Catastrophe risk modelling and analytics firm RMS has announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has approved its Version 18.1 North Atlantic Hurricane Models for use on residential rate filings with the Florida Office of Insurance Regulation (FOIR).
The certification was received on June 13th, 2019 and applies to Version 18.1 hurricane models on both RMS’ RiskLink 18.1 and the forthcoming Risk Modeler 2.1 application on Risk Intelligence (RI).
The certification is valid until November 1st, 2021 and sees RMS become the first risk modeler to have its hurricane models approved by the FCHLPM on both a software and cloud platform at the same time.
Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models, said: “Certification by the Florida Commission is a strong indicator of the integrity of our hurricane model, its quality, and the science, data, and engineering underpinning it. The recent updates to Version 18.1 reflect enhancements to each model component to improve the differentiation and quantification of hurricane risk throughout the Atlantic Basin.”
RMS released an updated suite of modelling tools at the end of April, providing new views of earthquake risk in Taiwan and in six countries across Southeast Asia, as well as hurricane risk across the North Atlantic basin.
Cihan Biyikoglu, Executive Vice President (EVP) of Product at RMS, added: “RMS is committed to offering its risk solutions in multiple distribution formats to meet the evolving business needs of the (re)insurance market.
“Having Version 18.1 North Atlantic Hurricane Models available on both RiskLink and Risk Intelligence (RI) gives clients choice on how they access and make use of this critical market currency to inform their view of hurricane risk.”