Chubb and a catastrophe modeling firm will partner to develop a new terrorism risk model for Manhattan in New York City and other dense urban environments. Allianz Global Corporate & Specialty (AGCS) is marketing new coverage in the U.K. to help companies protect their reputations in times of crisis.
Chubb will partner with Aon’s Impact Forecasting to develop a new terrorism risk model for Manhattan in New York City and other dense urban environments.
Risk modeling specialists from Chubb and Impact Forecasting say they are using a unique approach to model terrorism exposures that will enable more realistic quantifications of property and casualty losses than is currently possible with available risk models. The new model, which is based on a state-of-the-art approach to blast engineering, will provide more accurate insights into terrorism risk to enhance resilience for businesses and communities.
Specifically, the new model uses advanced computational fluid dynamics modeling techniques to simulate thousands of blast interactions with the surrounding three-dimensional building environment. These simulations, which incorporate a range of uncertainties from explosive size to location, are then combined with a detailed engineering approach that considers the buildings’ structural resistance and performance from the perspective of anti-terrorism standards and progressive collapse design guidelines. This methodology enables the model to distinguish between facade and structural damage, as well as determine the likelihood that a building will collapse.
By identifying the type of damage projected to be sustained by each building and the injuries and fatalities associated with it, the model leads to more accurate estimates of property and workers compensation losses, the companies said.
Allianz Global Corporate & Specialty (AGCS) is now marketing Reputation Protect Plus in the U.K. to help companies protect their reputations in times of crisis.
Providing “tangible assistance to an intangible risk,” AGCS said its Reputation Protect Plus offers comprehensive crisis management services to ensure that an organization’s response to a crisis is professional and timely. In addition, the product also offers compensation for the loss of profit if revenues are affected by the crisis.
Under the Allianz Reputation Protect Plus product, AGCS first provides the customer with an in-depth analysis of its specific reputation risk from MediaTenor International AG, a global leader in strategic media analysis. Companies can also select an international crisis communications agency from its partner network, which includes Brunswick, Kekst CNC and Hill+Knowlton, to help clients “react quickly and professionally in the event of a crisis,” said AGCS.
AGCS will cover the costs of communication consulting as well as the reputation monitoring service provided by MediaTenor International and for the implementation of the crisis response measures recommended by the communications agency commissioned. Such measures include the establishment and operation of call centers, cross-border advertising campaigns or the commissioning of market research institutions, AGCS explained. Finally, after the crisis, important results of the specific case will be analyzed together with the communications consultants and made available in the form of a final report.
Sources: Chubb, Aon/Impact Forecasting, Allianz Global Corporate & Specialty