Daily Archives: September 21, 2020

AIR Worldwide Estimates Insured Losses for Hurricane Sally Will be Between USD 1 Billion and USD 3 Billion

Boston, Sept. 21, 2020 (GLOBE NEWSWIRE) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Sally’s winds, storm surge, and inland flood will range from USD 1 billion to USD 3 billion, with wind representing the majority of the losses. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

After meandering across the Gulf, Sally made a late shift eastward and rapidly intensified to a Category 2 hurricane before making landfall at 4:45 a.m. CDT on September 16 near Gulf Shores, Alabama, just west of the Florida border, with maximum sustained winds of 105 mph (165 km/h) and a minimum central pressure of 965 mb. Sally quickly diminished after landfall as it crept northeast at around 3 mph, bringing wind gusts over 100 mph, storm surge of around 6-7 feet above NAVD88 in coastal communities of Baldwin County, Alabama, and Escambia County, Florida (including Pensacola), and rainfall of up to 30 inches in Orange Beach, Alabama, and 24.8 inches in downtown Pensacola, Florida. Heavy rainfall was largely confined to a relatively smaller area covering the Florida Panhandle west of Tallahassee and southeastern Alabama.

According to AIR, although wind speeds diminished rapidly after landfall, Sally buffeted cities and towns for hours as it moved north-northeast across Alabama at speeds as slow as 2 mph. Coastal areas between Mobile, Alabama, and Pensacola, Florida, lingered in the northern eyewall for hours. Tropical storm–force winds continued through the afternoon of the 16th across southern Alabama and the western Florida Panhandle.

Along its track, Sally caused mostly minor roof damage, broken windows, downed trees, toppled church steeples and appurtenant structures such as gas station canopies, and some isolated major structural failures, and damaged infrastructure in Alabama and Florida. At its height, power outage extended to nearly half a million customers—most of them in Alabama and Florida.

Areas of notable storm surge inundation include Orange Beach and Dauphin Island, Alabama, and other coastal communities of Baldwin County. Areas of notable inland flooding include downtown Pensacola, which received 24.8 inches of rain from Sally. Flooding in coastal communities in Baldwin County and the Florida Panhandle was largely caused by hurricane-induced precipitation.

Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage.

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

For more information, contact:
Kevin Long
AIR Worldwide

IMB Bank Selects Virtusa for Open Banking Compliance in Australia

Simplifies Access and Sharing of Banking Data for IMB Customers

SOUTHBOROUGH, Mass., Sept. 21, 2020 (GLOBE NEWSWIRE) — Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, IT services and solutions that help clients change and disrupt markets through innovation engineering, today announced that its CDR (Consumer Data Right) Solution has been selected by IMB Bank to assure the bank is compliant with the Australia Competition and Consumer Commission (ACCC) CDR regulations for open banking.

To support compliance by IMB Bank, Virtusa’s CDR solution leverages elements of its Open Innovation Platform (OIP) as well as components of WSO2 API Management and Identity & Access Management.

Through the CDR, the Australian Government has mandated that consumers have greater access to and control over their data. It will improve consumers’ ability to compare and switch between products and services and will encourage competition between service providers, leading not only to better prices for customers, but also more innovative products and services.

Financial institutions in Australia have until October 1, 2020, to comply with Phase 1 of product reference data (PRD) sharing obligations.

“Given the likelihood that open banking will change our industry, we are developing a strategy for leveraging and managing the impacts and opportunities of CDR,” said Lauren Wise, general manager corporate services, IMB Bank. “As part of selecting a preferred Open Banking partner, we were most concerned with the quality of the solution, and finding the right fit, experience, and capability in our chosen vendor. Virtusa’s open banking solution scored the highest on these attributes and it has the real-world experience to help IMB Bank right now. Beyond compliance with Product Reference Data sharing obligations as a Data Holder, we look forward to continuing working with Virtusa to comply with all phases of Consumer Data Sharing (CDS) obligations.”

“Virtusa’s experience in open banking, financial compliance, and ability to partner with the right fintechs is the difference-maker for financial institutions up against compliance deadlines,” said Naresha Supramaniam, SVP, head of APAC, Virtusa. “Not only will IMB Bank achieve regulatory compliance, they now have the open banking foundation to leverage upon.”

“The core goal of open banking and the CDR is to give consumers control of their data and to put that data to work on their behalf,” said Seshika Fernando, VP and general manager, open banking, WSO2. “WSO2’s technology, which incorporates expertise from our deployments with some of the largest banks globally, together with Virtusa’s OIP is primed to help IMB Bank deliver on these goals.”

To learn more about Virtusa, please visit: virtusa.com/industry/bfs

About Virtusa
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

Ron Favali
Conversion Marketing