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| Community Budget Issue Requests - Tracking Id #2562 |
| Expand the Public Hurricane Loss Projection Model |
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| Requester: |
Michelle Lorenzo Palacio |
Organization: |
Florida International University |
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| Project Title: |
Expand the Public Hurricane Loss Projection Model |
Date Submitted |
1/14/2005 11:22:50 AM |
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| Sponsors: |
Rodolfo Garcia |
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| Statewide Interest: |
| To expand the scope of the current vulnerability and actuarial models to include 2004 storm data, commercial buildings and economic loss. |
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| Recipient: |
Florida International University |
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Contact: |
Michelle Lorenzo Palacio |
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11200 SW 8 ST |
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Contact Phone: |
(305) 297-2056 |
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Miami 33199 |
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Contact email: |
palaciom@fiu.edu |
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| Counties: |
Broward, Dade |
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| Gov't Entity: |
Yes |
Private Organization (Profit/Not for Profit): |
|
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| Project Description: |
| To expand the scope of the current vulnerability and actuarial models to include 2004 storm data, commercial buildings and economic loss. |
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| Is this a project related to 2004 hurricane damage? |
No |
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| Measurable Outcome Anticipated: |
| : The proposed enhanced models will be able to predict ground up as well as insured loss costs for commercial structures, both for portfolio of policies and for given storm scenarios. Also, they will project a more comprehensive estimate of the overall economic impact of hurricanes - loss of income, reduction in local gross domestic product, unemployment, business closures, loss of tax revenue, clean up cost, and damages to private and public structures & contents. Lastly, they will add the 2004 storm data which will considerably improve our understanding of the meteorology of hurricane consequences by expanding the capabilities and accuracy of the various components of the existing Public Hurricane Loss Model. |
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| Amount requested from the State for this project this year: |
$3,000,000 |
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| Total cost of the project: |
$3,000,000 |
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| Request has been made to fund: |
Operations |
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| What type of match exists for this project? |
None |
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Cash Amount |
$ |
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| Was this project previously funded by the state? |
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No |
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| Is future-year funding likely to be requested? |
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No |
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| Was this project included in an Agency's Budget Request? |
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Yes |
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Agency |
Insurance, Department Of, And Treasurer |
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| Was this project included in the Governor's Recommended Budget? |
No |
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| Is there a documented need for this project? |
Yes |
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Documentation: |
Dept. of Insurance reports |
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| Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)? |
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Yes |
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Hearing Body: |
Board of Directors for the International Hurricane Research Center |
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Hearing Meeting Date: |
11/10/2004 |
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| Is this a water project as described in Section 403.885, Laws of Florida? |
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No |
