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2012

What Fuels ERM? More Data

An article describing insurers' strategies to develop effective enterprise risk management frameworks features the benefits of RiskInsight, a platform developed by Karen Clark & Company to provide a more comprehensive, stable and transparent analysis of risk.

Rebuilding Year: Top 10 Stories of 2012 1. Superstorm Sandy Spoils a (Mostly) Good Year for P&C Carriers

A series of articles reviewing insurance trends in 2012 places Superstorm Sandy and the storm's effects as the top story of the year. Research on insured wind losses, conducted by Karen Clark & Company, are included.

Report Shows Increasing Concentrations of Insured Property Values in U.S.

An article disseminates findings by Karen Clark & Company's research on U.S. property insurance, showing U.S. vulnerability to hurricanes and coastal hazards continues to rise as property values increasingly concentrate on the Atlantic and Gulf coasts.

18% of U.S. insured property exposure is exposed to Atlantic and Gulf hurricanes

An article from the Bermudan insurance news outlet Artemis reports on insured exposures research conducted through Karen Clark & Company's RiskInsight platform.

$15trn of insured exposure sits on Gulf and Atlantic coasts

An article reports on Karen Clark & Company's research on U.S. property insurance, showing U.S. vulnerability to hurricanes and coastal hazards continues to rise as property values increasingly concentrate on the Atlantic and Gulf coasts.

Hurricane Headaches: Delco residents with Homes at Jersey Shore Struggle to Repair Damage Done by Sandy

An article assessing home damage and recovery on the Jersey Shore following Hurricane Sandy quotes Karen Clark on risk caused by both the severity of storms and the number of structures built in high-risk areas.

Low-Level Wind Damage Claims Adds Up to $12b Price Tag for Sandy

An article reports on Karen Clark & Company’s RiskInsight® estimation that insured wind losses due to Superstorm Sandy will be $12 billion, in part due to a large number of small claims.

Karen Clark & Co, Surveys Sandy’s Damage

An article gleans findings from Karen Clark & Company’s post-disaster survey of wind damage caused by Superstorm Sandy, which included finding wind damage well inland and a lack of risk mitigation features in construction.

Sandy Will Cause Over a Million Claims – Karen Clark & Co

An article based on Karen Clark & Company’s post-disaster survey of wind damage caused by Superstorm Sandy reports that the storm may cause over one million residential and commercial insurance claims.

Lessons From Hurricane Sandy

An article following Superstorm Sandy assesses a major risk factor surrounding such catastrophic events is the increase of vulnerable property in addition to climate change.

With More Storms on the Horizon, Insurers Could Drop Coastal Homes Altogether

An article written in the wake of Superstorm Sandy explores the insurance business and underwriting practices in risky areas. Karen Clark is quoted on the likelihood of future catastrophic events and the value of property at risk.

Insurance Companies Rethink Business After Sandy

A story on NPR Weekend Edition Sunday reports on increasing insured losses in recent natural disasters, including Superstorm Sandy. Karen Clark is quoted on the role of catastrophe modeling and hurricane prediction.

Karen Clark & Co.: Sandy's Wind Damage Alone to Cause $12B in Insured Losses

An article reports on Karen Clark & Company’s RiskInsight® estimation that insured wind losses due to Superstorm Sandy will be $12 billion.

On the Jersey Shore, Emotion Outweighs Cost of Rebuilding

An article assessing the risks and costs of rebuilding along the Jersey Shore following Superstorm Sandy. Karen Clark is quoted on the likelihood of similar natural disasters happening in the future.

Risk Experts Say It’s Not Climate Change, It’s Coastal Communities, Stupid

An article following Superstorm Sandy assesses a major risk factor surrounding such catastrophic events is the increase of vulnerable property in addition to climate change.

Clark Looks to Revolutionize Risk Management Again with RiskInsight

An in-depth piece overviews the features of RiskInsight® and the beneficial effect it could have on insurers and reinsurers, and places the platform in the greater context of the current state of catastrophe risk.

Karen Clark & Co. Launches RiskInsight®, Useful Tool for Cat Bond Portfolio Management

An article reports on the launch of Karen Clark & Company's open, global platform for catastrophe risk management, highlighting features that allow users to build a proprietary view of risk.

Karen Clark & Co. Introduces RiskInsight® Platform for Cat Risk Management

An article reports on the launch of Karen Clark & Company's open, global platform for catastrophe risk management.

New Frameworks, Data Sources Redefining Catastrophe Models

The launch of RiskInsight® forms the basis of an article analyzing the state of catastrophe risk management and the benefits offered by an open platform that helps users build a proprietary view of risk.

Karen Clark & Co. Releases Risk Management Platform

In an article that reviews the launch of RiskInsight®, Nathan Golia reports on the impact the open, global platform has on insurers' and reinsurers' risk management and analytics.

Fleshing out Models

Risk & Insurance® announces Glen Daraskevich as a winner of the 2012 Risk Innovator™ Award in the Technology category for leading the development of Characteristic Events (CEs), a tool to assist insurance companies in assessing and managing catastrophe risk.

Large Isaac Headed Toward New Orleans, but Storm is No Katrina

A report on the development and forecast of Hurricane Isaac analyzes the storm using the KC Wind Damage Scale.

