AIR Opens Beijing Office

The AIR Worldwide Corp. modeling firm, which released a China earthquake model earlier this year, said the firm has opened an office in Beijing.

Boston-based AIR, a subsidiary of Insurance Services Office in Jersey City, N.J., said it now assists more than 400 insurers, reinsurers, government agencies and corporations with assessing and managing catastrophe risk.

"The opening of our office is an important step as we begin to service the China insurance market," said Kenneth Zou, AIR's chief representative for China.

Mr. Zou said, "AIR's catastrophe risk modeling capabilities and ISO's expertise in data management and rating, underwriting, and claims adjudication will help China's insurers, reinsurers and risk managers manage their risk effectively and efficiently."

AIR said its commitment to the China insurance market has grown over the past two years.

The modeling firm said that its detailed China earthquake model enables insurers and reinsurers to estimate potential property losses caused by earthquakes for multiple lines of business.

AIR said that to accommodate insurance coverage needs in the rapidly developing country, AIR's China earthquake model incorporates special damage functions for structures under construction, typically covered by construction all risks/erection all risks (CAR/EAR) policies.

According to the firm, its model was recently used to complete an earthquake risk analysis for PICC Property and Casualty Company Limited, the largest insurer in China.

The AIR Worldwide Corp. Beijing Representative Office is located at One East Chang An Avenue, Dong Cheng District, Beijing.

AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States.