AIR Worldwide Updates Earthquake Models for South America
Enhancements include tsunami modeling and support for new lines, including industrial facilities, infrastructure, and builder's risk
BOSTON, Jul 28, 2015 - (ACN Newswire) - Catastrophe risk modeling firm AIR Worldwide (AIR) announced that it has updated its earthquake models for South America based on a wealth of new data and research on seismic risk in the region. The models now enable the analysis of high-value industrial facilities, builder's risk, and public infrastructure. Modeled perils have been expanded to include liquefaction and tsunami, in addition to the most current understanding of ground shaking in South America. The model domain has also been expanded to include Ecuador, along with existing models for Chile, Peru, Colombia, and Venezuela. The enhanced models will provide insurers, reinsurers, and other stakeholders with the most comprehensive view of earthquake risk in South America and can also be used to satisfy regulatory requirements that base capital reserves on probabilistic loss estimates. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
"AIR's earthquake models for South America are an excellent method of estimating the seismic vulnerability of a portfolio specific to the insurance industry in a simple and practical way," said peer reviewer Dr. Ing. Jorge Olarte Navarro, profesor del Departamento Academico de Estructuras, Facultad de Ingenieria Civil, Universidad Nacional de Ingenieria, Lima, Peru.
Located on the circum-Pacific belt, or the Ring of Fire, South America has a long history of seismic activity and has given rise to some of the world's largest earthquakes. More than a dozen damaging earthquakes have occurred there since 2007, including the powerful 2010 Maule and 2014 Iquique events. A wealth of data has become available since the magnitude 8.8 Maule earthquake occurred off the coast of Chile, and AIR seismologists have since been conducting research into the resulting transfer of seismic stress and the impact of that stress transfer on the probability of other destructive earthquakes occurring in nearby regions. To develop a time-dependent view of seismicity, AIR scientists have augmented historical earthquake data with more than 20 years of GPS data to reveal areas of strain accumulation and relaxation. The new AIR time-dependent seismicity model is a significant advance over other earthquake hazard models for the region.
In addition to the revised view of seismicity, the models feature extensive updates to the local intensity, vulnerability, and loss calculation components. Updated ground motion prediction equations use new, high-resolution soil maps to capture shaking intensity. Groundwater data is used to assess the potential for liquefaction, which is now modeled explicitly for major cities - the areas with the greatest concentration of exposure. Earthquakes off South America's Pacific coast also have the potential to trigger tsunamis that can greatly increase the damage and loss. Following AIR's introduction of tsunami models for Japan and Canada, the new South America earthquake models provide the industry's first comprehensive view of tsunami risk for the entire coastline.
The AIR earthquake models for South America estimate losses to residential, commercial, and industrial assets and to automobiles. The calculations have been tailored to each country's unique building practices and have been peer-reviewed by local experts at leading South American institutions. The models incorporate findings from damage surveys, studies of local building codes, detailed claims data analysis, and structural engineering research. In addition, the models feature new damage functions for high-value industrial facilities, builder's risk, and public infrastructure to provide a comprehensive view of risk.
"We've employed several innovative methodologies to achieve a comprehensive view of South America's complex seismicity and the vulnerability of its building stock," said Dr. Mehrdad Mahdyiar, P.E., vice president and senior director, earthquake hazard, AIR Worldwide. "By covering earthquake-triggered perils such as tsunami and liquefaction in addition to ground shaking, AIR's new earthquake models give companies a distinct advantage in preparing for the next great earthquake in the region."
The earthquake models for South America are currently available in the Touchstone(R) 3.0 and CATRADER(R) 17 catastrophe risk management systems.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics (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, contact: Kevin Long AIR Worldwide +1-617-267-6645 klong@air-worldwide.com
###
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: AIR Worldwide via Globenewswire
Source: AIR Worldwide
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date Apr 24, 2024 17:19 JST
| MC and Denka Sign J/V Agreement in Fullerene Business Apr 24, 2024 17:02 JST
| Mitsubishi Motors Posts Record Sales in the Philippines in FY2023 Apr 24, 2024 13:56 JST
| NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance Apr 24, 2024 13:25 JST
| Fujitsu SX Survey reveals key success factors for sustainability Apr 23, 2024 10:25 JST
| Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions Apr 22, 2024 16:09 JST
| NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II Apr 22, 2024 15:09 JST
| Soft Space Launches the First and Only JCB Payment Gateway in Malaysia Apr 22, 2024 15:00 JST
| TOYOTA GAZOO Racing takes a one-two in Croatian thriller Apr 22, 2024 10:47 JST
| First-ever Mazda CX-80 Crossover SUV Unveiled in Europe Apr 19, 2024 13:50 JST
| Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces Apr 19, 2024 10:17 JST
| Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas Apr 18, 2024 17:01 JST
| Toyota Launches All-New Land Cruiser "250" Series in Japan Apr 18, 2024 13:39 JST
| Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan Apr 18, 2024 11:14 JST
| Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category) Apr 18, 2024 10:53 JST
| All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating Apr 18, 2024 09:22 JST
| Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan Apr 17, 2024 16:17 JST
| Honda Unveils Next-generation EV Series for China Apr 17, 2024 12:15 JST
| Lexus presents Time at the 2024 Milan Design Week Apr 16, 2024 18:49 JST
| Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA Apr 16, 2024 14:36 JST
|
More Latest Release >>
|