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New hurricane model leads to insurance hikes

By Lynn Hatter


Tallahassee, FL – This week marks the start of hurricane season and a legislatively appointed commission is looking into the cost of damage from potential hurricanes in the upcoming year. Lynn Hatter reports, the group decides which cost prediction models the state will use for insurance companies to set rates.

The Florida Commission on Hurricane Loss Methodology is made up of scientists, the Offices of Insurance Regulation and Emergency Management and insurance companies. Thursday it examined computer generated hurricane models looking at potential damage from hurricane winds.

"And so what we're investigating is, is whether the model produces output that is reasonable and accurate. That's our task as a commission."

Those predicted damages are factored into the price that insurance companies charge for coverage.