6 October 2021
BI Analyst Briefing - Explaining Hurricane Ida with Karen Clark
Karen Clark spoke with Bloomberg Intelligence for a live webinar discussing Hurricane Ida and how KCC develops accurate real-time loss estimates for live events.
2021
20 September 2021
KCC Pegs Nicholas’ Industry Cost at $950mn
KCC estimates the insured loss from Hurricane Nicholas will be around $950 using the high-resolution US Hurricane Reference Model.
20 September 2021
Limited Damage Estimate for Hurricane Nicholas
A Karen Clark & Company flash estimate puts the insured loss from Hurricane Nicholas at $950 million.
20 September 2021
Hurricane Nicholas Insured Loss Around $950m: KCC
Hurricane Nicholas is expected to cost the insurance industry around $950 million, says catastrophe risk specialist Karen Clark & Company.
20 September 2021
Nicholas Insured Losses About $950M: Karen Clark
Karen Clark & Company estimate insured losses for Hurricane Nicholas will be around $950 million.
13 September 2021
Insurers Can No Longer Avoid Climate Change: Industry Pioneer
Karen Clark spoke with Intelligent Insurer for a one-on-one interview regarding the IPCC Sixth Assessment Report (AR6) and the impacts for insurers and reinsurers.
4 September 2021
Ida vs. Katrina: How Do They Compare?
Karen Clark & Company’s insured loss estimate of $18 billion was used in an analysis comparing Hurricane Ida and Hurricane Katrina.
2 September 2021
Death Toll Rises to 45 in Eastern US After Flash Floods Batter Region
In an article discussing flooding in the northeast from Hurricane Ida, KCC’s insured loss estimate is quoted.
2 September 2021
Cat Models Not Accounting for the ‘New Normal’: Karen Clark
Karen Clark, KCC CEO and President, was interviewed about how recent events have demonstrated a need for new approaches to catastrophe modeling
2 September 2021
Hurricane Ida: Estimated Insured Losses Revealed
Karen Clark & Company estimates that insured losses from Hurricane Ida will likely be close to $18 billion.
2 September 2021
Insurance Industry Will Withstand Ida’s Losses in Louisiana, Neighboring States: Analysts
In a summary of insurance impacts from Hurricane Ida, KCC’s loss estimate for the storm is discussed.
2 September 2021
What Insurance Will (and Won't) Cover if Your Home or Car Was Ruined by Hurricane Ida
While explaining common flood insurance policies, KCC’s insured loss estimate for Hurricane Ida is mentioned.
2 September 2021
Hurricane Ida Insured Loss Estimate Nears $18 billion in the U.S.
Karen Clark & Company has estimated insured losses from Hurricane Ida will be near $18 billion in the US.
2 September 2021
Flooding in New York & New Jersey Could Lift Hurricane Ida Re/Insured Loss: Report
In an article discussing the potential impacts of Ida in the northeast, KCC’s insured loss estimate for the event is mentioned.
1 September 2021
$18bn+ Ida Brunt Expected to Weigh on Personal Lines
When summarizing key takeaways from Hurricane Ida, KCC’s insured loss estimate of $18 billion in the US was included.
1 September 2021
Insurers May Take $18 bln Hit from Hurricane Ida - Industry Experts
Hurricane Ida will produce $18 billion in insured losses, according to Karen Clark & Company.
1 September 2021
Hurricane Ida to Drive Insured Losses of Close to $18bn, Says KCC
Catastrophe risk modeler Karen Clark & Company estimates that the insurance industry will see $18 billion in losses from Hurricane Ida.
1 September 2021
Photos, Videos of Hurricane Ida Aftermath
In a summary of damage sustained from Hurricane Ida, Karen Clark & Company’s insured loss estimate of $18 billion is mentioned.
1 September 2021
Insurers May Take $18B Hit From Hurricane Ida – Industry Experts
On Wednesday, Karen Clark & Company estimates that Hurricane Ida will cost insurers $18 billion.
1 September 2021
Hurricane Ida Damage to Cost Insurers Close to $18 Billion
Karen Clark & Company estimates that insured losses from Hurricane Ida would reach around $18 billion, and costs for cleanup and rebuilding may continue to climb given recent demand.
1 September 2021
After Ida, Small Recovery Signs Amid Daunting Destruction
In an article discussing the impacts of Hurricane Ida and early recovery efforts, Karen Clark & Company’s total and insured loss estimates were discussed.
1 September 2021
Hurricane Ida Insured Losses Close to $18 billion: KCC
Karen Clark & Company released an insured loss estimate of $18 billion for Hurricane Ida, which falls with the expected range.
