Catastrophe-risk modeler Risk Management Solutions is preparing the insurance industry for an update to the North Atlantic hurricane model that jolted the perception of possible losses when it was released in 2011.
RMS' Version 13, an update to the now famous Version 11 model, is set to be out in July—with changes to assumptions related to medium-term hurricane landfall rates and the phenomenon known as "leakage."
Claire Souch, vice president of model solutions at RMS, says Version 13 "is not a rebuild or a redo" of Version 11.
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