AIR Worldwide expands terrorism model

AIR Worldwide expands terrorism model | Insurance Business

AIR Worldwide expands terrorism model
Catastrophe risk modelling firm AIR Worldwide has expanded the capabilities of its terrorism risk model to support scenario testing for Australia and 26 other countries, to help companies better manage their global terrorism risk and assess the impact of different attack scenarios on their portfolios.

Shane Latchman, assistant VP at AIR Worldwide, said: “The AIR Terrorism Model now supports deterministic modeling of conventional weapon attacks in countries across the globe.”

AIR’s Touchstone 4.0 platform, released in June, enables companies to conduct a terrorism risk assessment for estimating losses to property and workers’ compensation policies from defined attack scenarios. Using the platform, users can create their own potential scenarios to test the impact of certain types of conventional weapons − chemical, biological, radiological, and nuclear, or airplane crashes − to a property from within their portfolio or any user-identified target.

Touchstone has also been recently integrated with terrorism risk index maps, from sister company Verisk Maplecroft, to provide assessment of terrorism risk at a subnational level based on terrorism incident data and severity of attacks during a specific reporting period.

In addition to the United States and Australia, AIR’s deterministic terrorism loss modeling capabilities has now been made available for Belgium, Brazil, Canada, China, Colombia, France, Germany, Greece, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, Lebanon, Mexico, the Netherlands, the Philippines, Russia, Singapore, South Africa, Spain, Thailand, Turkey, and the United Kingdom.

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