Catastrophe risk management company Risk Management Solutions recently released version 6.0 of its U.S. hurricane model. According to the company, the model is the first of its kind to integrate a five-year — "medium term" — forward-looking view of hurricane activity.
The model, with updated RiskLink and RiskBrowser programs, includes comprehensive claim research and building performance analyses as well as updates to its U.S. and Caribbean hurricane models, Eastern U.S./Eastern Canada earthquake models, and a European windstorm model. It also combines modeling procedures with storm and building behavior research — as well as time-element vulnerability — to accurately estimate the potential range of damage an insurer can expect to experience in such an event.
"These simultaneous analyses efforts have significantly improved the accuracy of risk assessments by allowing for greater differentiation and more precise estimation of various classifications of hurricane risk," said Phil LeGrone, RMS director of claims research.
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