Boston-based AIR Worldwide Corporation (AIR) said it has developed a catastrophe model to help insurers manage hurricane risks in Latin America.

Tim Doggett, senior research scientist at AIR, said in a statement, "On average, Mexico experiences almost two hurricane landfalls per year, which is similar to the United States.

Mr. Doggett noted, "The most intense storms have the potential to cause significant insured losses when they make landfall in a highly developed area on Mexico's coastline, as demonstrated by the $2 billion loss from Hurricane Wilma in 2005 and the $1 billion loss from Hurricane Gilbert in 1988, if it were to recur today."

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