Hawaii’s Insurance Division, in its guidelines on supplemental rate filing requirements for property insurance, is advising that it will be reviewing the appropriateness of catastrophe models for hurricane exposure in Hawaii. Consequently, rate filings submitted to the division must identify the model and version that is used in the filing.
According to the Division, among the information it wants insurers to indicate is how any models used in rate filing define “hurricane” versus the insurance policy definition of hurricane used in the state. Insurers also most provide details on historical storms used to run the model, and any adjustments or modifications from the model output loss costs to the loss costs filed with the division.
For more information, insurers are being asked to submit questions and concerns in writing to: Shelley Santon, rate and policy analysis manager, Insurance Division, Department of Commerce and Consumer Affairs, PO Box 33614, Honolulu, HI 96811.
Source: DOI
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