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Newark, CA. - June 24, 2019  Today, RMS, a leading global risk modeling and analytics firm, announced that its Version 18.1 RMS North Atlantic Hurricane Models were approved by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on June 13, 2019, for use in residential rate filings with the Florida Office of Insurance Regulation. The certification applies to Version 18.1 hurricane models on both RiskLink 18.1 and the forthcoming Risk Modeler 2.1 application on Risk Intelligence (RI). This certification will be valid until November 1, 2021.

Following this approval, RMS becomes the first risk modeling and analytics firm to have its hurricane models approved by the FCHLPM on a software and cloud platform simultaneously.

“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,” said Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models, “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.”

On April 29, 2019, RMS announced the release of its updated North Atlantic Hurricane Models in Version 18.1. Leveraging new hurricane science, data, and technology, the latest view of the hurricane risk landscape within this model incorporates the following enhancements:

  • Long-term event rate set updated to comply with the May 2017 vintage of the National Hurricane Center’s Hurricane Database (HURDAT2) data
  • New medium-term rate forecast for 2019-2023 informed by data-driven and methodological enhancements, including the latest historical Atlantic Basin hurricane data through the end of the 2018 season
  • New historical event reconstructions from recent hurricane seasons
  • Vulnerability updates to select primary and secondary characteristics, as well as specialty lines to reflect new RMS building research, hurricane claims data, and Institute of Business and Home Safety (IBHS) research

Cihan Biyikoglu, Executive Vice President of Product at RMS said, “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.”

For additional details on the RMS North Atlantic Hurricane Models click here.

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Version 21.0 of RMS North Atlantic Hurricane Models Certified by Florida Hurricane Commission on Loss Projection Methodology

Newark, Calif. – June 8, 2021 – Today, RMS, the world’s leading catastrophe risk modeling and solutions company, announced that Version 21.0 of the RMS North Atlantic Hurricane Models was approved by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on June 1, 2021, for use in residential rate filings with the Florida Office of Insurance Regulation. The certification applies to Version 21.0 hurricane models available on RiskLink® 21.0 and the Risk Modeler application on the RMS open cloud platform, RMS Risk Intelligence™. This multi-environment approval builds on the successes of the Version 18.1 FCHLPM certification in 2019, when RMS became the first catastrophe risk modeling and solutions firm to have its hurricane models certified for use simultaneously on both on-premises and cloud software. Matthew Nielsen, senior director, regulatory affairs, RMS, said: “Obtaining FCHLPM certification is a key milestone in the development and go-to-market process of our hurricane models. It underscores the continued quality and reliability of our North Atlantic Hurricane Models, based on industry-leading science, data, methods, engineering, and software. The certification also has implications for other regions, as many other states affected by hurricanes look to Florida’s model certification process as a first step for their own state approvals.” On May 5, 2021, RMS announced updates to Version 21.0 of its hurricane models. Informed by new data and learnings from recent impactful seasons, including more than US$6 billion in new claims data, the updated hurricane models allow RMS to continue providing the (re)insurance market with the most comprehensive view of the hurricane risk landscape. 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Mohsen Rahnama, chief risk modeling officer and executive vice president, models and data, RMS said: “As the 2021 hurricane season is now underway, it’s important to remember that hurricane is one of the biggest drivers of annual insured losses throughout the North Atlantic Basin. Version 21.0 of the RMS North Atlantic Hurricane Models incorporates important learnings and insights from the 2017 and 2018 hurricane seasons, including the most new claims data and event rates informed by data from the most recent 2020 season. These advantages help give (re)insurers a more comprehensive view of risk applicable at the point of underwriting through to portfolio management and risk transfer decisions."  The FCHLPM certification of Version 21.0 of the RMS North Atlantic Hurricane Models will be valid until November 1, 2023. Version 21.0 will be generally available on June 23, 2021, on both RiskLink and Risk Modeler simultaneously. Learn more about the RMS North Atlantic Hurricane Models here. The technology and data used in providing this Information is based on the scientific data, mathematical and empirical models, and encoded experience of scientists and specialists. As with any model of physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses. RMS SPECIFICALLY DISCLAIMS ANY AND ALL RESPONSIBILITIES, OBLIGATIONS AND LIABILITY WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE INFORMATION OR USE THEREOF, INCLUDING ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL RMS (OR ITS PARENT, SUBSIDIARY, OR OTHER AFFILIATED COMPANIES) BE LIABLE FOR DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE CONTENTS OF THIS INFORMATION OR USE THEREOF.

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About RMS

Risk Management Solutions, Inc. (RMS) shapes the world's view of risk for insurers, reinsurers, financial services organizations, and the public sector. We empower organizations to evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics. RMS models underlie the nearly US$2 trillion Property & Casualty industry and many insurers, reinsurers, and brokers around the world rely on RMS model science.

RMS helped pioneer the catastrophe risk industry, and continues to lead in innovation by offering unmatched science, technology, and 300+ catastrophe risk models. Leaders across multiple industries can address the risks of tomorrow with RMS Risk Intelligence™ (RI), our open, unified cloud platform for global risk, which enables them to tap into RMS HD models, rich data layers, intuitive applications, and APIs.

Further supporting the industry's transition to modern risk management, RMS spearheaded the Risk Data Open Standard (RDOS), a modern, open-standard data schema designed to be an extensible, flexible, and future-proof asset within modeling/analysis systems.

RMS is a trusted solutions partner, enabling effective risk management for better business decision-making across risk identification and selection, mitigation, underwriting, and portfolio management.

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Matthew Longbottom

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+44 20 7444 7706 prteam@rms.com

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+1 551 226 1604 prteam@rms.com
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