AIR 2008 Hurricane Model Certified by Florida Commission

AIR Worldwide Corporation (AIR) announced the certification of its 2008 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology (Commission).

The Commission annually certifies models for use by insurers for developing Florida residential property rate filings. AIR has met the rigorous standards of the Commission every year since the Commission’s inception in 1996.

“For the twelfth consecutive year, AIR met all of the standards set forth by the Florida Commission,” said David Lalonde, senior vice president at AIR. “This rigorous verification process demonstrates the robustness of our approach to incorporating the latest science and data. Recent Florida legislative changes require insurers to use Commission-certified models in developing both expected hurricane losses and net cost of reinsurance estimates for residential rate filings, making certified models even more valuable for clients operating in this market.”

AIR updates its Atlantic basinwide hurricane model every year. This year, the focus was an update of the historical storm catalog to incorporate updated storm parameters from the National Hurricane Center (NHC) Atlantic basin hurricane database, also known as HURDAT, for Florida and adjacent states. The impact of these updates on modeled losses is generally small.

AIR's 2008 U.S. Hurricane Model will be available in Version 10.0 of CLASIC/2™, CATRADER®, and CATStation® catastrophe risk management systems.