RMS 11 gets Florida seal of approval
The Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has approved the updated RMS Version 11 (V.11) hurricane catastrophe model.
It means the model can be used in official residential rate filings with the Florida Office of Insurance Regulation.
The announcement is likely to be welcomed as a boon for RMS, as V.11 has received a fair amount of criticism and has increased some insurers' probable maximum losses (PMLs) by up to 200 percent.
However, the new model increases risk...
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