The speaker of the Florida House of Representatives is putting the methods of catastrophe modeling firms under scrutiny and has written them demanding their proprietary modeling information.
Jose Fuentes, a spokesperson for Speaker Marco Rubio, R-Coral Gables, said modelers' data, which insurers use in setting risks, has become a point of concern, in part because a local paper–The Tampa Tribune–wrote an article suggesting the model produced by Risk Management Solutions model in Mr. Fuentes words "might be skewed."
Homeowners' insurance rates in the state have jumped more than 100 percent in some cases since insurers experienced major hurricane losses in 2004 and 2005.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.