RMS North Atlantic Hurricane Models approved for residential rate filings by Florida Commission
RMS’ enhanced hurricane models provide the most current view of hurricane risk to help (re)insurers manage their portfolios with confidence
NEWARK, Calif -
May 25, 2017 -
RMS, a leading global risk modeling and analytics firm, today announced that its version 17.0 RMS 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 certification is valid until November 1, 2019.
“Certification by the Florida Commission is an essential aspect of our development process,” said Michael Young senior director, model product management at RMS, “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.”
RMS released version 17.0 of the North Atlantic Hurricane Models on April 28. Taking into consideration the most current view of the hurricane landscape and incorporating the latest research, science and data on landfall activity and trends, the RMS hurricane models offer a more accurate representation of risk, including:
The long-term rate set updated to comply with the current National Hurricane Center’s Hurricane Database (HURDAT2) data
New medium-term rate forecast for 2017-2021 added to demonstrate methodological enhancements and current Atlantic Basin historical hurricane data
Satellite imagery for Florida updated to capture recent land-use changes, such as regional development and expansion
Vulnerability of multi-family dwellings and manufactured homes recalibrated to reflect latest building practices, hurricane claims data, and Institute of Business and Home Safety (IBHS) research
For additional details on the RMS North Atlantic Hurricane Models click here.
RMS solutions help insurers, financial markets, corporations, and public agencies evaluate and manage catastrophe risks throughout the world. RMS has over 1,200 employees across 13 offices in the US, London, Bermuda, Zurich, India, China, Japan, Singapore and Australia - our products and models covering six continents.
We lead an industry that we helped to pioneer—catastrophe risk modeling—and are delivering models, data, and risk management solutions on the RMS(one)® platform to transform the world’s understanding and quantification of risk through open, real-time exposure and risk management.
More than 400 insurers, reinsurers, trading companies, and other financial institutions trust RMS solutions to better understand and manage the risks of natural and human-made catastrophes, including hurricanes, earthquakes, floods, terrorism, and pandemics.