News & Publications

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2014

Consultant puts losses from Napa quake at $1 billion

Karen Clark & Co. estimates the August 24 south Napa earthquake caused $1 billion in damages, of which 40 percent were residential losses. The estimate is more than twice the original early estimates by local governments. Of the $1 billion in damages estimated by KCC, only $100 million is covered by insurance.

Hurricane Season Ends in Line with Quiet Forecast

Karen Clark explains the sizeable role of the U.S. market in the global insured catastrophe risk space and what portion of loss potential comes from East Coast alone.

Why Open Platforms Are the Logical Next Step for Catastrophe Risk Models

Open platforms enable insurers and reinsurers to incorporate and test the impacts of new scientific research much faster than using the traditional vendor models. Here, Karen Clark explains how these new advanced tools are already being used for greater visibility into the key drivers of profit and loss and to gain competitive advantage.

Q&A: Karen Clark, Karen Clark & Co.

Karen Clark discusses innovation, demand for open model platforms and the changes to access the insurance industry will see develop as we enter 2015.

Flood Legislation Limiting Risk Mitigation: Karen Clark

In the wake of Superstorm Sandy, the insurance industry and legislators were actively discussing ways to achieve more transparent and effective flood modelling tools. Although legislation hasn’t sufficiently addressed U.S. flood perils, here Karen Clark describes how Big Data and open platform technology is enabling insurers to own their risks for flood and other perils.

Investors comfortable with long - standing earthquake catastrophe models

Insurance-linked securities investors are now utilizing open platforms in addition to traditional models to assess risk, according to Karen Clark.

Open Platforms — A New Approach to Loss Estimation

Karen Clark explains how insurers and reinsurers can construct their own catastrophe models for unmodelled perils in an open platform using four key components — the event catalog, event intensity footprints, damage functions and financial module — to convert damage to insured loss with full transparency.

A.M. Best Interviews Karen Clark on "Characteristic Events"

Karen Clark joins A.M. Best TV’s Kate Smith for a discussion of Characteristic Events and how this new methodology is being used by insurers and reinsurers to manage hurricane and earthquake risk.

What Rating Agencies Really Want to Know About Your Catastrophe Risk

Using her frequent interactions with rating agencies as a guide, Karen Clark dispels some myths about what agencies want to know about the use of catastrophe models by carriers they rate and about carrier cat loss potential. It's not about the model, but about the model assumptions selected and the credibility of the loss estimates.

Report: $100M in Losses from Southern California Quake

Karen Clark explains why, although overlooked by many insurance companies, the La Habra earthquake of March 2014 is a good indicator for the extent of damage that could be caused by a quake of a greater magnitude along the Puente Hills Fault. Ms. Clark calls for the industry to look at what could happen, not to rely solely on the research already available and based on past earthquake events.

Risk Remains After California's La Habra Earthquake, Report Concludes

A new briefing from Karen Clark & Company deconstructs what is known as the 2014 La Habra Earthquake, a magnitude-5.1 earthquake that hit the Greater Los Angeles area. The report examines what happened in March and analyzes the potential for significantly greater damage along the Puente Hills fault during earthquakes of greater magnitude.

A fresh approach to modelling large loss potential

A powerful feature of the characteristic event approach to risk modelling is losses from all lines of business can be aggregated for each event and the market shares calculated on a combined basis.

Karen Clark & Co.: Industry Losses From 100-Year Hurricane in Texas Could Exceed $100 Billion

A 100-year hurricane could occur during "slow" hurricane seasons, resulting in significant, "surprise" insurance industry losses. Here, Karen discusses how KCC's Characteristic Event approach can help predict losses and expose vulnerability to better prepare insurers.

Category 5 Texas Hurricane: Where Landfall Would Be Worst

Karen Clark & Company’s new report on 100 Year Hurricanes explains why Texas may be due for its own Hurricane Andrew after a quiet 2013 hurricane season.

Karen Clark & Co. Warns of Potential U.S. Hurricane Losses Exceeding $100 Billion

The probable maximum loss (PML) risk metric can lead insurers to have a false sense of security, according to Karen Clark & Company. This leaves insurance companies vulnerable to a 100 year Characteristic Event that could cause losses exceeding $100 billion.

Catastrophe Modeler Addresses Impact of 100-year Hurricane

Karen Clark explains how using the 100-year Characteristic Event can show insurers any concentrations of exposure and potential market share of any modeled losses at an individual landfall point.

Don't Get Caught out by Exposure Concentrations This Hurricane Season

For most companies a 100 year Characteristic Event (CE) loss will be much greater than a 100 year probable maximum loss (PML), according to a new report from Karen Clark & Company. The (CE) analysis gives ILS investors additional information – illustrating the exposure and loss potential of an issuer – which offers better estimates on financial losses.

Seismic Map Updates Will Have Varied Impacts on Property Insurance Market

Karen Clark discusses how updates to the USGS Seismic Hazard Maps will impact catastrophe models used to assess earthquake risk.

Rival Vendors Unveil Open Cat Modelling Platforms

Karen Clark discusses the growing industry demand for more transparency in cat models and how open platforms that allow insurers and reinsurers to integrate the software with their own processes helps address key supplier risk.

Next Generation Cat Modeling: Multimodel, Open Source or Open Platform—What’s the Difference?

Catastrophe modeling firms are changing their platforms to address insurer and reinsurer needs for more model choice and greater transparency —but they're not all doing it the same way. Here, Karen Clark explains the differences between multimodel platforms, open source and open platforms.

Updated Catastrophe Models Give Users More Control of Systems

Karen Clark discusses the paradigm shift in catastrophe modeling as insurers and reinsurers are transitioning from closed-box traditional vendor models to the full transparency of open platform tools

Karen Clark's RiskInsight Now Fully Probabilistic

In this Q&A, Karen Clark discusses the new capabilities of the RiskInsight platform, how it Is being used by insurers and reinsurers and how it compares to RMS(one) and Oasis.

Who's Using What: The Latest Insurance Software Implementations

Karen Clark & Co. announces that RiskInsight® is now a fully probabilistic loss estimation tool capable of generating exceedence probability curves, probable maximum losses and average annual losses.

Karen Clark & Co.'s RiskInsight Now a Fully Probabilistic Loss Modeling Platform

Top 10 P/C insurers and global reinsurers are already using RiskInsight®, a now fully probabilistic loss estimation tool. With the new capabilities, RiskInsight® is now being used for pricing both individual policies and portfolios of policies.

KCC's Modelling Platform Now Generates Exceedence Probability Curves, Average Annual Losses

Here, Canadian Underwriter takes a look at the new capabilities that make RiskInsight® a fully probabilistic loss estimation tool.

Interview with Karen Clark

Karen Clark discusses the launch of Oasis and how open platform, multi-model technology, like KCC's RiskInsight ®, are changing the status quo of catastrophe risk management in the insurance industry.

The Current Scientific Consensus on Climate Change and Hurricanes—It May Surprise You

Karen Clark dissects recent reports from the Intergovernmental Panel on Climate Change to explore the impact of human-induced climate change on hurricane activity.

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