EQECAT Inc. of Oakland, Calif., has had its hurricane modeling software re-certified by the Florida Commission on Hurricane Loss Projection Methodology for the ninth consecutive time, according to Tom Larsen, EQECAT senior vice president.
“In addition to the enhancements made to our models to effectively support the needs of the market, our models are user-friendly and able to be easily integrated into various corporate risk assessment platforms used by the insurance industry,” Larsen said.
The model met all requirements established by FCHLPM, including those covering vulnerability, validation, computing, statistics, and the actuarial use of modeled loss costs.
Released in 1994, EQECAT’s U.S. Hurricane model has undergone five major upgrades and is used by primary insurers and reinsurers, as well as financial institutions and intermediaries for portfolio management, pricing, and risk transfer planning.
Source: EQECAT
Was this article valuable?
Here are more articles you may enjoy.
USAA Renter’s Insurance Policyholder Charged with Multiple Counts of Fraud 
Allstate’s National General Sued by DOJ Over Alleged Force-Placed Insurance ‘Scheme’ 
With American Mobile Cancellations, Florida Mobile Home Market Has ‘Fallen Apart’ 
Oscar Mayer Wienermobile Rolls Over in Chicago Highway Crash 
