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2015-09-21

AIR Worldwide: AIR Worldwide Estimates Insured Losses from M8.3 Earthquake in Chile at Between CLP 400 Billion and CLP 600 Billion

For Immediate Release:

AIR Worldwide Estimates Insured Losses from M8.3 Earthquake in Chile at
Between CLP 400 Billion (USD 600 Million) and CLP 600 Billion (USD 900
Million)

BOSTON, September 21, 2015
- Catastrophe modeling firm AIR Worldwide estimates that industry insured
losses from the M8.3 earthquake that struck Chile's central coast near
Illapel on September 16 will be between CLP 400 billion (USD 600 million) and
CLP 600 billion (USD 900 million). AIR Worldwide is a Verisk Analytics
(Nasdaq:VRSK) business.

"The September 16 earthquake was the result of convergence between the Nazca
and South American tectonic plates," said Dr. Mehrdad Mahdyiar, vice
president and senior director of earthquake hazard research at AIR Worldwide.
"Here, the Nazca plate plunges beneath the South American plate, forming a
subduction zone. Active subduction zones are some of the most likely plate
interfaces to generate quakes of catastrophic magnitude and also pose the
greatest risk of triggering tsunamigenic tectonic events."

Authorities have stated that at least 12 people have died as a result of the
quake, which was felt as far away as São Paulo, Brazil, more than 3,000 km
away. Strong shaking was felt in Chile's capital city of Santiago, the
nation's most populous city, where tall buildings swayed for up to three
minutes.

Dr. Mahdyiar continued, "The main shock, which was followed by several strong
aftershocks, triggered a tsunami that was recorded in several countries. The
tsunami produced waves up to 1 meter in height as far away as the Hawaiian
Islands."

The port city of Coquimbo reported the highest tsunami wave at nearly 5
meters; debris and fishing boats washed inland into the downtown area, where
homes and businesses were inundated. The town of Illapel, located directly
east of the quake's epicenter, suffered the heaviest damage resulting from
strong ground motion.

According to ONEMI, the Chilean agency responsible for public safety and
emergency response, more than 400 residential buildings have been destroyed;
in addition to these, more than 700 residential buildings have sustained
major damage. Chile is the world's leading producer of copper, and several
mines were affected by ground shaking caused by the quake.

"The 2010 M8.8 Maule earthquake released a significant amount of accumulated
energy and reduced the seismic risk offshore of Santiago, but increased the
risk along the northern segment of the subduction," commented Dr. Mahdyiar.

The rupture area and the slip distributions of the recent earthquake and that
of the 2010 Maule earthquake suggest that a small part of the Nazca
subduction zone south of the rupture area of this recent earthquake and north
of the rupture area of the Maule earthquake did not rupture during these two
earthquakes and should be at a higher state of stress, thus increasing the
likelihood of a future earthquake. This segment of the Nazca plate
experienced partial or full ruptures during the 1906 M8.2 and 1985 M7.98
earthquakes and is capable of producing an M7.5 to M8.0 earthquake.

The location and magnitude of this earthquake are consistent with AIR's recent
seismicity model for this region. AIR's time-dependent model for this region
estimates a higher rupture probability for this type of earthquake compared
to the corresponding time-independent estimate.

AIR's loss estimates explicitly capture damage from ground shaking, tsunami,
and liquefaction. Losses are dominated by shake damage in AIR's scenarios,
with a very small contribution from liquefaction. AIR's estimates are based
on assumptions about take-up rates in Chile (the percentage of properties
actually insured against the earthquake peril), about which there is
considerable uncertainty. The range in loss estimates reflect uncertainty in
the slip distribution at the fault, modeled ground motion, tsunami
inundation, and damage estimation. The assumed exchange rate is 1 CLP =
0.0015 USD.

AIR's insured loss estimates reflect:

* Insured physical damage to onshore property (residential,
commercial/industrial), both structures and their contents, and auto
* Direct business interruption losses

The loss estimatesdo not
reflect:

* Losses to uninsured properties
* Losses to land
* Losses to infrastructure
* Indirect business interruption losses
* Loss adjustment expenses
* Losses from non-modeled perils, including fire-following and landslide
* Demand surge-the increase in costs of materials, services, and labor due to
increased demand following a catastrophic event.

About AIR Worldwide

AIR Worldwide (AIR) is the scientific leader and most respected provider of
risk modeling software and consulting services. AIR founded the catastrophe
modeling industry in 1987 and today models the risk from natural catastrophes
and terrorism in more than 90 countries. More than 400 insurance,
reinsurance, financial, corporate, and government clients rely on AIR
software and services for catastrophe risk management, insurance-linked
securities, detailed site-specific wind and seismic engineering analyses, and
agricultural risk management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK)
business, is headquartered in Boston with additional offices in North
America, Europe, and Asia. For more information, please
visitwww.air-worldwide.com.

###
Media Contact:
Kevin Long
AIR Worldwide
klong@air-worldwide.com

617-267-6645

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via Globenewswire

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