Risk Management Services hurricane catastrophe model approved by Florida Commission

The residential property insurance marketplace in the state of Florida is expected to face an even greater amount of volatility after the modeling commission for the state approved the use of a new catastrophe model by Risk Management Services (RMS).  The RMS U.S. Model Version 11.0 was approved by the Florida Commission on Hurricane Loss Projection Methodology, which allows insurance companies to use it for the calculation of the potential exposure to hurricane loss.  That said, this model has not been without controversy, especially in terms of its changes to…

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