Author: AIR Worldwide
Year of publication: 2017 (founded in 1987)
Available languages: English
Type of assessment: Climate change adaptation assessment
Format of assessment: Software
Estimated costs for conducting: On request
Estimated duration of assessment: No information
To be carried out by whom: Private individuals and firms
Institutional scale of use: Continental
Details: Tool targets insurance firms, so scale of use depends on their products portfolio.
Assesment to be used by which target audience: Private sector representatives/SME owners
Output: Excel sheet
Details: Software model output is one source of information that companies use to develop and implement a wide range of activities.
Region of origin: North America
Developed by which sector: Private sector
Applied in practice: Yes
Geographic coverage in analysis: Worldwide
Potential geographic coverage: Worldwide
Sectors covered: Financial sector
Details: Insurance and reinsurance
Method used: Quantitative model
Description of methodology: Catastrophe models are computer programs that mathematically represent the physical characteristics of natural catastrophes, terrorism, pandemics, extreme casualty events, and cyber attacks
Risk framework used: No explicit use of risk framework
Risk components incorporated: Hazard
Hazards and impacts considered in the assessment: Cyclone (including tropical storm, hurricane and typhoon), Flood, Storm, Wildfire
Details: Consideration of climate change as a whole extra hazard
Details: Quantitative data of potential hazards, exposed properties, and financial status
Participatory elements: Partly
Details: Scientists are needed
Consideration of interconnectedness and -dependencies of risks: Partly
Details: Considers multiple hazards
Adressing uncertainty: Yes
Details: Every component is carefully verified against data obtained from historical events. In addition, when all the components come together, the final model output is expected to be consistent with basic physical expectations of the underlying hazard, and unbiased when tested against both historical and real-time information.
Scope of assessment: Identification of risks
Economic/Non-Economic losses incorporated: Economic
Details: Estimates of physical damage to buildings and contents are translated into estimates of monetary loss.
Applicability for entire risk spectrum (from extreme weather events to slow onset processes): Yes
Recommendations for Adaptation measures included in Climate Risk Assessment: Partly
Usefulness for political purposes: AIR’s Global Resilience practice provides governments and NGOs with solutions to help better prepare for and recover from disasters. Through catastrophe modeling we identify and quantify risks to populations and infrastructure, evaluate mitigation strategies, and inform disaster financing programs.
Applied by whom: AIR Worldwide