Catastrophe modeling firm AIR Worldwide is rolling out an updated version of Touchstone, its total risk management tool that performs advanced analytics to help companies better own their risk.
Touchstone 3.0 offers expanded loss modification capabilities and comparative loss analytics that allow companies to evaluate multiple sets of loss results simultaneously. AIR said the updated version also provides access to detailed hazard data for simulated events to give users even more insight into the drivers of loss and to further facilitate model validation as required by regulatory regimes such as Solvency II.
The Reinsurance Submission Pack Wizard streamlines the import and export of data needed to model reinsurance submissions in Touchstone, helping to alleviate the business delays often associated with sending or receiving incompatible files within a reinsurance submission.
The new Dynamic Ring accumulation algorithm, part of Touchstone’s Geospatial Analytics Module, identifies maximum exposure concentration rings using a technique that can deliver more accurate accumulations than traditional methods. The Dynamic Ring tool can find the maximum exposure accumulation ring even when a risk is not located at the center of the ring, according to a statement.
Also included in the release of Touchstone 3.0 and/or CATRADER 17.0:
- Updates to the U.S. hurricane model, such as a new hydrodynamic storm surge module.
- Comprehensive updates to the hazard and engineering components of the Canada severe thunderstorm model.
- New tropical cyclone and winter storm models for Canada.
- An expanded global pandemic model that includes coronaviruses and filoviruses.
- An expanded European inland flood model to include Austria, the Czech Republic and Switzerland.
- A significant update to the South America earthquake models, including the ability to assess tsunami risk.
- New flood hazard maps for Brazil.
AIR said it plans to release an update to its Japan typhoon model later this year.