Boston-based catastrophe modeling firm AIR Worldwide Corp. said it has released updates to two of its catastrophe risk management systems.
AIR said the version 10.0 releases of its CATRADER, CLASIC/2 and CATStation include a number of significant software enhancements such as quicker import of insurance-linked securities, storage and querying of nonmodeled global exposure data, expanded commercial policy terms and conditions, and substantially reduced run times.
Uday Virkud, AIR executive vice president, said that "CATRADER is the industry standard application for analyzing catastrophe reinsurance and insurance-linked securities."
"In this release, investors can easily import a new catastrophe bond, including the bond's structure and any associated exposures, in a single step. This enhancement will significantly reduce data entry errors and time spent setting up new bonds," he added.
CLASIC/2 version 10.0 includes functionality to assist in the management of global exposures. Users can now import data from nonmodeled countries and query aggregations of these exposures along with exposures modeled in CLASIC/2., AIR said.
Additionally, exposure and event information can now be exported and mapped using Google Earth, the firm added.
To support the accurate modeling of complex onshore and offshore commercial policies, AIR said it has expanded supported policy terms and conditions, such as the ability to set limits by coverage for sublimits and layers, and create multiple layers with separate deductibles by peril.
The Version 10.0 releases of CLASIC/2, CATRADER and CATStation, it was explained, also introduce an enhanced job management component that delivers significantly improved functionality and performance.
AIR's new Job Manager, the company said, allows administrative users to fully leverage multiprocessor and/or multicore systems, so that multiple analyses can be run on a single machine at the same time, or more processing power can be devoted to a single analysis.
Additionally, the company said users can now assign priorities to queued jobs to ensure that the most important jobs are always run as soon as the resources they require are available.
AIR's improved geocoding engine, which was released as an option in CLASIC/2 Version 9.5, is now the default geocoding engine in Version 10.0.
The improved geocoding engine is said to perform two-to-four times faster than the previous geocoder. Version 10.0 of CLASIC/2 also contains enhancements to AIR's U.S. hurricane, severe thunderstorm and earthquake models that reduce analysis times by 20-to-40 percent.
Overall, clients can expect to reduce the time to import geocode and run an analysis by 40-to-50 percent, said AIR.
Mr. Virkud said AIR is "committed to continuously improving the run times of our systems."
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