Catastrophe modeler Risk Management Solutions says indications are its latest hurricane model—which rattled the industry's perception of possible losses when it was released in 2011—has thus far performed well following Superstorm Sandy.
“We're ahead of the game at this point,” says Michael Kistler, director of Model Solutions at RMS. “Sandy has verified the model's approach.”
The same thing could not be said after Hurricane Ike struck Texas in 2008, Kistler admits. He says after Ike struck Galveston, Texas, RMS was “already seeing red flags.” Estimates from the previous version of its hurricane model missed the mark, and RMS learned from the mistakes. .
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