Peak Re Licenses AIR Worldwide Catastrophe Modeling Systems

Catastrophe modeling firm AIR Worldwide (AIR) announced that Peak Reinsurance Co. Ltd. (Peak Re), a reinsurer headquartered in Hong Kong focusing primarily on the Asia-Pacific market, has selected AIR’s catastrophe modeling solutions to manage its catastrophe risk.

“Catastrophes are a growing concern in the Asia-Pacific region as illustrated by the series of events in 2011, and Peak Re is positioning itself to bring greater value to this underserved region by providing property and casualty treaty reinsurance solutions through the use of modern risk management tools such as catastrophe models,” said Graham Cook, head of analytics at Peak Re. “AIR provides a comprehensive suite of models for the region, including earthquake and basinwide typhoon models, which will help us monitor our accumulations and steer a path toward continued profitable growth.”

AIR’s Asia-Pacific tropical cyclone (typhoon) models feature a comprehensive catalog of simulated storms to provide a complete and scientifically rigorous view of tropical cyclone risk affecting Japan, mainland China, Hong Kong, Taiwan, the Philippines, South Korea, Australia and India. AIR’s earthquake models represent an advanced understanding of seismic risk and building vulnerability in the region, including Japan, mainland China, Taiwan, the Philippines, Indonesia, Australia and New Zealand.

“Adding Peak Re to our growing client base reflects our continued focus on Asia-Pacific’s evolving insurance industry, and, like Peak Re, we continue to bring together regional expertise and knowledge along with geographic proximity to better serve this market,” said Uday Virkud, P.E., executive vice president at AIR Worldwide. “With offices in Tokyo, Beijing, Hyderabad, and now Singapore, we aspire to help regional companies like Peak Re manage their exposure to catastrophes with the help of sophisticated modeling tools that will allow them to truly own their risk.”

Source: AIR Worldwide