AIR Worldwide Corporation (AIR) announced the latest release of CATStation, its web-based catastrophe risk management system.
CATStation now reportedly provides insurers the ability to better manage accumulations of risk at a highly localized level. CATStation also includes a number of enhancements to improve insurer workflow for catastrophe risk assessment.
“Managing accumulations of risk is a high priority for property, workers’ compensation, and life insurers,” said Uday Virkud, senior vice president at AIR. “This is especially true for multi-line insurers that may have risks from different books at the same locations. CATStation enables companies to conduct analyses to assess the number of insured risks or aggregate insured value across lines of business within rings of user-specified radii. Insurers can also conduct ‘what if’ analyses to determine worst case scenarios across multiple lines of business.”
Insurers managing terrorism risk are reportedly often concerned about the proximity of insured properties to potential terrorist targets. CATStation includes AIR’s extensive landmark database, which includes a subset of properties at higher-than-average risk from terrorist attacks. CATStation also provides insurers the ability to map risks in relation to active earthquake faults in the United States.
This release of CATStation also includes enhancements to improve insurer workflow and integration with other AIR catastrophe risk management systems. CATStation now includes AIR’s data conversion utility, AIR ImportExpress, which enables insurers to quickly import exposure data and reinsurance terms for analysis, regardless of their original format. CATStation can reportedly be seamlessly integrated with AIR’s catastrophe risk management system, CLASIC/2, for full web-based portfolio analyses.
CATStation is a web-based catastrophe risk management system designed for underwriters of property, workers’ comp, and other insurance lines. It incorporates three rigorous modules to help insurers make risk management decisions based on exposure accumulations, proximity to natural hazards and terrorist targets, and catastrophe loss potential.
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