News News Archive Email A Friend April 22, 2024 California Division of Workers’ Compensation Posts Updated Time of Hire Notice April 22, 2024 Sullivan on Comp Launches ChatSOC. It's an Innovative Chatbot for California Workers' Compensation Professionals Integrated with an Authoritative Legal Treatise April 19, 2024 Workers Compensation Bill 2024: One percent of employee’s salary to contribute to workers’ compensation fund in Kenya. April 15, 2024 Colorado Worker Shows Head Injury Happened as a Consequence of a Knock on the Head at Work
| | Property Casualty Super Model By Robert Warne - September 3, 2002With no better time than the present, a new super model is available to help property casualty insurers accurately assign risk to inhumane acts of violent terror.
AIR Worldwide Corp. (AIR) a subsidiary of Insurance Services Office, Inc. (ISO) announced Sept. 3 its release of a terrorism loss estimation model.
By combining engineering expertise with weapons-effects models, this first of its kind application can provide credible loss estimates for property and workers' compensation insurance. Additionally, the probabilistic model can identify concentrations of insurers' and reinsurers' exposures and their proximity to landmark properties. The model can also perform analyses to estimate losses across multiple lines of business.
The model utilizes the Delphi Method to analyze the frequency and severity of domestic extremist threats, formal international and state-sponsored terrorist organizations and loosely affiliated networks. Included in the analysis is the full range of potential conventional attacks such as air crash and bomb blast, and their impact on insurers' and reinsurers’ books of business.
Karen Clark, president and CEO of AIR said, “The problem is the current uncertainty about coverage, exclusions and price.” The new AIR model helps insurers and reinsurers quantify their risks, assess coverage and exclusions, estimate financial impact of attacks, support pricing decisions and improve overall portfolio management.
If the model works for property casualty insurers as it is intended, it will address imminent acts of terrorism on the front end, and minimize potential claims on the back end. |