GlobeNewswire

AIR Worldwide Releases Updated Hurricane and Inland Flood Models for the United States

Share

Offers the industry a unified and comprehensive view of flood risk from all precipitation events

BOSTON, July 14, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) announced today that it has updated its Hurricane and Inland Flood Models for the United States. The update for the hurricane model features a new module for precipitation-induced flood risk, while the flood model includes major enhancements to both hazard and vulnerability, including a new, higher-resolution digital terrain model. Taken together, the updates to these models will help insurers and reinsurers enhance their risk management and have a unified and comprehensive view of flood risk across the United States and for all property lines of business. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

The 2017 and 2018 Atlantic hurricane seasons set records for precipitation and left lasting impacts from the severe flooding brought on by intense storms. In addition to non-tropical extreme precipitation events, stalling tropical systems have increased in frequency and severity over the past century. In August 2017 Hurricane Harvey flooded Texas with record-breaking rainfall, and in September 2018 Hurricane Florence brought severe flooding to the Carolinas. The extreme precipitation events in the past decade have brought to the forefront the importance of modeling flood risk outside floodplains.

“By leveraging innovative methodologies that realistically simulate rainfall patterns of tropical cyclones using advanced machine learning techniques, we updated the hurricane model to include the explicit and probabilistic modeling of precipitation-induced flooding associated with hurricanes,” said Dr. Boyko Dodov, vice president, research, AIR Worldwide. “Together, these models provide a unified view of flood risk from all sources—tropical and non-tropical precipitation on- and-off the floodplains and coastal storm surge—across the contiguous United States.”

The updated AIR Inland Flood Model incorporates a physically-based 2-dimensional (2D) shallow water wave model to simulate off-plain flood risk over the contiguous U.S. By more accurately modeling all surface water flooding during an event, modeling both the flow from rivers onto land and the flooding over areas away from rivers, the updated Inland Flood Model provides a complete view of U.S. inland flood risk, both on and off the floodplains.

In addition, the model leverages several loss data sets for model loss validation. Close to USD 70 billion of actual National Flood Insurance Programs (NFIP) loss data were used in validating the model, taken from over four decades, from 1978 through 2018. To evaluate non-residential losses, the model relies on more than a decade of private market insured loss data assets from Verisk businesses Xactware® and PCS®, as well as company claims data.

Engineers at AIR validated each component of the model to ensure the most robust results. For validating precipitation-induced flooding damage functions vast amounts of data was collected from such sources as the U.S. Federal Emergency Management Administration (FEMA), the Federal Insurance and Mitigation Administration (FIMA), and the U.S. Army Corps of Engineers (USACE).

The AIR Hurricane and Inland Flood Models for the U.S. employ the same, component-level vulnerability framework to quantify losses from inland flooding and hurricane precipitation events. The same primary and secondary risk features are available and applied for both of the models. In the case that information about secondary features are not available, AIR offers the first market-wide solution to account for community-level flood regulations, including sound first-floor height assumptions. In addition, the framework explicitly models large industrial facilities, accounting for different types of mitigation features, and other specialty lines.

“When the AIR Hurricane and the Inland Flood Models for the U.S. are used in combination, they provide one unified view of precipitation hazard,” said Dr. Cagdas Kafali, senior vice president, research, AIR Worldwide. “These high-resolution, physically-based catastrophe models can simulate both tropical and non-tropical precipitation realistically, allowing insurers to expand into new markets profitably and cover the flood insurance gap.”

The AIR Hurricane and AIR Inland Flood Models for the United States are available in the 2020 releases of Touchstone® and Touchstone Re catastrophe risk management systems.

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com

For more information, contact:
Kevin Long
AIR Worldwide
617-267-6645
klong@air-worldwide.com

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Huhtamaki introduces 100% plastic free egg carton, Smilepack, in the U.S. and Brazil21.6.2021 20:00:00 CEST | Press release

HUHTAMÄKI OYJ PRESS RELEASE 21.6.2021 AT 21:00 Huhtamaki introduces 100% plastic free egg carton, Smilepack, in the U.S. and Brazil Huhtamaki, a key global provider of sustainable packaging solutions, introduces Smilepack, a 100% plastic free molded fiber egg carton, in the United States and Brazil. Smilepack cartons are Huhtamaki’s first product designed especially for the U.S. egg industry, providing a sustainable and functional alternative to traditional polystyrene foam or plastic packaging for eggs. In the United States, the egg packaging market is expected to reach $405 MN at a CAGR of 4.38% by 2025*. The Smilepack egg cartons are made with fiber recovered from recycled paper, which can be reused up to seven times. The cartons can be recycled in regular paper stream and they are home and industrially compostable. Smilepack is already in use in the U.S. by a prominent producer and distributor of free-range eggs, whose products are sold in retail stores across the country. It is es

Agfa-Gevaert: Share buyback program – regulated information21.6.2021 17:40:00 CEST | Press release

