Cat modeling firm
The changes are aimed at helping insurers, facultative reinsurers, brokers and risk managers assess the natural catastrophe risk to industrial facilities and wind and solar energy installations. AIR says its recent studies of renewable energy infrastructure reveal that the best approach to quantifying the catastrophe risk for such unique facilities is a site-specific engineering-based risk assessment.
Based on AIR’s recent research reports on the seismic and wind vulnerability of modern wind turbines and solar arrays, the quantification of the catastrophe risk of renewable energy assets pose several interesting challenges, AIR says. Renewable energy structures and systems are relatively new, so an acute scarcity of data exists, the company says, adding that renewable energy structures have distinct features, and it may be inappropriate to use other industrial assets as surrogates for these systems.
AIR adds that its CRE services provide transparent, reliable loss estimates for industrial and commercial facilities, and are used by risk managers and brokers for risk assessment, mitigation and emergency response planning. By combining CRE services with AIR’s state-of-art risk modeling, AIR says it’s able to provide catastrophe risk solutions for industrial assets and renewable energy assets throughout the world.
