds having caused power outages, tree- downings, and landslides and other disruption across northern Scandinavia on Christmas Day and the early hours of yesterday, December 27th. According to AIR, Windstorm Dagmar developed almost suddenly, the product of a large temperature contrast between cold air moving south from Greenland/Arctic Norway and warm air moving north from the Azores/Iberia. Its formation assisted by a rapid deepening of lows and…

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