EQECAT Model Submission - Florida State Board of Administration

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The Florida Commission on Hurricane Loss Projection MethodologyGeneral StandardsG-3 Risk LocationA. ZIP Codes used in the model shall not differ from the United StatesPostal Service publication date by more than 24 months at the date ofsubmission of the model. ZIP Code information shall originate from theUnited States Postal Service.The USWIND ZIP Code database was updated in October 2012, based oninformation originating from the United States Postal Service current as ofMarch 2012.B. ZIP Code centroids, when used in the model, shall be based onpopulation data.The ZIP Code centroids used in USWIND are derived using population.DisclosuresC. ZIP Code information purchased by the modeling organization shall beverified by the modeling organization for accuracy and appropriateness.EQECAT verifies each new ZIP Code database through a suite of procedures,including automated numeric tests and visual tests.1. List the current ZIP Code databases used by the model and the components of themodel to which they relate. Provide the effective (official United States PostalService) date corresponding to the ZIP Code databases.USWIND uses 5-Digit ZIP Code from MultiNet data. MultiNet is a registeredtrademark of TomTom. The ZIP Code data is created using a combination ofMulitNet data, the United States Postal Service (USPS) ZIP+4 Data File, theUSPS National 5-Digit ZIP Code and Post Office Directory, USPS ZIP+4State Directories, and the USPS City State File.The ZIP Code data is used in the import component of the model.The effective date of the ZIP Code data is March 2012.2. Describe in detail how invalid ZIP Codes are handled.Invalid ZIP Codes in input data are generated from many sources, including(a) typographical errors in the insurers’ data, (b) usage of mailing addressinstead of site address, or (c) usage of an out of date ZIP Code. TheUSWIND program attempts to locate any invalid sites to the most refined levelpossible, the data quality permitting. At the end of the ‘geocoding’ process,USWIND echoes the status of the quality of the data, indicating how many42
The Florida Commission on Hurricane Loss Projection MethodologyGeneral Standardslocations were mapped to the street address level, to ZIP Code centroids, citycentroids, and to county centroids.In addition, if users are uncertain of the quality of street address information,they can enter latitude and longitude coordinates.The steps in the geocoding process are as follows:1. If the street address is available, the program attempts to geocode thelocation to its exact location, to within approximately 400 feet in mosturban areas.2. If the program was unable to calculate the exact street location, theprogram looks at the site ZIP Code. If the input ZIP Code exactly matchesa ZIP Code in our database, the geocoding stops.3. If the exact ZIP Code was not matched, the program then looks throughthe database of ‘point’ ZIP Codes. Point ZIP Codes indicate Post Officeboxes or private entities who desire their own ZIP Code. The location ofthese point ZIP Codes is provided by the US Government. For displayingmaps of exposure and losses, these ZIP Codes are also ‘mapped’ toregional ZIP Codes which correspond to the ZIP Code area which thepoint ZIP Code is in.4. If the location is still not found, the program next looks at the city name inthe input data. If the city name was included in the input data, and the cityname is in the USWIND databases, then the location is geocoded to a citycentroid, and the geocoding summary is updated to indicate this.5. If the location is still not found, the program next looks at the county namein the input data. If the county name was included in the input data, andthe county name is in the USWIND databases, then the location isgeocoded to a county centroid, and the geocoding summary is updated toindicate this.6. If the data provided fails these steps then the risk is removed from thedatabase.43
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EQECAT Model Submission - Florida State Board of Administration

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