Journal
RELIABILITY ENGINEERING & SYSTEM SAFETY
Volume 93, Issue 12, Pages 1896-1905Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.ress.2008.03.017
Keywords
Hurricane; Damage; Validation; Calibration; Risk model
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The Florida Public Hurricane Loss Model is one of the first public models accessible for scrutiny to the scientific community, incorporating state of the art techniques in hurricane and vulnerability modeling. The model was developed for Florida, and is applicable to other hurricane-prone regions where construction practice is similar. The 2004 hurricane season produced substantial losses in Florida, and provided the means to validate and calibrate this model against actual claim data. This paper presents the predicted losses for several insurance portfolios corresponding to hurricanes Andrew, Charley, and Frances. The predictions are validated against the actual claim data. Physical damage predictions for external building components are also compared to observed damage. The analyses show that the predictive capabilities of the model were substantially improved after the calibration against the 2004 data. The methodology also shows that the predictive capabilities of the model could be enhanced if insurance companies report more detailed information about the structures they insure and the types of damage they suffer. This model can be a powerful tool for the study of risk reduction strategies. (C) 2008 Elsevier Ltd. All rights reserved.
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