Risk Management Software Suite


General Information:

Author: AIR Worldwide

Year of publication: 2017 (founded in 1987)

Available languages: English

Details of Assessment:

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.


Coverage & Methodology:

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

Relevance for losses and damages:

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