AIR Worldwide Provides Annual Global View of Risk
Report Highlights Protection Gap When Disaster Strikes
Boston, Nov. 16, 2020 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR) today released its 2020 Global Modeled Catastrophe Losses report, detailing key loss metrics from AIR’s global industry exceedance probability (EP) curve. Based on the report, AIR estimates that the global modeled insured average annual loss from catastrophes worldwide is nearly USD 100 billion. The 1 percent aggregate exceedance probability insured loss (or the 100-year return period loss) is nearly USD 301 billion. The 2020 report derives its loss metrics from the most current suite of global property and crop models from AIR, including new models and updates released during 2020 as well as databases of property values for more than 110 countries; the report excludes losses from AIR’s pandemic, cyber, and casualty models. AIR Worldwide is a Verisk (NASDAQ:VRSK) business.
The global aggregate average annual loss (AAL) and exceedance probability loss metrics for 2020 reflect changes in risk based on AIR’s annual review of industry insured values around the world and includes the impact of enhancements to the AIR Earthquake Model for Australia, AIR’s Earthquake and Tropical Cyclone Models for the Caribbean, and updates to the Hurricane and Inland Flood Models for the United States.
“For regions and perils covered by catastrophe models, the protection gap represents not only potential business growth opportunities for …