If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season. If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season. This is leading to rising concerns…
Read MoreTag: predictive models
Insurance industry revolutionized through the use of predictive models
Models enable insurers to predict future events and their impact The global insurance industry has long been keen to make note of the changes in the world that could affect its exposure to risk and financial loss. Over the many decades of its existence, the insurance industry has become quite proficient at predicting the future and adapting according to the dangers it foresees. This is largely due to the advent of predictive models, a tool used throughout the industry to calculate risk and price coverage accordingly. These models were the…
Read More