Below is the HillCo client report from the August 7 Texas Windstorm Insurance Association expert panel meeting.
This report focuses on the following agenda items:
Proposed Economic Loss Module
- The Economic Loss Module is used to calculate the adjusted loss of damaged properties; a dollar amount is put on the resulting damage and that information is reported and archived by TWIA
- The Proposed Module will rely on TWIA adjusters to determine the repair or replacement costs associated with the damage estimates
- The Module will include an estimate of interior damages to finished surfaces but not estimates for damages to contents; content damages will be calculated by TWIA adjusters not the Model
Proposed Report Generation Model
- The Proposed Report Generation Module uses pre-storm and post-storm site-specific information to produce an automated report that represents the results of the Damage Module
- The results determined by TWIA adjustors based on results from the Damage Module would be delivered to two parties
- TWIA is nearly ready to introduce the Models and methodology, in a preliminary form, for a final peer review before submitting recommendations to the Commissioner at the end of the year
Claims Data Review: Calibration
- TWIA has selected 96 claims on Galveston Island and Bolivar Peninsula using TWIA files, Google Earth, and Pictometry to estimate damage levels obtained from proposed Damage Module and compare it to the claimed damage; this data will be used to adjust the Damage Module where appropriate
Future Work
- Complete Calibration and Validation of Model
- Compare Ike damage with model predications
- Adjust Model as necessary
- Conduct randomized model validation using claim data from Ike
- Present findings at next open meeting
- Peer Review
- Finalize recommendations and present to TDI
- Continue with development of a method/model to estimate damage to commercial properties starting with slab-only cases
Next meeting time/date TBD