Florida Commission Approves RMS Hurricane Model

Florida’s residential property insurance market is bracing for even more volatility after the state’s modeling commission approved the use of the new Risk Management Services (RMS) catastrophe model. The Florida Commission on Hurricane Loss Projection Methodology approved the RMS U.S. Model Version 11.0, which means it can now be used by insurers to calculate their potential hurricane loss exposure as part of a rate filing. The controversial model has been circulating for months and has redrawn the state’s map when it comes to hurricane risk.