Florida commission on hurricane loss projection methodology
Download 1.69 Mb.
|
Part A
Part B
Form V-2: Mitigation Measures Range of Changes in Damage Purpose: This form illustrates the measure of impact of mitigation measures and secondary characteristics when implemented individually or in combination at certain windspeeds. A. Provide the change in the zero deductible personal residential reference building damage rate (not loss cost) for each individual mitigation measure listed in Form V-2, Mitigation Measures, Range of Changes in Damage, as well as for the combination of the four mitigation measures provided for the Mitigated Frame Building and the Mitigated Masonry Building below. B. If additional assumptions are necessary to complete this form (for example, regarding duration or surface roughness), provide the rationale for the assumptions as well as a detailed description of how they are included. C. Provide this form in Excel format without truncation. The file name shall include the abbreviated name of the modeling organization, the standards year, and the form name. Also include Form V-2, Mitigation Measures, Range of Changes in Damage, in a submission appendix.
Reference and mitigated buildings are fully insured building structures with a zero deductible building only policy. Place the reference building at the population centroid for ZIP Code 33921. Windspeeds used in the form are one-minute sustained 10-meter windspeeds. Form V-2: Mitigation Measures Range of Changes in Damage INDIVIDUAL MITIGATION MEASURES PERCENTAGE CHANGES IN DAMAGE ((REFERENCE DAMAGE RATE - MITIGATED DAMAGE RATE) / REFERENCE DAMAGE RATE) * 100 FRAME BUILDING MASONRY BUILDING WINDSPEED (MPH) WINDSPEED (MPH) 60 85 110 135 160 60 85 110 135 160 REFERENCE BUILDING
ROOF CONFIGUR-ATION BRACED GABLE ENDS HIP ROOF
ROOF COVERING METAL
ASTM D7158 CLASS H SHINGLES (150 MPH)
MEMBRANE
NAILING OF DECK 8d
ROOF-WALL STRENGTH CLIPS
STRAPS
STRENGTH
TIES OR CLIPS STRAPS
WALL-FOUNDATION STRENGTH
LARGER ANCHORS OR CLOSER SPACING
OPENING PROTECTION WINDOW
SHUTTERS STRUCTURAL WOOD PANEL METAL
DOOR AND SKYLIGHT COVERS WINDOWS
IMPACT RATED WINDOW, DOOR, SKYLIGHT STRENGTH ENTRY DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS
GARAGE DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS
SLIDING GLASS DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS
SKYLIGHT
IMPACT RATED MITIGATION MEASURES IN COMBINATION PERCENTAGE CHANGES IN DAMAGE ((REFERENCE DAMAGE RATE - MITIGATED DAMAGE RATE) / REFERENCE DAMAGE RATE) * 100 FRAME BUILDING MASONRY BUILDING WINDSPEED (MPH) WINDSPEED (MPH) 60 85 110 135 160 60 85 110 135 160 BUILDING MITIGATED BUILDING Form V-3: Mitigation Measures, Mean Damage Ratios and Loss Costs (Trade Secret Item) Purpose: This form illustrates the measure of impact of mitigation measures and secondary characteristics when implemented individually or in combination at certain windspeeds. This form also illustrates the underlying vulnerability functions and the loss costs for the reference and mitigated constructions. A. Provide the mean damage ratio (prior to any insurance considerations) to the reference building for each individual mitigation measure listed in Form V-3, Mitigation Measures, Mean Damage Ratios and Loss Costs (Trade Secret item), as well as the percent damage for the combination of the four mitigation measures provided for the Mitigated Frame Building and the Mitigated Masonry Building below. B. Provide the loss cost rounded to three decimal places, for the reference building and for each individual mitigation measure listed in Form V-3, Mitigation Measures, Mean Damage Ratios and Loss Costs (Trade Secret item), as well as the loss cost for the combination of the four mitigation measures provided for the Mitigated Frame Building and the Mitigated Masonry Building below. C. If additional assumptions are necessary to complete this form (for example, regarding duration or surface roughness), provide the rationale for the assumptions as well as a detailed description of how they are included. D. Provide a graphical representation of the vulnerability curves for the reference and the fully mitigated building.
