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RMS Achieves Industry First With Certified Florida Commission On Hurricane Loss Projection Methodology (FCHLPM) Hurricane Models Available Simultaneously On-Premise And Cloud
Available on RiskLink® 18.1 and Risk Intelligence™ (RI), RMS’ Suite of Hurricane Models, Approved for Residential Rate Filing, Tackle a Changing Hurricane Risk Landscape
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.”
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.
RMS models and solutions help insurers, financial markets, corporations, and public agencies evaluate and manage global risk throughout the world. RMS has over 1,200 employees across 13 offices in the US, London, Bermuda, Zurich, India, China, Japan, Singapore, and Australia, with products and models covering six continents.
We lead an industry that we helped to pioneer—catastrophe risk modeling – and continue to innovate. In May 2019, we announced the launch of Risk Intelligence™ (RI), an open, flexible and future-proof platform for strategic risk management. Through this purpose-built platform, clients can tap into RMS HD models, rich data layers, intuitive applications and APIs that simply integrate into existing enterprise systems to support business decisions across underwriting, risk selection, mitigation and portfolio management.
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.
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