26 August 2021
KCC: Hurricane Grace to cost insurers $330mn
A preliminary estimate from Karen Clark & Company indicates insured losses from Hurricane Grace will be near $330 million.
26 August 2021
KCC Pegs Hurricane Grace Insured Losses at $330mn
Karen Clark & Company estimates insured loss from Hurricane Grace to be $330 million.
26 August 2021
KCC Projects $330M in Insured Losses From Hurricane Grace, Most in Mexico
Insured losses from Hurricane Grace will amount to $330 million, according to Karen Clark & Company.
26 August 2021
Grace’s Damage in Mexico, Caribbean Pegged at about $330M
Karen Clark & Company estimates Grace’s insured loss to be around $330 million in Mexico and the Caribbean.
26 August 2021
Insurers Face $330mn Storm Grace Loss Across Mexico & Caribbean: KCC
Catastrophe risk modeler Karen Clark & Company estimates that insured loss from Grace will be $330.
26 August 2021
KCC Estimates Insured Loss From Hurricane Grace: $300M in Mexico, $30M in Caribbean
Karen Clark & Company estimates Hurricane Grace caused $330 million in insured losses in the Caribbean and Mexico.
26 August 2021
Hurricane Grace Insured Property Loss Estimated $330m by KCC
Insured losses from Hurricane Grace are expected to be around $330 million, according to Karen Clark & Company.
25 August 2021
KCC Estimates $330 Million in Insured Losses From Hurricane Grace
Catastrophe risk modeling firm Karen Clark & Company estimates insured losses from Hurricane Grace to be near $330 million.
25 August 2021
Karen Clark & Company (KCC) has Estimated that the Insured Loss Caused by Tropical Storm Henri will be Around $155mn
Insured loss caused by Tropical Storm Henri will be around $155 million, according to Karen Clark & Company.
25 August 2021
KCC Pegs Henri Insured Losses at $155mn
Karen Clark & Company, a risk modeling firm, has estimated that insured losses from Hurricane Henri will be near $155 million.
25 August 2021
Henri Causes $155 million in Losses in Northeast
Insured losses from Hurricane Henri will be close to $155 million, according to Karen Clark & Company.
25 August 2021
Cleanup Begins in Soggy Northeast as Henri Plods Back to Sea
In an article discussing the impacts of Hurricane Henri, KCC’s estimated insured loss for the event is quoted.
25 August 2021
Hurricane Henri Insured Loss Estimated at $155mn by KCC
Catastrophe risk modeler Karen Clark & Company estimated insured losses from Hurricane Henri would be around $155 million.
25 August 2021
Hurricane Henri Insured Loss Seen Close to $155m by KCC
Karen Clark & Company provided a modeled estimate of the insurance and reinsurance market losses for Hurricane Henri.
17 August 2021
Insured Haiti Quake Loss Estimated at $250mn by KCC
Catastrophe modeling firm Karen Clark & Company estimated that insured losses from the M7.2 Haiti earthquake will be around $250 million.
17 August 2021
Property Insurers Tighten Coverage as Climate Change Continues
In an article discussing the impact of climate change on property insurance, Karen Clark, KCC President and CEO, was interviewed about the role of catastrophe models to meet the growing demand for the effect of climate change on natural disasters.
17 August 2021
Haiti Quake Insured Loss ~$250m Says KCC, Some Parametric Exposure
The recent Haiti earthquake is expected to result in $250 in insured losses, according to Karen Clark & Company.
17 August 2021
Haiti Earthquake Caused $250mn of Insured Losses, Says KCC
KCC Caribbean Earthquake Reference Model indicates that the August 2021 Haiti earthquake caused around $250 million in insured losses.
17 August 2021
Insured Losses from Haiti Earthquake Estimated at $250M: Karen Clark & Co.
The M7.2 earthquake in Haiti may cause up to $250 in insured losses, according to Karen Clark & Company.
17 August 2021
Karen Clark & Co Estimates Insured Losses from Haiti Earthquake to be $250m
Karen Clark & Company estimates the insured losses from the 2021 Haiti earthquake are around $250 million.
14 July 2021
Elsa Insured Losses Estimated to Be $290M
Karen Clark & Company estimates insured losses on land from Hurricane Elsa will be around $290 million.
13 July 2021
Insured Losses from Elsa Could be $290 million
Boston-based catastrophe modeling firm Karen Clark & Company estimates insured losses from Hurricane Elsa will be around $290 million.
13 July 2021
Revealed – Hurricane Elsa Damage Estimates
The insured loss from Hurricane Elsa will be around $290 million, according to Karen Clark & Company.
