AIR Worldwide Releases Updated Tropical Cyclone and Earthquake Models for the Caribbean
July 29 2020 - 6:17AM
Catastrophe risk modeling firm AIR Worldwide (AIR) announced the
release of its updated Tropical Cyclone and Earthquake Models for
the Caribbean. These models will provide insurers and reinsurers
with a comprehensive view of risk across 29 countries and
territories in the region. AIR Worldwide is a Verisk (Nasdaq:VRSK)
business.
“The past several years have reaffirmed the vulnerability of the
Caribbean to tropical cyclones and earthquakes. Hurricanes Maria
and Irma (2017), Hurricane Dorian (2019), and the 2010 earthquake
in Haiti devastated the countries they impacted, and the January
2020 earthquake in Puerto Rico was a more recent reminder of
Caribbean seismic risk,” said Dr. Jayanta Guin, executive vice
president and chief research officer, AIR Worldwide. “Working with
local experts, AIR has been able to make innovative advancements in
modeling and promote resilience in the region after observing
firsthand the devastation left after significant hurricanes and
earthquakes.”
The AIR Tropical Cyclone Model for the Caribbean provides a
realistic view of tropical cyclone risk and an updated stochastic
catalog reflects current historical data, as well as new features
and capabilities, including support for additional lines of
business such as large industrial facilities, infrastructure,
marine lines, a detailed view of the temporal and spatial variation
of vulnerability, and high-resolution damage functions that can
estimate losses even when not all the building characteristics are
known. All this is based on an enhanced Industry Exposure Database
that realistically reflects the built environment of the region and
includes a detailed study of the evolution of building code
requirements and construction regulation across the region.
Each country in the Caribbean has its own building practices and
codes in addition to unique policy conditions. A comprehensive
understanding of exposure in the region is therefore needed to
accurately assess any catastrophic risk in the Caribbean. The
updated models span the 29 countries of the Caribbean, account for
the latest policy terms and conditions, and share a comprehensive
90-meter resolution industry exposure database that includes
high-value exposures, such as luxury hotels and resorts.
The updated AIR Earthquake Model for the Caribbean also accounts
for newly added sub-perils to account for tsunami inundation and
liquefaction risk. Since 2010, seismometers, accelerometers, and
GPS recording stations have been installed and field surveys have
been performed to understand the fault geometries at work both on
land and offshore, all of which has provided new data that can be
leveraged to better understand the tectonic complexity of the
Caribbean and more accurately model the risk in the updated AIR
Earthquake Model for the Caribbean.
“Recent paleoseismological studies, marine surveys, and GPS data
have provided new insights into seismicity in the region that
inform a significantly updated fault model,” noted Dr. Guin. “These
new fault data along with a more comprehensive understanding of the
tectonics of the Caribbean region overall allow researchers to
better identify faults that may rupture in multi-segment
ruptures.”
In addition, recent research has revealed that ground motion
from earthquakes can be amplified or dampened by as much as two- or
three-times, depending on the soil type at the affected location.
To capture the effects of different soil types, engineers at AIR
developed detailed soil maps for the Caribbean by compiling data
from many different sources, including high-resolution geological
data, aerial imagery, and digital topographic data.
The AIR Tropical Cyclone and Earthquake Models for the Caribbean
are available in the 2020 releases of Touchstone® and Touchstone Re
catastrophe risk management systems.
About AIR WorldwideAIR Worldwide (AIR) provides
risk modeling solutions that make individuals, businesses, and
society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk
from natural catastrophes, terrorism, pandemics, casualty
catastrophes, and cyber incidents. Insurance, reinsurance,
financial, corporate, and government clients rely on AIR’s advanced
science, software, and consulting services for catastrophe risk
management, insurance-linked securities, longevity modeling,
site-specific engineering analyses, and agricultural risk
management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is
headquartered in Boston, with additional offices in North America,
Europe, and Asia. For more information, please visit
www.air-worldwide.com. For more information about Verisk, a leading
data analytics provider serving customers in insurance, energy and
specialized markets, and financial services, please
visit www.verisk.com.
###
For more information, contact:Kevin LongAIR
Worldwide+1-617-267-6645klong@air-worldwide.com
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