Vulnerability module
The part of a catastrophe model that turns the intensity of a hazard at a building into a damage ratio, according to its construction, occupancy and age.
The vulnerability module links the local intensity of a hazard, wind speed, flood depth, ground acceleration, to the damage ratio it causes to a property, through curves specific to each construction type, occupancy, height and year built. Secondary attributes refine the curve: roof shape and anchoring, shutters, first floor elevation, presence of sprinklers. These curves are calibrated on claims settled after past events and on engineering studies, which makes them reliable where data is plentiful and fragile for rare or new buildings. It is the module where exposure data quality matters most: a missing attribute makes the model fall back on an average curve, and the price obtained is that of a building that does not exist. The underwriter also finds there the measure of what a loss prevention measure is worth, since it shifts the curve.
After Hurricane Andrew in 1992, Florida adopted a unified building code, the Florida Building Code, which took effect on March 1, 2002. Hurricane models have since distinguished homes built before and after that date, applying different vulnerability curves to them for the same wind.
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