Boston-based catastrophe risk modeling firm
"One of the most significant enhancements to CATRADER, the industry-standard application for analyzing reinsurance contracts and insurance-linked securities, is an improved portfolio management module that will enable risk managers and investors to assess their portfolio risk much more efficiently," said Uday Virkud, P.E., EVP at AIR Worldwide. "Now, investors and reinsurers can more easily assess the impact of new investments or contracts on their existing portfolios to maximize return on investment."
CATRADER Version 11.5 allows companies to manage multiple portfolios that have a variety of reinsurance contracts, ILS, sidecars and private placements. Increased flexibility to review the marginal impact of a potential transaction in real time enables risk managers and investors to dynamically examine different risk management strategies.
The new CATRADER release also provides an improved approach for analyzing reinsurance contracts and insurance-linked securities whose terms span multiple years, allowing for better control of risk over time.
Version 11.5 of CATRADER includes enhanced reporting functionality. The additional reports support dynamic filtering by contract, peril and region to allow users to quickly generate multiple views of their portfolio from a single analysis. For instance, users can view the risk profile of their entire portfolio before drilling down to a single region or group of regions. They can then further isolate the risk from a given peril or transaction. This enables risk managers and investors to perform “as-if” analyses in real time on any component of the portfolio. The reports can be customized by individual organizations to meet specific needs.
CATRADER's ability to import company and contract data can now be streamlined using AIR Integration Solutions, which allow companies to seamlessly embed catastrophe modeling into their existing applications and workflows. Virkud added, "AIR Integration Solutions are highly customizable and are used by a growing number of companies to automate processes ranging from underwriting individual risks to analyzing entire portfolios based on their specific requirements. By reducing the need for staff to learn new software applications, AIR Integration Solutions enable companies to spend less time manipulating data and more time analyzing results."
CLASIC/2, the application of choice for companies who need to accurately assess catastrophe risk down to the individual location level, has been enhanced in Version 11.5. The enhancement allows the importing and exporting of exposure data in the ACORD U.S. Property Binding Authority Standard (ACORD ER30001) when stored in a Microsoft Excel file. AIR was the first catastrophe modeling firm to support the ACORD binding authority exposure data standard and continues to be a proponent of open data standards to enable the smooth transfer of catastrophe exposure data for risk analysis.
Other enhancements and workflow improvements available in CLASIC/2 Version 11.5 are as follows:
• The AIR Earthquake Model for Japan, the AIR Earthquake Model for China, and the AIR Typhoon Model for China benefit from a streamlined catalog of simulated events that reduces model run time with minimal impact on modeled losses. Process times using the earthquake and typhoon models for China will further benefit from an approximately 50% reduction in the time needed to disaggregate province-level data for detailed analysis.
• Company Loss Files (CLFs) and average annual loss (AAL) can be generated for each location through a single analysis
• Multiple peril-specific location policy terms can now be imported using AIR ImportExpress
