AIR Worldwide Wins Prediction Tilt
NU Online News Service, June 11, 9:40 a.m. EST?AIR Worldwide Corporation, a catastrophe and weather risk modeling company, announced yesterday that it had won the Weather Risk Management Association forecasting contest at that organization's annual meeting last week in Coral Gables, Fla.
According to Boston-based AIR, using the company's ClimateCast methodology, senior research meteorologist Mark Gibbas predicted that the average daily temperature in Miami from June 1-5 would be 83.2 degrees Fahrenheit. The actual average temperature for the five-day period was 83.3 degrees, said AIR.
Mr. Gibbas competed against 30 world-class meteorologists from some of the top weather risk organizations in the world, the company noted. Contestants were asked to submit predictions a week in advance of the conference. WRMA is the international trade organization of the weather risk management industry.
"Accurate weather and climate information is a critical element for operational planners and risk managers in a variety of industries," said Mr. Gibbas. "The WRMA award is a tremendous validation of our climate prediction approach used in ClimateCast."
AIR describes its ClimateCast as an online service designed for any business whose bottom line is affected by weather.
The service provides probabilistic short-term climate forecasts based on the latest climate modeling and prediction technologies. A short-term climate forecast might indicate, for example, a significant probability of a colder than normal winter ahead, or a higher than normal frequency of heat waves next summer.
AIR estimated that nearly 70 percent of all businesses are impacted by weather. Some industries in which weather plays a large role include retail, energy, agriculture, transportation, tourism and construction.
AIR Worldwide Corporation provides catastrophe modeling services, weather and climate data, and computer software solutions to the insurance, reinsurance and capital markets. AIR's models simulate losses from both man-made and natural catastrophes in more than 35 countries.
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