At $125 Billion, Costliest U.S. Hurricane Was Unnamed Miami Storm from 1926

An article reviews the findings of the Historical Hurricanes survey and highlights the damage that could be caused should the 1926 Miami hurricane hit Florida today. Glen Daraskevitch is quoted on the application of historical data to today’s environment.

Catastrophe Modelers Credit Hurricane Andrew with Jump-Starting Business

This article reviews the history of catastrophe modeling in the context of the twentieth anniversary of Hurricane Andrew, a storm that spurred widespread change in the way insurers assess catastrophe risk.

Florida Insurance Commissioner During Andrew Remembers the Storm—and Assesses its Game-Changing Impact

A retrospective of Hurricane Andrew on the twentieth anniversary of the storm analyzes the lasting impact on the industry and quotes Karen Clark on the development of catastrophe modeling.

Study: Hurricane Andrew Three Times as Costly in 2012

An article provides an overview on the report "Historical Hurricanes That Would Cause $10 Billion or More of Insured Losses Today" and findings that show of the nearly 180 hurricanes that have hit the country since 1900, 28 would result in $10 billion or more in insured losses in 2012 given the greater number, size and cost of structures in their paths.

Karen Clark & Co. Estimates Historic Hurricanes’ Losses in Today’s Dollars

An article highlights findings of the report "Historical Hurricanes That Would Cause $10 Billion or More of Insured Losses Today" and quotes Karen Clark and Glen Daraskevitch on the impact of the findings.

Top 10 Costliest Historical Hurricanes

PropertyCasualty360 provides an infographic portraying the most costly historical hurricanes, considering insured losses adjusted to 2012 costs, based off a Karen Clark & Company report titled "Historical Hurricanes That Would Cause $10 Billion or More of Insured Losses Today.

Historical Hurricane Cost Upwards of $10bn in 2012, Claim Cat Experts

An article highlights findings and methodology of the report "Historical Hurricanes That Would Cause $10 Billion or More of Insured Losses Today" and quotes Karen Clark and Glen Daraskevitch on the impact of the findings.An article highlights findings and methodology of the report "Historical Hurricanes That Would Cause $10 Billion or More of Insured Losses Today" and quotes Karen Clark and Glen Daraskevitch on the impact of the findings.

Q&A: Andrew Made Big Waves in Catastrophe Modeling

A Q&A interview with Karen Clark delves into the lasting impact of Hurricane Andrew on catastrophe modeling and risk management, including the collection and analysis of loss data.

Living Legends of Insurance: #6 Karen Clark: Model Citizen

Karen Clark is honored among figures in the insurance industry described as having fundamentally changed the way the insurance business is conducted described as having fundamentally changed the insurance business. Karen Clark is profiled alongside industry figures such as Peter Lewis of Progressive and Rep. Barney Frank.

Insurers Now Take Grain of Salt With Catastrophe Models

An article reviews the impact of catastrophe modelling on the insurance industry and the increasing scepticism of models following drastic shifts in loss estimates in recent years. Karen Clark is quoted on the values and shortcomings of models.

Storm of Money: Hurricanes, Insurance, and the Secret Black Boxes That Make Our Rates So High

In a two-part series on hurricanes and their impact on South Carolina’s insurance business, Karen Clark explains the function of catastrophe models as a part of effective catastrophe risk management, and their influence on property insurance rates.

A Re-Education on Catastrophe Risk Models

In an article that reviews recent difficult years in the insurance industry, Karen Clark comments on "black swan" events occurring in unexpected locations and provides strategies to recognize and prepare for perils in unlikely places.

Q&A: Karen Clark Discusses Cat Management as Hurricane Season Arrives

An interview with Karen Clark discusses effective catastrophe risk management on the part of insurers. The combination of probabilistic and deterministic methods, such as characteristic events, is key to assess risk.

Risk Modelling Versus Risk Management

In a guest article, Karen Clark describes an approach to comprehensive risk management though a combination of risk models and characteristic events.

Using Characteristic Events to Complement CAT Models

This article explores the benefits to insurance companies in utilizing Characteristic Events as a tool for risk management. John Tierney, Chief Actuary and Senior Vice President of Quincy Mutual Fire Insurance, said, "Catastrophe models are still critical. But this [CEs] makes it more transparent for the board. It also helped us resolve differences and focused the results from our models.

Catastrophe Clarity: Companies to Watch

A profile of Karen Clark & Co. highlights the firm’s work as an unbiased, independent catastrophe risk expert, developing tools that help businesses tackle the issues of managing CAT risk.

Blowing Up a Storm

In an article reporting on early forecasts for hurricane season, Karen Clark articulates that rare, catastrophic events may occur even in low frequency years and utilizing Characteristic Events methodology may reveal risk exposure across seasons and regions.

A Role for Characteristic Event Methodology in Catastrophe Risk Management

In this article, Karen Clark describes the application of Characteristic Events as a common currency and consistent yardstick that help companies make informed and transparent decisions on risk.

New Risk Management Tool Could Fill in the Gaps Left by Conventional Catastrophe Models

An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.

New Tool Helps P/C Insurers Manage Volatility of Catastrophe Models

An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.

Karen Clark & Company Introduces Characteristic Events

An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.

Catastrophe Management: Moving Beyond the Models

In a guest article, Karen Clark describes the impact of ‘black swan’ catastrophes on risk management and presents a new methodology in Characteristic Events analysis, through which insurance companies can better prepare themselves for rare, unexpected risks.

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