AIR Unveils New Models, Features in 2003 Version of CLASIC/2

AIR Worldwide Corporation (AIR), announced the latest release of CLASIC/2(TM), AIR’s interactive desktop system for the assessment and management of catastrophe risk.

The 2003 release includes the latest scientific enhancements to AIR’s U.S. tropical cyclone model, including higher resolution land use/land cover data for more accurate estimation of local wind speeds and a new technique for simulating the radius of maximum winds. The model was recently certified for the seventh consecutive year by the Florida Commission on Hurricane Loss Projection Methodology.

“AIR incorporates the latest research findings into our annual model updates,” said Uday Virkud, senior vice president at AIR. “However, new research rarely causes sudden and dramatic changes in modeled loss estimates. This is especially true with regard to hurricanes, where the science and engineering are well understood. This stability in model output enables our clients to make a seamless transition to the latest release, without disruptions in pricing, risk selection, portfolio optimization, and reinsurance pricing.”

The 2003 release of CLASIC/2 also incorporates AIR’s latest earthquake and severe thunderstorm models for Canada, and earthquake and tropical cyclone models for Japan. In addition, the new release features an enhanced data import tool that allows insurers to easily transfer data into CLASIC/2.

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.