Mortsel, Belgium – June 21, 2021 – 5:40 p.m. CET Within the framework of the share buyback program which was announced in the press release of March 10, 2021, Agfa-Gevaert NV proceeded with the purchase of own shares on the market of Euronext Brussels. The authorization to acquire own shares was granted to the Board of Directors by the Extraordinary General Meeting of Shareholders of May 12, 2020. Agfa-Gevaert NV has requested a financial intermediary to repurchase Agfa-Gevaert shares for a maximum amount of 50,000,000 Euro on its behalf under the terms of an initial discretionary mandate agreement with validity until March 31, 2022, effective as from April 1, 2021. On June 18, 2021, the Agfa-Gevaert Group held 1,946,884 own shares, which represents 1.16% of the total number of shares of the Group. Detailed operations per day: DateNumber of sharesAverage price (€)Minimum price (€)Maximum price (€)Total price (€)June 14, 2021 50,0003.84083.83003.8500 192,040.00June 15, 2021 48,0003.8112

Correction: On substantial participation21.6.2021 16:50:00 CEST | Press release

AS AB CITY announcement on substantial participation has been clarified. JSC Olainfarm has received announcement on substantial participation from Nika Saveļjeva. According to the announcement share of voting rights has decreased from 7.8% to 0%. JSC Olainfarm has received announcement on substantial participation from AS AB CITY. According to the announcement total share of voting rights is 30.84%. AS AB CITY has 7.8% and other persons that belong to controlled company’s chain have 1.07% (AS RĪGAS FARMACEITISKĀ FABRIKA) and 21.97% (SIA FARMA FUND) of voting rights. The received announcements (in Latvian) are attached. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com Attachments Pazinojums_lidzdaliba_N.S._Olainfarm_19.06.2021.docxPazinojums_lidzdaliba_AS AB CITY_N.S._21.06.2021(1).docx

Correction: On substantial participation21.6.2021 16:43:00 CEST | Press release

AS AB CITY announcement on substantial participation has been clarified. JSC Olainfarm has received announcement on substantial participation from Nika Saveļjeva. According to the announcement share of voting rights has decreased from 7.8% to 0%. JSC Olainfarm has received announcement on substantial participation from AS AB CITY. According to the announcement share of voting rights is 7.8%. Other persons that belong to controlled company’s chain have 1.05% (AS RĪGAS FARMACEITISKĀ FABRIKA) and 21.97% (SIA FARMA FUND) of voting rights. The received announcements (in Latvian) are attached. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com Attachments Pazinojums_lidzdaliba_N.S._Olainfarm_19.06.2021.docxPazinojums_lidzdaliba_AS AB CITY_N.S._21.06.2021(1).docx

On substantial participation21.6.2021 15:20:00 CEST | Press release

JSC Olainfarm has received announcement on substantial participation from Nika Saveļjeva. According to the announcement share of voting rights has decreased from 7.8% to 0%. JSC Olainfarm has received announcement on substantial participation from AS AB CITY. According to the announcement share of voting rights is 7.8%. Other persons that belong to controlled company’s chain have 1.05% (AS RĪGAS FARMACEITISKĀ FABRIKA) and 21.97% (SIA FARMA FUND) of voting rights. The received announcements (in Latvian) are attached. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com Attachments Pazinojums_lidzdaliba_N.S._Olainfarm_19.06.2021.docxPazinojums_lidzdaliba_AS AB CITY_N.S._21.06.2021.docx

Leading Edge Materials Announces Preliminary Life Cycle Assessment Results on Woxna Graphite Project21.6.2021 15:00:00 CEST | Press release

Vancouver, June 21, 2021 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) is pleased to announce preliminary Live Cycle Assessment (“LCA”) results for its Woxna Graphite anode project. On December 10, 2020, the Company announced it had commissioned Minviro Ltd. (“Minviro”), a London based globally recognized LCA consultancy, to build an LCA model and deliver a report for the planned vertically integrated production of natural graphite anode material in Sweden as described in the Company’s recently announced Preliminary Economic Assessment (“PEA”) results. The LCA results show that the production of 1 tonne of natural graphite anode material (coated spherical purified graphite (“CSPG”)) from natural graphite extracted at the Woxna Graphite mine is forecast to have an impact of 1.8 tonnes CO2 eq. Minviro applied the same methodology in the report to evaluate current Chinese natural and synthetic graphite ano

Nokia and DISH to deploy first 5G standalone core network in the public cloud with AWS21.6.2021 15:00:00 CEST | Press release

Press Release Nokia and DISH to deploy first 5G standalone core network in the public cloud with AWS Nokia builds on relationship with DISH and AWS as DISH deploys the United States’ first standalone, 5G cloud network on public cloud 21 June 2021 Dallas, Texas – Nokia today said it will deploy its 5G standalone (SA) Core for DISH on Amazon Web Services, Inc. (AWS). While DISH previously announced agreements with both companies, this news marks the world’s first deployment of 5G in the public cloud, supporting DISH’s cloud-native, OpenRAN-based 5G network with high-level scale, performance and security. Nokia is deploying 5G SA Core on AWS to enable automation required to meet evolving customer needs, allowing DISH to support new enterprise and consumer 5G use cases quickly, securely and across multiple cloud stacks at end customer premises. Nokia 5G SA Core on AWS allows DISH to offer the responsiveness, flexibility and efficiency that is needed to create innovative new services for it