15 July 2015 Insurance

AIR unveils Canada models

Catastrophe risk modelling firm AIR Worldwide (AIR) has unveiled an expanded suite of models for Canada.

In addition to the new models, winter storm and tropical cyclone, AIR has added updated to the hazard and engineering components of the Canada severe thunderstorm model.

Updates to the severe thunderstorm model account for the losses incurred by straight-line winds, hail, and tornadoes on insured properties.

The new tropical cyclone model for Canada captures the effects of damaging winds on insured properties in seven Canadian provinces, while the winter storm model captures the effects of damaging winds, winter precipitation and freezing temperatures.

Rob Newbold, senior vice president of business development and consulting and client services, AIR Worldwide, said: “AIR is committed to providing the Canadian market with the most advanced tools for assessing potential insured losses from natural catastrophes that affect the entire insurance and risk transfer value chain.

"Following our work with Insurance Bureau of Canada (IBC), which resulted in the release of our Canada earthquake model last year, this expanded suite of atmospheric models demonstrates our commitment to the region and to helping the industry better manage and assess the risk from these perils.”

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