Catastrophe risk modeling firm AIR Worldwide (AIR) released the industry’s first Multiple Peril Crop Insurance (MPCI) Model for China. The new model provides a fully probabilistic approach for determining the likelihood of losses to the country’s major crops: corn, cotton, rapeseed, rice, soybeans, and wheat. The model captures the significant effects that weather-related perils have on each crop during the growth stage. This detailed information will help companies better prepare for and understand the exposure they carry based on China’s specific insurance programs, which tend to vary by province. “China…
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Turkey quake and the impact on the nation’s insurance market
Turkey was rattled by a powerful earthquake this past Sunday, which caused widespread damage in many populated areas. AIR Worldwide, a global risk modeling firm, has released initial estimates of the extent of the damage. According to the agency, the damage is modest when compared to previous quakes that have struck the region. Nonetheless, AIR notes that the quake has claimed more than 200 lives, but government officials say that the ultimate total could be as high as 1,000. AIR notes that most urban residencies and commercial buildings are reinforced…
Read MoreAIR Revises Its Industry Insured Loss Estimates for Hurricane Irene in the Bahamas Based on Updated Information Concerning Insurance Penetration
BOSTON, Sept. 15, 2011, — Catastrophe modeling firm AIR Worldwide has revised its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between USD 200 million and USD 400 million (previously USD 300 million to USD 700 million). AIR’s loss estimates for other countries in the Caribbean remain unchanged as do the estimates for losses from Irene in the United States. With the new estimates for the Bahamas, AIR now estimates industry insured losses for all impacted Caribbean countries at between USD 400 million and USD 800…
Read MoreAIR Worldwide Updates European Wind and Earthquake Catastrophe Models
MONTE CARLO, Sept. 12, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released updates to its Extratropical Cyclone and Earthquake Models for Europe. Both models were significantly expanded to include additional European countries and provide a consistent and comprehensive assessment of the extratropical cyclone and earthquake risk throughout Europe. “AIR Worldwide offers complete and robust extratropical cyclone and earthquake models for Europe,” said Dr. Jayanta Guin, senior vice president of research and modeling at AIR Worldwide. “With the expanded regions and enhancements to these models, insurers and reinsurers now…
Read MoreHurricane Irene Batters Bahamas on Way toward U.S. East Coast
BOSTON, Aug. 25, 2011 – According to catastrophe modeling firm AIR Worldwide, Hurricane Irene is passing through the central Bahamas islands this morning after a night of battering the southern islands with heavy rains and strong winds. At the time of the National Hurricane Center’s 8:00 am EDT Advisory, Category 3 Hurricane Irene was about 65 miles east-northeast of Nassau, the capital and largest city of the Bahamas. Irene’s maximum sustained winds are 115 miles per hour with higher gusts. Hurricane-force winds extend outward up to 70 miles from the…
Read MoreTyphoon Muifa Expected to Hit Mainland China This Weekend, After Delivering Heavy
BOSTON, Aug. 5, 2011 – According to catastrophe modeling firm AIR Worldwide, Typhoon Muifa is tracking across the Pacific Ocean, en route to mainland China, after delivering heavy rain to the Philippines Tuesday and Wednesday. Muifa is forecast to make landfall south of Shanghai this weekend, bringing high winds and heavy rains. According to the Japan Meteorological Agency’s (JMA) 18:45 UTC advisory, Muifa’s maximum ten-minute sustained winds are 157 km/hr (97 miles per hour), classifying it as a weak Category 2 storm. Its maximum gusts are higher, at 203 km/h…
Read MoreTropical Storm Emily Forms in the Caribbean, Heads Toward Hispaniola
BOSTON, Aug. 2, 2011- According to catastrophe modeling firm AIR Worldwide, late last week, a wave off the west coast of Africa, 91L, began to slowly organize as it moved west across the Atlantic. Monday night, 91L formed a closed surface circulation and developed into the fifth named storm of the 2011 Atlantic hurricane season, Tropical Storm Emily. As of the National Hurricane Center’s (NHC) 11:00 AM EST advisory, the storm is located approximately 270 miles southeast of San Juan, Puerto Rico, and is currently near stationary in the Caribbean…
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