News & Publications

Media Contact:

Philip Nunes

BackBay Communications
20 Park Plaza, Suite 801
Boston, MA 02116

2018

What’s Happening: Devastation in Florida, flooding elsewhere

Producing top wind speeds of 155 mph, Hurricane Michael made landfall with enough power to completely destroy homes and cause weeklong power outages. Boston-based Karen Clark & Company, a risk-modeling firm that produces models for catastrophes, estimates that Hurricane Michael caused about $8 billion in insured losses, including wind and storm surge damage to residential, commercial and industrial properties and automobiles.

Before and After Aerial Maps Show the Miles of Destruction Left by Hurricane Michael

In its estimate of $8 billion in insured losses, KCC said that nearly half of the losses occurred in Florida’s Bay and Gulf counties as a result of damage to commercial and residential property.

Hurricane Michael insured losses estimated at $8bn

Reaching peak intensity of 155 mph just before landfall, Karen Clark and Company noted that Michael is the strongest hurricane to impact the Florida Panhandle in recorded history. Residential structures impacted by the Category 4 winds sustained heavy damage. Once the roofs are blown off, single family homes will fail due to the loss of structural integrity, KCC noted.

Hurricane Michael May Cost Insurers $8 Billion

Risk modeling firm, Karen Clark & Company, estimates that Hurricane Michael, which ripped through Florida’s Panhandle region, will cost $8 billion in damages to homes, commercial properties, industrial buildings, and automobiles.

Michael Blasts Deadly Path Across Several Southern States

Hurricane Michael, which made landfall in the Florida Gulf Coast on Thursday, October 11, has been characterized as one of the most powerful hurricanes to ever hit the U.S. The severity of the storm contributes to the KCC estimate of $8 billion in insured property losses.

Hurricane Michael insured loss to be close to $8bn: Karen Clark & Co.

Using its high-resolution US Hurricane Reference Model to derive the loss estimate of close to $8 billion, KCC’s figure is high enough to suggest that reinsurance interests will take a reasonable share of the losses from Hurricane Michael, including a share for collateralized reinsurers and ILS funds.

Karen Clark & Co. Estimates $2.5B in Insured Losses from Hurricane Florence

KCC estimates private insured losses to residential, commercial, and industrial properties and cars from Hurricane Florence at $2.5 billion. That figure does not include NFIP losses.

KCC releases $2.5bn insured loss estimate for Hurricane Florence

In its Flash Estimate of insured losses from Hurricane Florence, Karen Clark & Company explains that “a combination of increased wind shear, land interaction with the US coast, and an upwelling effect caused Florence to weaken prior to making landfall.” As a result, Florence came ashore near Wrightsville Beach, North Carolina as a Category 1 storm.

Insured losses from Florence estimated at $2.5B: Karen Clark

Karen Clark & Company’s estimate of insured losses from Hurricane Florence is based on the firm’s high-resolution US Hurricane Reference Model and incorporates privately insured wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties and automobiles.

Hurricane Florence loss only $2.5bn (ex-NFIP), says Karen Clark & Co.

According to Karen Clark, the estimated insured market loss from Hurricane Florence is expected to be close to $2.5 billion.

Hurricane Florence Threat Still ‘Catastrophic,’ Forecasters Warn

As Hurricane Florence swept through North Carolina, bringing storm surge and heavy rain, modeling firm Karen Clark & Company assessed the total property at risk at almost $2 trillion. That figure includes homes, commercial buildings, industrial buildings and automobiles.

Karen Clark: Global Warming May Be Increasing Storm Severity

While it’s difficult to link any specific event to global warming, Karen Clark explained the likely impacts to AM Best TV at this year’s Monte Carlo Rendez-Vous de Septembre.

‘Open models’ and real-time cat data valuable to traders

In this interview with Intelligent Insurer at this year’s Monte Carlo Rendez-Vous de September, Karen Clark explains why open models and real-time cat data are valuable to traders.

Cat models must be better: Clark

In an interview at this year’s Monte Carlo Rendez-Vous de Septembre Karen Clark explains how the cat models can be better.

$125m insured losses expected from tropical storm Gordon: KCC

Karen Clark & Co estimates that the insured losses from Tropical Storm Gordon will be a result of the sustained 70 mph winds the storm brought to the Alabama/Mississippi border when it made landfall on September 4.

Tropical storm Gordon industry loss said only $125m by Karen Clark & Co.

Utilizing its high-resolution US Hurricane Reference Model, Karen Clark & Company estimates $125 million in insured losses to residential, commercial, and industrial properties resulting from Tropical Storm Gordon.

