AIR is updating its modeling software platform, Touchstone, with the ability to analyze noncatastrophe risk using the same exposure data existing clients use for their catastrophe modeling.
Noncatastrophe perils are dominated by fire and also include lightning, explosion, vandalism, sprinkler leakage, fallen trees and wind.
Touchstone users will now be able to calculate noncatastrophe expected losses for each location within an exposure data set; distribute noncatastrophe expected losses into excess loss layers; launch both cat and noncat analysis for the same exposure data; and view and export both sets of analysis results.
"We envision that in future releases of Touchstone, companies will have the ability to add their own loss cost data for individual locations, both inside and outside of the U.S.; and to enter adjustments to loss costs based on their specific exposures," says Ming Lee, president & CEO of AIR Worldwide.
He continues, "Our vision for Touchstone is driven by our goal to provide the broadest range of analytics and services to help our clients develop a comprehensive risk management strategy, beyond our traditional focus on catastrophe events. That includes noncatastrophe loss information from ISO as well as analytics from other Verisk companies such as AER and Xactware, which will supplement the catastrophe loss analyses companies are undertaking today."
In August, AIR announced a milestone of providing risk modeling and analytical services for more than $25 billion in total catastrophe bond issuance since the market's inception in 1996, including more than $15 billion for the 17 out of 22 property-based bonds issued to date in 2013.
In April 2009, AIR was the first firm to have modeled more than $10 billion in catastrophe bond limit, a figure that included the first ever catastrophe bond.
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