ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Dec 07, 2017 08:30 JST
Source:
AIR Worldwide
AIR Updates Insured Loss Estimates for Hurricane Maria
BOSTON, Dec 07, 2017 - (ACN Newswire) - Catastrophe modeling firm AIR Worldwide announced that it has updated its loss estimates for Hurricane Maria. After re-examining Hurricane Maria's meteorology; analyzing findings from AIR's damage survey conducted in Puerto Rico in late October; and reviewing the latest information about insurance practices and policies in Puerto Rico, AIR now estimates that insured losses from Hurricane Maria in the Caribbean will be between USD 27 billion and USD 48 billion. Losses in Puerto Rico are estimated at between USD 25 billion and USD 43 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
The reduction in the high end of AIR's loss estimates is driven primarily by the review of Maria's intensity over Puerto Rico. A re-examination of the storm parameters, augmented by newly available reports, revealed lower wind speeds than previously estimated, particularly in and around San Juan, as well as a narrower overall wind footprint.
A significant portion of the AIR modeled losses for Puerto Rico are generated by the industrial line of business, which comprises a wide variety of industries and physical assets. However, it is also the case that the industrial line accounts for much of the remaining uncertainty in the loss estimates, particularly as it relates to business interruption losses. Claims will continue to develop over the course of the next six to eight months, largely as a result of continuing BI losses. Adding to the uncertainty (and to the estimated range of losses) is to what extent demand surge - which is the increase in the cost of labor and materials that is often observed in the aftermath of major catastrophes - will play a role in ultimate insurance payouts.
For additional detail regarding the revised estimates, the considerations that have informed them, and remaining uncertainties, please visit the ALERT website.
http://alert.air-worldwide.com
About AIR Worldwide
AIR 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 attacks globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR's advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, 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, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong@air-worldwide.com
###
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Rome becomes the first European city to offer open loop transit payments to JCB Cardmembers
May 08, 2024 12:00 JST
ServiceNow and Fujitsu announce strategic commitment to launch innovative cross-industry solutions
May 08, 2024 08:52 JST
Fujitsu launches mainframe modernization automation service for the Japanese market
May 07, 2024 17:53 JST
MHI Agrees to Collaborate with Chiyoda Corporation for Licensing of CO2 Capture Technologies
May 07, 2024 13:49 JST
Four-strong TOYOTA GAZOO Racing squad to push for more Portugal success
May 02, 2024 18:05 JST
Spectacular Spa awaits TOYOTA GAZOO Racing
May 02, 2024 17:46 JST
Q&M Dental Enhances Digital Capabilities by Integrating Align Technology's Newest iTero Lumina(TM) Intraoral Scanner Across Dental Clinics in Singapore
May 02, 2024 11:00 JST
Sumitomo Metal Mining and Mitsubishi Corporation to Participate in Kalgoorlie Nickel Project - Goongarrie Hub
Apr 30, 2024 19:08 JST
New Immuno-Oncology Research Project in Partnership With Merck Starts at the BioMed X Institute in Heidelberg
Apr 30, 2024 18:00 JST
SPARX Group Establishes Space Frontiers Second Fund
Apr 29, 2024 18:49 JST
MHI Establishes Local Subsidiary "Mitsubishi Heavy Industries Vietnam"
Apr 29, 2024 18:00 JST
POSCO Future M and Honda Reach Basic Agreement on Collaboration for Production of Cathode Materials for Automotive Batteries in Canada
Apr 29, 2024 14:25 JST
Honda Plans to Establish Comprehensive Electric Vehicle Value Chain in Ontario, Canada
Apr 29, 2024 14:16 JST
JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan
Apr 26, 2024 10:00 JST
Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024
Apr 25, 2024 18:21 JST
MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park
Apr 25, 2024 17:45 JST
GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series
Apr 25, 2024 16:50 JST
Toyota Exhibiting at Beijing Motor Show 2024
Apr 25, 2024 16:25 JST
Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada
Apr 25, 2024 11:10 JST
UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh
Apr 25, 2024 09:00 JST
More Latest Release >>
Related Release
AIR Publishes Its Catastrophe Exposure Data Schema Publicly
July 01 2019 17:00 JST
AIR Worldwide Releases Expanded Inland Flood Model for Central Europe
June 26 2019 09:00 JST
AIR Worldwide Releases Updated Earthquake Model for New Zealand
June 20 2019 17:00 JST
Sompo International to Leverage AIR's Innovative Casualty Analytics Solution for Multi-Line Risk Analysis
June 19 2019 17:30 JST
AIR Estimates Losses for the Marriott Breach Will Be Between USD 200 Million and USD 600 Million
December 19 2018 08:00 JST
AIR Worldwide Estimates Insured Losses from Camp Wildfire Will Be Between USD 6 Billion and USD 9 Billion
December 07 2018 07:00 JST
AIR Worldwide Estimates Insured Losses from Woolsey Wildfire Will Be At Least USD 2.5 Billion
December 01 2018 07:00 JST
Arch Insurance Selects AIR's Modeling Solution to Help Manage Its Catastrophe Risk
November 05 2018 19:00 JST
AIR Develops Advanced Probabilistic Model for Global Cyber Risks
October 22 2018 18:00 JST
AIR Worldwide Estimates Insured Wind and Storm Surge Losses for Hurricane Michael Will be Between USD 6 Billion and USD 10 Billion
October 15 2018 23:00 JST
More Press release >>