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DETERMINING CHI PROBABILITIESAIR Worldwide Corporation (AIR), the world’s premier risk modeling and technology firm, will provide modeled support for the Carvill Hurricane Index (CHI) and add the CHI calculation into its CATRADER software with full functionality available Fall 2007.
At the outset, AIR will provide a dataset containing a CHI value for each simulated hurricane in both their long-term and medium-term event sets. The dataset will be provided to licensees of AIR’s widely-used reinsurance modeling software, CATRADER, free-of-charge. By utilizing the CHI, AIR will allow clients to determine CHI probabilities and accurately assess the pricing of hurricane derivatives in the CATRADER.
In addition, Carvill will leverage the data provided by AIR to perform analyses for clients using COBRA – a valuable tool Carvill developed to structure CHI-based programs for clients and assign an actuarially sound value for bad basis risk. This metric will allow clients to make an informed decision when choosing between a CHI-based cover and other reinsurance options.
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“The importance of having a well-respected independent agency, such as AIR, providing analysis tools and probabilities is priceless”
John Cavanagh
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