RMS Issues Special Report Analyzing Effects of the MSFH Program on Florida Insurance Risk: May 14
May 18, 2009
Michael Young, Senior Director of Mitigation and Regulatory Affairs for Risk Management Solutions, Inc. (“RMS”), has provided the attached RMS Special Report entitled “Analyzing the Effects of the My Safe Florida Home Program on Florida Insurance Risk,” which was issued on May 14, 2009.
The Special Report is based on an impact analysis of the My Safe Florida Home (“MSFH”) Program completed by RMS at the request of the Florida Department of Financial Services. In the analysis, the company utilized its RMS U.S. Hurricane Model to analyze the Program’s impact on individual structures retrofitted with MSFH grant money.
According to preliminary analysis by RMS’ catastrophe risk experts, for every grant dollar provided by the MSFH Program for strengthening Florida homes, hurricane losses are expected to be reduced by as much as $1.50. This equates to a drop of approximately $140 million in total losses for the 30,000 homes already retrofitted under the program — significantly more than the $93 million invested so far in grants.
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