Florida Commission on Hurricane Loss Projection Methodology’s Report To Speaker Rubio

 

Earlier this year, the Florida House of Representatives undertook an investigation of hurricane loss projection models used in Florida, including the Office of Insurance Regulation’s Public Model.

As part of this investigation, House Speaker Marco Rubio submitted a request to the Florida Commission on Hurricane Loss Projection Methodology (“Commission”) asking it to review and complete various comparisons of the Public Model and the four private models that were previously found by the Commission to be acceptable.

At the time of Speaker Rubio’s request, the Public Model had not been previously reviewed and evaluated by the Commission.

The Commission’s review process consists of modelers submitting documentation on their models based on the requirements in the Commission’s Report of Activities, which includes the compliance with various standards, the submission of disclosures regarding aspects of how the model operates, the submission of forms for data and results reporting, and on-site audit requirements involving a review by a group of experts.

This group of experts is known as the “Professional Team” and consists of a meteorologist, a structural engineer, an actuary, a statistician, and a computer scientist.

To view the complete Commission report to the Florida House of Representatives, which includes the letter from Speaker Rubio requesting the Report, click here.

To read a recap of the November 5, 2007 Commission teleconference regarding the Comparison Report on Hurricane Loss Projection Models, click here.

 

 

 

Should you have any questions or comments regarding this information, please feel free to contact this office.