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Risk Management Solutions Inc. has released the latest update of its North Atlantic hurricane model suite, which includes the ability to fully quantify risk from hurricane-driven storm surge, the catastrophe modeler said Wednesday.
Version 13.0 also gives new insights into future hurricane activity levels, RMS said in a statement. The model can simulate the interaction between wind and surge using a state-of-the-art hydrodynamic model and can distinguish between the potential losses from residential and commercial lines of business, according to the statement.
“(Superstorm) Sandy revealed just how real storm surge risk is,” Claire Souch, vice president of model solutions at RMS, said in the statement.
“Our model shows there is a 20% chance that storm surge loss will be greater than wind loss for any U.S. hurricane that makes landfall, which rises to almost 40% along the Northeast coast of the United States; this is a risk the market can no longer afford to ignore,” Ms. Souch said.
RMS also issued a new medium-term rates forecast that incorporates scientific findings into the impact that sea surface temperatures have on U.S. landfall.
The model includes the most up-to-date data from the Federal Emergency Management Agency's 2012 flood insurance rating maps, RMS said in the statement.
“The most sophisticated catastrophe models combine high-resolution data, advanced scientific knowledge and a solid understanding of market practices. With version 13.0, RMS has once again taken the lead to give customers a stronger, sounder platform to assess their hurricane risk,” Ms. Souch said in the statement.
Catastrophe modeling firms Eqecat Inc. and Risk Management Solutions Inc. have entered into an agreement to share exposure database schemas, or frameworks.