AIR Briefs Homeland Group On Terror Model
NU Online News Service, April 28, 4:20 p.m. EDT?AIR Worldwide Corp. said its terrorism risk modeling system would be a topic at today's conference in Boston called by the Department of Homeland Security.[@@]
The company said it will explain how the insurance industry and government organizations are using catastrophe risk models to manage the terrorism risk.
Five hundred research scientists and engineers working in government, the private sector and the academic community are presenting findings at the conference designed to make the nation safer.
The gathering is entitled: "Working Together: Research & Development Partnerships in Homeland Security."
AIR said it is the only participant to focus on how the insurance industry is benefiting from risk modeling.
Jack Seaquist, AIR's terrorism model product manager and representative at the conference, said the company introduced the first terrorism risk model to the insurance industry in September 2002 after the Sept. 11, 2001 attacks.
He said a variety of corporations and government agencies use AIR's terrorism modeling tools and extensive database of potential terrorist targets to estimate the human and financial impact from terrorist attacks.
AIR said insurance companies use its model to manage terrorism risk by employing a variety of techniques, including exposure accumulation analyses, target landmark risk analyses, "what-if" scenarios, and probabilistic portfolio loss analyses.
The firm said Mr. Seaquist would discuss how AIR's model has been used to develop the Insurance Service Office's terrorism advisory loss costs that are used by many insurers to underwrite the risk.
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