AIR Worldwide to expand catastrophe modeling software
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BOSTON—AIR Worldwide is expanding its catastrophe modeling software to include risk assessment for buildings under construction.
As an enhancement to its CLASIC/2 Version 14.0 program, this tool allows users to investigate hurricane and earthquake risk policies throughout various phases of construction, the company said in a statement Monday.
The modeling software looks at potential losses from the portfolio level to individual locations. Builders also can analyze policy terms and conditions at the beginning and midpoint of residential and commercial projects.
“The catastrophe risk to buildings under construction is highly dynamic,” said Jayanta Guin, senior vp of research and modeling, in a statement. “Both the vulnerability and replacement value change at each construction phase. By integrating vulnerability, cost, and seasonality for buildings of all construction and occupancy classes, the model accurately estimates the risk to buildings at each construction phase, from foundation and substructure to finish, and for the construction project as a whole.”
According to the release, hurricanes offer a potential risk particularly in the initial construction phases, but plateaus after openings, such as windows and doors, are closed. Earthquakes can be a greater threat once a foundation and substructure are in place, leveling off after a lateral load-resisting system is established.
For more information, contact John Elbl, vp, at jelbl@air-worldwide.com.
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