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AIR Worldwide
AIR Worldwide was an American risk modeling and data analytics company based in Boston, Massachusetts that was acquired by Verisk Analytics in 2022. It had customers in insurance, reinsurance, financial services, and government markets. AIR Worldwide specialized in catastrophe modeling software and services to manage the probability of loss from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. After the acquisition these services continued under the name ''Verisk Extreme Event Solutions''. History Karen Clark, the developer of the first commercial hurricane catastrophe model, founded Applied Insurance Research in 1987, with CATMAP as its first product introduced later that same year. CATMAP provided a catastrophe loss analysis system for treaty insurers and reinsurers in particular. In late August 1992, AIR published results from its U.S. Hurricane Model that estimated insured losses for Hurricane Andrew's landfall in southern Florida ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidiary
A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unlike regional branches or divisions, subsidiaries are considered to be distinct entities from their parent companies; they are required to follow the laws of where they are incorporated, and they maintain their own executive leadership. Two or more subsidiaries primarily controlled by same entity/group are considered to be sister companies of each other. Subsidiaries are a common feature of modern business, and most multinational corporations organize their operations via the creation and purchase of subsidiary companies. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, and Citigroup, which have subsidiaries involved in many different Industry (e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism
Terrorism, in its broadest sense, is the use of violence against non-combatants to achieve political or ideological aims. The term is used in this regard primarily to refer to intentional violence during peacetime or in the context of war against non-combatants. There are various different definitions of terrorism, with no universal agreement about it. Different definitions of terrorism emphasize its randomness, its aim to instill fear, and its broader impact beyond its immediate victims. Modern terrorism, evolving from earlier iterations, employs various tactics to pursue political goals, often leveraging fear as a strategic tool to influence decision makers. By targeting densely populated public areas such as transportation hubs, airports, shopping centers, tourist attractions, and nightlife venues, terrorists aim to instill widespread insecurity, prompting Public policy, policy changes through Manipulation (psychology), psychological manipulation and undermining confidence ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management Companies
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Definitions of risk Oxford English Dictionary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1987 Establishments In Massachusetts
Events January * January 1 – Bolivia reintroduces the Boliviano currency. * January 2 – Chadian–Libyan conflict – Battle of Fada: The Chadian army destroys a Libyan armoured brigade. * January 3 – Afghan leader Mohammad Najibullah says that Afghanistan's 1978 Communist revolution is "not reversible," and that any opposition parties will have to align with Communist goals. * January 4 – ** 1987 Maryland train collision: An Amtrak train en route from Washington, D.C. to Boston collides with Conrail engines at Chase, Maryland, United States, killing 16 people. ** Televangelist Oral Roberts announces to his viewers that unless they donate $8 million to his ministry by March 31, God will "call imhome." * January 15 – Hu Yaobang, General Secretary of the Chinese Communist Party, is forced into retirement by political conservatives. * January 16 – León Febres Cordero, president of Ecuador, is kidnapped for 11 hours by followers of imprisoned general Frank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Services Office
Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace.About ISO Verisk Analytics. Accessed September 1, 2015. Headquartered in , |
Hurricane Andrew
Hurricane Andrew was a compact, but very powerful and devastating tropical cyclone that struck the Bahamas, Florida, and Louisiana in August 1992. It was the most destructive hurricane to ever hit Florida in terms of structures damaged or destroyed, and remained the costliest in financial terms until Hurricane Irma surpassed it 2017 Atlantic hurricane season, 25 years later. Andrew was also the strongest landfalling hurricane in the United States in decades and the List of costliest Atlantic hurricanes, costliest hurricane to strike anywhere in the country, until it was surpassed by Hurricane Katrina, Katrina in 2005 Atlantic hurricane season, 2005. Andrew is one of only four tropical cyclones to make landfall in the continental United States as a Category 5, alongside the 1935 Labor Day hurricane, 1969 Atlantic hurricane season, 1969's Hurricane Camille, Camille, and 2018 Atlantic hurricane season, 2018's Hurricane Michael, Michael. While the storm also caused ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyberattack
A cyberattack (or cyber attack) occurs when there is an unauthorized action against computer infrastructure that compromises the confidentiality, integrity, or availability of its content. The rising dependence on increasingly complex and interconnected computer systems in most domains of life is the main factor that causes vulnerability to cyberattacks, since virtually all computer systems have bugs that can be exploited by attackers. Although it is impossible or impractical to create a perfectly secure system, there are many defense mechanisms that can make a system more difficult to attack, making information security a field of rapidly increasing importance in the world today. Perpetrators of a cyberattack can be criminals, hacktivists, or states. They attempt to find weaknesses in a system, exploit them and create malware to carry out their goals, and deliver it to the targeted system. Once installed, the malware can have a variety of effects depending on its purpose. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pandemic
A pandemic ( ) is an epidemic of an infectious disease that has a sudden increase in cases and spreads across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. Widespread endemic (epidemiology), endemic diseases with a stable number of infected individuals such as recurrences of seasonal influenza are generally excluded as they occur simultaneously in large regions of the globe rather than being spread worldwide. Throughout human history, there have been a number of pandemics of diseases such as smallpox. The Black Death, caused by the Plague (disease), Plague, caused the deaths of up to half of the population of Europe in the 14th century. The term ''pandemic'' had not been used then, but was used for later epidemics, including the 1918 Influenza A virus subtype H1N1, H1N1 influenza A pandemic—more commonly known as the Spanish flu—which is the Deadliest pandemics in history, deadliest pandemic in history. The mos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Disaster
A natural disaster is the very harmful impact on a society or community brought by natural phenomenon or Hazard#Natural hazard, hazard. Some examples of natural hazards include avalanches, droughts, earthquakes, floods, heat waves, landslides - including submarine landslides, tropical cyclones, volcanism, volcanic activity and wildfires. Additional natural hazards include blizzards, dust storms, firestorms, hails, ice storms, sinkholes, thunderstorms, tornadoes and tsunamis. A natural disaster can cause list of natural disasters by death toll, loss of life or property damage, damage property. It typically causes economic damage. How bad the damage is depends on how well people are Emergency management, prepared for disasters and how strong the buildings, roads, and other Infrastructure, structures are. Scholars have argued the term "natural disaster" is unsuitable and should be abandoned. Instead, the simpler term ''disaster'' could be used. At the same time, the type of haz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Catastrophe Modeling
Catastrophe modeling (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake. Cat modeling is especially applicable to analyzing risks in the insurance industry and is at the confluence of actuarial science, engineering, meteorology, and seismology. Catastrophes/ Perils Natural catastrophes (sometimes referred to as "nat cat") that are modeled include: * Hurricane (main peril is wind damage; some models can also include storm surge and rainfall) * Earthquake (main peril is ground shaking; some models can also include tsunami, fire following earthquakes, liquefaction, landslide, and sprinkler leakage damage) * severe thunderstorm or severe convective storms (main sub-perils are tornado, straight-line winds and hail) * Flood * Extratropical cyclone (commonly referred to as European windstorm) * Wildfire * Winter storm Human catastrophes inclu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Verisk Analytics
Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management. The company was privately held until an initial public offering on October 6, 2009, which raised $1.9 billion for several of the large insurance companies that were its primary shareholders, making it the largest IPO in the United States for the year. The firm did not raise any funds for itself in the IPO, which was designed to provide an opportunity for the firm's casualty and property insurer owners to sell some or all of their holdings and to provide a market price for those reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
