Verisk Extreme Event Solutions (formerly AIR Worldwide) is an American risk modeling and data analytics company headquartered in
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
, Massachusetts, with customers in insurance, reinsurance, financial services, and government markets. Verisk Extreme Event Solutions specializes in
catastrophe modeling software and services to manage the probability of loss from
natural catastrophes,
terrorism
Terrorism, in its broadest sense, is the use of criminal violence to provoke a state of terror or fear, mostly with the intention to achieve political or religious aims. The term is used in this regard primarily to refer to intentional violen ...
,
pandemic
A pandemic () is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic (epidemiology), endemic disease wi ...
s, casualty catastrophes, and
cyber incidents. It is led by current President Bill Churney and operates nine offices internationally.
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 could come to surpass $13 billion. The estimate, which was met with skepticism at the time, was later validated by insurance claims and renewed interest in catastrophe modeling for estimating risk due to extreme events "almost overnight." Over ten major insurance companies faced insolvency as a result of Hurricane Andrew alone.
Applied Insurance Research was privately held until it was acquired by
ISO
ISO is the most common abbreviation for the International Organization for Standardization.
ISO or Iso may also refer to: Business and finance
* Iso (supermarket), a chain of Danish supermarkets incorporated into the SuperBest chain in 2007
* Iso ...
in 2002 and renamed AIR Worldwide;
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 ...
later formed as a parent holding company for ISO. Analyze Re, a software analytics provider for the reinsurance and insurance industries, became a part of AIR's operational domain in 2016, and then Arium, a company specializing in liability risk modeling, followed in 2017.
In January 2022, AIR Worldwide transitioned to the Verisk brand and is no
Verisk Extreme Event Solutions
Operations
Verisk developed Touchstone, a risk management platform intended to provide companies with assessments of their estimated exposure to loss from extreme events. Results are used in pricing, underwriting, and risk management. Verisk released its fifth version of the Touchstone platform in 2017. Touchstone Re, a separate application for assessing the risk to reinsurance portfolios, industry loss warranties, and insurance-linked securities, has been announced for August 2018.
Awards
The company received the 2016 Data Analytics Project of the Year/ The Bedrock Award from Digital Insurance Awards and the Risk Modeler of the Year in 2017 from Reactions.
["Reactions unveils North America winners!", Reactions, September 29, 2017. Accessed April 12, 2018]
/ref> Its Cyber risk quantification, cyber risk product ARC (Analytics of Risk from Cyber
Cyber may refer to:
Computing and the Internet
* ''Cyber-'', from cybernetics, a transdisciplinary approach for exploring regulatory and purposive systems
Crime and security
* Cyber crime, crime that involves computers and networks
** Conventi ...
) received the InsuranceERM Americas Cyber Solution of the Year Award for 2020.
References
{{reflist
External links
AIR Worldwide Official website
1987 establishments in Massachusetts
Risk management companies
Disaster management
Software companies based in Massachusetts