AIR Worldwide Corporation (AIR) announced the certification of its 2004 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology.
For the eighth consecutive year the AIR model has been certified for use in residential rate filings in Florida. AIR’s hurricane model is available in its CLASIC/2, CATRADER and CATStation software.
“Once again, AIR successfully met all of the standards set forth by the Commission, which affirms AIR’s approach to integrating new science and data through its annual update process,” said David Lalonde, senior vice president at AIR. “Achieving the modeling standards set forth by the Commission is a high priority for AIR. Our clients look to the Commission process as an additional source of validation in using AIR model results to price, underwrite and manage catastrophe risk.”
In an effort to provide insurers with the most stable and reliable loss estimates possible, AIR updates its Atlantic basinwide hurricane model every year.
In addition to this year’s update of the historical storm catalog, the 2004 model includes enhanced apartment and condominium vulnerability functions that incorporate a component-based engineering approach to measuring wind resistivity.
Topics USA Catastrophe Natural Disasters Hurricane
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