Significant Claims Analysis Effort from the 2004 Hurricane Season Reflected
in Update
NEWARK, Calif., May 17 /PRNewswire/ -- Risk Management Solutions (RMS)
announced today that the Florida Commission on Hurricane Loss Projection
Methodology (FCHLPM) re-certified the RMS Hurricane model for use in
establishing residential insurance rates in the state of Florida. This
year's review included upgrades to the RMS model that reflect new research
on vulnerability of residential line dwellings, allowing for better
differentiation of this class of risk based on year built. RMS is the
world's leading provider of products and services for the management of
catastrophe risks, and its U.S. Hurricane model is used by primary
insurers, reinsurers, intermediaries, and other financial institutions to
develop strategies for pricing, portfolio management, and risk transfer.
"The 2006 Florida Hurricane model represents advances in the assessment
of residential lines vulnerability, particularly in differentiating
regional vulnerability across the state of Florida and the increased
importance of year in construction for classifying these risks," said Mitch
Sattler, vice president of public policy at RMS. "The resolution and detail
of 2004 claims and exposure data for residential lines properties have
demonstrated notable differences in damage based upon various eras of
construction, providing substantial evidence to update this aspect of our
vulnerability model."
To be certified by the Commission, RMS submits extensive documentation
supporting the model's accuracy, and is then audited by an independent
panel of experts. The RMS model passed all standards set forth by the
Commission in its most recent Report of Activities, covering meteorology,
vulnerability, actuarial, statistics, computing and other general standards
that apply to models used for developing residential insurance loss costs
in Florida.
About RMS
Risk Management Solutions is the world's leading provider of products
and services for catastrophe risk management. More than 400 leading
insurers, reinsurers, trading companies, and other financial institutions
rely on RMS models to quantify, manage, and transfer risk. Founded at
Stanford University in 1988, RMS serves clients today from offices in the
U.S., Europe, and Japan. For more information, visit our website at
http://www.rms.com .
RMS is a registered trademark, and the RMS logo is a trademark of Risk
Management Solutions, Inc. All other trademarks are property of their
respective owners.
Editorial Contacts:
Mark Prindle
TorranceCo, New York
1-212-691-5860
mprindle@torranceco.com
Shannon McKay
RMS, California
1-510-505-3257
shannon.mckay@rms.com
SOURCE Risk Management Solutions
 back to top
Related links:
http://www.rms.com
CONTACT:
Mark Prindle of TorranceCo for Risk
Management Solutions, +1-212-691-5860, mprindle@torranceco.com;
or Shannon McKay of RMS, +1-510-505-3257, shannon.mckay@rms.com
|
