Earlier quoted context omitted.
That's not at all how insurance companies price risk. Unknown risk is more risk, and more risk is more expensive. Therefore, unknown hurricane data is more risky and thus more expensive. If you know your car's engine is going to need replaced after exactly 100,000 miles, you know to save up for a new engine or a new car - and you know how long you have to save, so you can precisely set aside an appropriate figure eve…
Hurricane risk has been grossly exaggerated for years. Every year people say it will be the end of Florida as we know it. But those promised hurricanes never come. The worst is some flooding and damage at coastal areas, but it’s always anti-climactic. The real reason insurance is high is because of fraudulent claim risk. Hurricanes themselves are more or less a solved problem in Florida. That data is useless.
The residents of what used to be Ft. Meyers Beach would probably disagree with you.
>Hurricanes themselves are more or less a solved problem in Florida.
I have been in Florida for nearly a decade now. I'd say that the above statement is at best, disingenuous. It's just not true. MAYBE Cat1 hurricanes are a solved problem, but nothing above that. The busiest economic center in Florida (Miami's Brickell area) is 6 feet above sea level. Any major storm locks that part of town down for days. My own building's parking lot is 5 feet above sea level, and yes, it's flooded every time we have a storm.