Gordon insured losses estimated at $125 million

Expected to intensify to a Category 1 hurricane due to warm sea surface temperatures and relatively-low wind shear over the Gulf, Gordon instead made landfall as a tropical storm, resulting in an estimate of $125 million in insured losses, according to Karen Clark & Company.

How Insurers and Reinsurers Can Proactively Manage Weather-Related Claims

Advanced weather forecasting and detection technologies are now enabling insurers to know in advance where there’s likely to be high wind, hail and even tornadoes. Karen Clark discusses how sophisticated modeling technology enables insurers to translate these weather forecasts into precise estimates of claims and insured losses.

Lessons From the 2017 Atlantic Hurricane Season: Open Models, Real-Time Tracking Are Valuable Tools

Open models and tools to track hurricanes in real time can help boost modeling accuracy and aid the claims process after storms, according to a new Karen Clark & Company analysis of the 2017 Atlantic hurricane season and its aftermath.

Texas hailstorm industry loss could reach $1bn: Karen Clark & Co.

According to catastrophe risk modeling firm Karen Clark & Company, the June 6 Texas hailstorm could be one of the largest single convective storm loss events of the year thus far.

Texas hailstorm insured damage estimated at $1 billion

Karen Clark & Company expects losses for the insurance and reinsurance industry to be as much as $1 billion from the hailstorm that impacted Dallas, Tarrant and Denton counties in Texas, as well as other regions, on June 6. KCC said the majority of damage would be to residential and commercial roofs, windows, skylights and solar panels, as well as to automobiles, with the greatest losses in Texas.

Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark

In an interview with Reinsurance News, Karen Clark explains that the biggest surprise of the 2017 hurricane season was the wide ranges and disparity in the modelled loss estimates for hurricanes Harvey, Irma and Maria issued by the major modeling firms.

2017 Hurricane Season Review and Analysis

A recent white paper from Karen Clark & Company highlights the value of open models and advanced tools that allow insurers to track hurricanes in real time and to leverage their detailed claims data.

Alberto industry loss likely minimal, KCC estimates $50m

Karen Clark & Company estimates minimal impact from Subtropical Storm Alberto in the United States, with insured losses close to $50 million.

Insured losses from Alberto could reach $50m

Based on the KCC High Resolution US Hurricane Model, Karen Clark & Company estimated insured losses in the U.S. from Subtropical Storm Alberto at close to $50 million. Modelled estimates include losses to residential, commercial and industrial properties and vehicles.

$2.5bn losses expected from U.S. Ring of Fire weather system, KCC says

A KCC report describes the severe convective storms that hit several U.S. states from May 11 to May 16 as characterized by a lack of strong upper level winds, noting that due to a limited number of rotating supercells, most of the damage was caused by hail and high winds rather than tornadoes.

"Ring of Fire" severe convective storms to drive $2.5bn insured loss: KCC

According to a KCC report, the greatest levels of damage from the May "Ring of Fire" series of severe convective storms were reported in states across the Midwest, Northeast, and Mid-Atlantic. KCC estimates that as many as 12 states will see insured losses surpassing $100 million each.

May storms cause $2.5 billion in insured damages: Report

A report from Karen Clark & Company states that most of the U.S. severe convective storm activity in mid-May was along an arc from Texas to Kansas, through the Ohio Valley to the Mid-Atlantic states, which meteorologists refer to as a "ring of fire."

Model behaviour: learning the lessons from last year’s hurricanes

‘The model damage functions by necessity are ‘average’ and apply to the typical company, but no insurer is average, so another way to make the models more accurate is to enable customization based on actual claims experience," says Karen Clark.

Expected annual severe convective storm losses higher than hurricanes & earthquakes combined: KCC

KCC analyses of insurer claims data have revealed that PCS defined catastrophes capture only a portion of insurer losses from severe convective storms. KCC’s new model provides insurers with estimates of their total SCS losses for underwriting and pricing purposes.

Annual convective storm expected losses near $25bn: Karen Clark & Co

New research from Karen Clark & Company shows annual expected insured losses from severe convective storms in the United States is approaching $25 billion, higher than hurricane and earthquake perils combined.

Building Smarter Cat Models: Why They Need an Upgrade

Drawing an analogy to the capabilities of today’s smartphones, Karen Clark discusses how insurers now have options to upgrade from traditional landline-type cat models, which may lack real-time information, visualization and exposure management tools, to smarter application-rich modeling platforms.

Thank you for your interest in the "" . To this , please enter your contact information below. We will not share your information with anyone.

*

*

*

* Required information