AIR Updates Catastrophe Risk Modeling Systems

Boston-based AIR Worldwide Corporation has announced the release of updates to its CATRADER®, CLASIC/2™ and CATStation® catastrophe risk management systems.

“The version 10.0 releases include a number of significant software enhancements such as quicker import of insurance-linked securities, storage and querying of non-modeled global exposure data, expanded commercial policy terms and conditions, and substantially reduced run times,” said the bulletin
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“CATRADER is the industry standard application for analyzing catastrophe reinsurance and insurance-linked securities,” stated Uday Virkud, P.E., AIR’s executive VP. “In this release, investors can easily import a new catastrophe bond, including the bond’s structure and any associated exposures, in a single step. This enhancement will significantly reduce data entry errors and time spent setting up new bonds.”

AIR said the “CLASIC/2 version 10.0 includes functionality to assist in the management of global exposures. Users can now import data from non-modeled countries and query aggregations of these exposures along with exposures modeled in CLASIC/2. Additionally, exposure and event information can now be exported and mapped using Google™ Earth.

“To support the accurate modeling of complex onshore and offshore commercial policies, AIR has expanded supported policy terms and conditions, such as the ability to set limits by coverage for sublimits and layers, and create multiple layers with separate deductibles by peril.

Virkud added: “As the need increases to perform more varied and detailed analyses in a shorter period of time, catastrophe modeling system performance has become paramount. We are committed to continuously improving the run times of our systems.”

Source: AIR Worldwide – www.air-worldwide.com