Eqecat and Risk Management Solutions say the Florida Commission on Hurricane Loss Projection Methodology certified the catastrophe modelers' hurricane models for use in residential rate filings.
Eqecat says the Commission certified its Florida Hurricane Model 2013a, part of the North Atlantic Hurricane Model. The North Atlantic Hurricane Model, first released commercially in 1995, has been successfully certified by the commission since the inception of the certification process in 1997, says Eqecat.
RMS says the FCHLPM approved its U.S. Hurricane Model version 13.0 for use after reviewing updates to the long term rate set, new geocoding updates, and new post-analysis adjustments for return period losses to account for annual deductibles required by Florida statute.
All industry hurricane models must be certified by the FCHLPM for use in the rate filing process in Florida.
The Florida Commission on Hurricane Loss Projection Methodology was created in 1995 as an independent panel of experts to evaluate computer models and other recently-developed or improved actuarial methodologies for projecting hurricane losses. The Legislature specifically determined that reliable projections of hurricane losses are necessary to assure rates for residential property insurance are neither excessive nor inadequate, and that computer modeling has made it possible to improve upon the accuracy of hurricane loss projections.
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