EQECAT Inc., announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) unanimously re-certified EQECAT’s Hurricane model for use in Florida. The certification was the seventh in a row.
“EQECAT’s Hurricane model has been certified by FCHLPM on the first review of its model every year since the inception of the certification process,” said Tom Larsen, senior vice president of product management. “No other model has equaled the EQECAT record of certification without ever having to go through a subsequent supplemental meeting.”
EQECAT provides leading insurance companies worldwide with robust tools and solutions, covering natural hazards in 88 countries, the highest number of any organization. EQECAT’s U.S. Hurricane model is used by primary insurers, reinsurers, intermediaries, and other financial institutions to develop strategies for pricing, portfolio management, and risk transfer.
To be certified, a company must meet a number of requirements set by the FCHLPM. The standards are verified by a professional team, consisting of an independent panel of experts, through an on-site review at the company. After the panel completes its review process, the company must present its model to the commission at the FCHLPM’s annual conference.
The EQECAT Hurricane model met all requirements established by the FCHLPM, including those covering vulnerability, validation, computing, statistics, and the actuarial use of modeled loss costs. “The Florida certifications process presents users with a special opportunity to differentiate all models in a public venue,” said Larsen.
EQECAT’s U.S. Hurricane model was released in 1994, and has undergone five major upgrades since then.
“The current U.S. hurricane model is a part of our latest offering of the WORLDCATenterprise, providing users with a complete solution,” continued Larsen. “All our models may be licensed to our clients.”
EQECAT Serves Global Insurance, Business, Financial Services
EQECAT Inc., an affiliate of ABSG Consulting Inc., serves the global property and casualty industry, major multinational corporations and financial institutions.
For additional information, log on to www.absconsulting.com, or www.EQECAT.com.
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