Risk modeller RMS’s version 17.0 North Atlantic Hurricane Models were certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on May 12, 2017, for use in residential rate filings with the Florida Office of Insurance Regulation.
The new hurricane risk model incorporates the latest research, science and data on landfall activity and trends to offer a more accurate representation of the current hurricane risk landscape.
Michael Young, senior director, model product management at RMS, said; “Certification by the Florida Commission is an essential aspect of our development process, the recent enhancements to our version 17.0 North Atlantic Hurricane Models include key improvements to risk quantification.
“Following its rigorous six month review, the Commission’s approval validates the technical integrity of our science, engineering, methodology and software.”
The new risk model comes equipped with a long-term rate that complies with the current National Hurricane Center’s Hurricane Database (HURDAT2) data, as well as a medium-term rate forecast for 2017-2021 to include methodological enhancements and the most cutting-edge Atlantic Basin historical hurricane data.
Florida satellite imagery was also updated to capture recent regional development and expansion, and the vulnerability of multi-family dwellings and manufactured homes was recalibrated to include latest building practices, hurricane claims data, and Institute of Business and Home Safety (IBHS) research.
The Florida Commission certification is valid until November 1, 2019.