WASHINGTON--While the commission charged with evaluating hurricane loss models for the state of Florida approved one model, it rejected another and faces criticism from that company that it is not adapting to newer methods of predicting catastrophic losses.
Newark, California-based Risk Management Solutions, Inc., was set to have its v6.0 RMS U.S. Hurricane Model reviewed by the commission on Thursday. The company has since pulled the model back for adjustments after being told by a professional team from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) that the model would not meet the commission's standards.
The commission, established in 1995, serves as an independent evaluator of computer loss projection models and other actuarial methods for projecting losses in the event of a hurricane.
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