NU Online News Service, May 17, 2:23 p.m. EDT--Catastrophe-modeling firm AIR Worldwide Corporation said it has enhanced its catastrophe-risk modeling system, CLASIC/2, to assist insurance companies to prepare for the risk of multiple hurricanes in a single season.
The Boston-based firm also said its CAT-risk modeling system now allows insurers to examine annual hurricane deductibles as well as changing repair costs that can be exacerbated by the occurrence of multiple catastrophe events.
"The 2004 hurricane season highlighted issues that need to be more effectively addressed by insurers managing catastrophe risk," said AIR's senior vice president Uday Virkud.
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