Reference and mitigated buildings are fully insured building structures with a zero deductible building only policy. Place the reference building at the population centroid for ZIP Code 33921. Windspeeds used in the form are one-minute sustained 10-meter windspeeds. Form V-3: Mitigation Measures, Mean Damage Ratios and Loss Costs (Trade Secret Item) INDIVIDUAL MITIGATION MEASURES MEAN DAMAGE RATIO LOSS COSTS FRAME BUILDING MASONRY BUILDING FRAME BUILDING MASONRY BUILDING WINDSPEED (MPH) WINDSPEED (MPH) ACROSS ALL WINDSPEEDS 60 85 110 135 160 60 85 110 135 160 REFERENCE BUILDING ROOF CONFIGUR-ATION BRACED GABLE ENDS HIP ROOF
METAL
ASTM D7158 CLASS H SHINGLES (150 MPH) MEMBRANE
NAILING OF DECK 8d
ROOF-WALL STRENGTH CLIPS
STRAPS WALL-FLOOR STRENGTH
TIES OR CLIPS STRAPS
STRENGTH
LARGER ANCHORS OR CLOSER SPACING
OPENING PROTECTION WINDOW
SHUTTERS STRUCTURAL WOOD PANEL METAL DOOR AND SKYLIGHT COVERS WINDOWS IMPACT RATED WINDOW, DOOR, SKYLIGHT STRENGTH ENTRY DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS GARAGE DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS SLIDING GLASS DOORS MEETS WINDBORNE DEBRIS REQUIREMENTS SKYLIGHT
IMPACT RATED MITIGATION MEASURES IN COMBINATION MEAN DAMAGE RATIO LOSS COSTS FRAME BUILDING MASONRY BUILDING FRAME BUILDING MASONRY BUILDING WINDSPEED (MPH) WINDSPEED (MPH) ACROSS ALL 60 85 110 135 160 60 85 110 135 160 WINDSPEEDS BUILDING MITIGATED BUILDING Actuarial Standards A-1 Modeling Input Data and Output Reports
Purpose: Modeled loss costs and probable maximum loss levels rely on certain insurer input data assumptions. Implicit assumptions may or may not be appropriate for a given entity using the model, depending on the circumstances. Different modeling approaches may require different input data. Relevant Form: G-5, Actuarial Standards Expert Certification Disclosures 1. Identify insurance-to-value assumptions and describe the methods and assumptions used to determine the property value and associated losses. Provide a sample calculation for determining the property value. 2. Identify depreciation assumptions and describe the methods and assumptions used to reduce insured losses on account of depreciation. Provide a sample calculation for determining the amount of depreciation and the actual cash value (ACV) losses. 3. Describe the methods used to distinguish among policy form types (e.g., homeowners, dwelling property, manufactured home, tenants, condo unit owners).
6. Describe actions performed to ensure the validity of insurer or other input data used for model inputs or validation/verification.
Audit
Modeled loss costs and probable maximum loss levels shall reflect all insured wind related damages from storms that reach hurricane strength and produce minimum damaging windspeeds or greater on land in Florida. Purpose: Loss costs and probable maximum loss levels should reflect the losses insurers pay as a result of a hurricane. Loss costs and probable maximum loss levels should only include insured wind related losses and time element losses in Florida resulting from an event modeled as a hurricane consistent with Florida Statutes. The event should include all such insured wind related damage caused by a hurricane that makes landfall in Florida as a hurricane or by-passes Florida as a hurricane and comes close enough to cause damaging winds in Florida. Relevant Forms: G-5, Actuarial Standards Expert Certification A-2, Base Hurricane Storm Set Statewide Losses Disclosures
Audit
A-3 Coverages
Purpose: A reasonable representation of building, appurtenant structure, contents, and time element losses is necessary in order to address policies that principally cover building, appurtenant structure, contents and time element, such as tenants and condo unit owners policies. Relevant Form: G-5, Actuarial Standards Expert Certification Disclosures
4. Describe the methods used in the model to calculate loss costs for time element coverage associated with personal and commercial residential properties. Audit
A-4 Modeled Loss Cost and Probable Maximum Loss Considerations
Purpose: The loss costs and probable maximum loss levels from the model should reflect losses paid by the insurance company as insurance claims resulting from wind damage from an event as defined in Standard A-2, Event Definition. Probable maximum loss levels can be either on an annual aggregate, an annual occurrence basis, or an event basis. All bases can be useful for understanding the loss distribution produced by the model. Loss costs represent the expected annual loss per $1,000 exposure. Other “expense and profit loads” such as those listed in the standard may be included in rate filings but are outside the scope of the Commission. Loss severity may be influenced by supply and demand factors applicable to material and labor costs. This is generally known as demand surge which occurs at the time of a large catastrophic event and is recognized as an important element for modeling. Insurance may also be influenced (although perhaps differently from demand surge) by general price inflation. This is a type of economic inflation that is associated with past insured wind loss experience that has been used to develop and validate hurricane loss projection models. The standard does not allow for prospective recognition of future economic inflation or price inflation. Hurricane storm surge can be covered by the National Flood Insurance Program or in some cases by other policies. Relevant Forms: G-5, Actuarial Standards Expert Certification A-8, Probable Maximum Loss for Florida Directory: files files -> Answer True False 2 points Question 2 files -> Integer programming and game theory files -> 4 Integer Programming files -> Bpa vehicle Window Repair Scenario #1 task: Procure vehicle window relacement. Objective files -> Pop Warner History files -> North Carolina Inclusion Initiative Mapping Where Children with ieps are Being Served Purpose files -> Fall 2013 Spring 2014 Program Data: Standard 1 Exhibit 4d files -> Hanban – asia society confucius classrooms network 2010 request for proposal files -> Northern England’s set-jetting locations Download 1.69 Mb. Share with your friends:
|