June 2021
Winds of Change: Derechos, Snowstorms and Other Catastrophes Are Becoming a Growing Problem for Insurers
In a recent article, KCC CEO & Co-Founder Karen Clark commented on the increasing frequency and cost of "non-tail, large loss" events and how KCC accounts for climate change and evolving exposures in its models.
18 March 2021
Women's History Month, Interview with Karen Clark
This interview with Karen Clark highlights the innovation she has brough to the insurance industry from her start at Commercial Union Assurance to current advancements she is making at Karen Clark & Company. The interview also adresses how she navigated her career in a male dominated industry.
March 2021
What Would it Cost: US Derechos
In a recent article on the potential impacts of derechos, KCC provided a damage estimate for hypothetical events. Karen Clark also commented on the typical frequency of derechos, the difficulties of assigning a severity to derechos, and what should be considered an extreme event.
25 February 2021
Losses from Winter Storm in Southern US Expected to Reach Historic Levels
In this S&P Global Market Intelligence article on losses from the unprecedented winter weather in the southern U.S., Karen Clark commented on the factors that made the storm so severe, including extremely cold temperatures that lasted longer than expected, significant amounts of snow and ice, and a level of unpreparedness due to the rarity of such an event in the region.
22 February 2021
Property Insurers Face Estimated $18B Damage Bill: RPT
In a video interview with Yahoo Finance!, Karen Clark detailed the estimated losses from the February winter storm and severe cold, the location of the majority of claims and damage, and the importance of preparing for similar events in the future.
19 February 2021
KCC Raises US Winter Storm Insurance Industry Loss Estimate to $18bn
This article discusses KCC’s industry loss estimate of $18 billion across residential, commercial, and industrial lines of business from the Arctic Air Outbreak. This level of loss will likely impact insurance and reinsurance markets, and it is too early to determine if catastrophe bonds will be triggered.
19 February 2021
Winter Freeze Sparks Claims Glut With $18 Billion in Losses Seen
In this article on the severe winter weather in Texas and surrounding states, Karen Clark commented on potential impacts of the storm, the characteristics that made the event an anomaly, and KCC’s insured loss estimate.
19 February 2021
US Winter Storm Uri Insurance Industry Loss Lifted to $18bn by KCC
A Reinsurance News article reports on KCC’s estimated insurance and reinsurance industry losses from the severe winter weather in the U.S., noting the loss covers 20 states, with over half of the total in Texas.
19 February 2021
US Insurers on Hook for Billions in Texas Storm; Regulator Collecting Data
A Reuters article regarding losses from the severe winter weather in Texas cites Karen Clark & Company’s insured loss estimate of $18 billion.
19 February 2021
Winter Freeze Damage Expected to Hit $18 Billion From Burst Pipes, Collapsed Roofs
In a Wall Street Journal article on estimated damage from the severe winter weather in Texas and numerous other states, Karen Clark commented on the types of damage that were most prominent, the geographic spread of the damage, and the characteristics of the storm that made it an extreme event.
19 February 2021
KCC Lifts Texas snowstorm Loss to $18bn Warns Water Damage to Drive Loss
In an interview with Inside P&C, Karen Clark addressed the factors contributing to the large losses related to the February winter storm event.
27 January 2021
Risk Management Takes a Turn After Events of 2020
In a recent article on the challenges facing risk managers and modelers, Karen Clark noted that 2020 was unprecedented in terms of natural disasters, which are “increasing in frequency and severity, and much faster than they have in the past.”
26 January 2021
Louisiana Governor Asks White House for $3B in Hurricane Aid
Karen Clark & Company’s projections for the combined insured U.S. losses from hurricanes Laura and Delta were cited in a recent Associated Press article regarding the storms’ impacts and associated aid efforts.
14 January 2021
Pandemic Spurs Technology Growth in Insurance Industry
In an article exploring technological advances in the insurance industry, Karen Clark discusses how KCC’s live event tracking is used to assist insurers in planning for major events and to identify fraudulent claims.
13 January 2021
KCC Releases US Winter Storm Reference Model
Catastrophe risk modeler Karen Clark & Company released its new US Winter Storm Reference Model that uses a physics-based methodology to capture winter storm loss potential.
12 January 2021
KCC Uses Weather Prediction Techniques in US Winter Storm Model
Karen Clark & Company launched a new winter storm model that captures the loss potential from snow and ice, freezing temperatures, and high winds.
2020
17 December 2020
KCC Flood Model Certified by Florida Commission
The KCC Flood Model has been certified by the Florida Commission on Hurricane Loss Projection Methodology, making it the first to be accepted.
3 November 2020
Massive Insured Losses from Hurricane Zeta Revealed
Insured loss to onshore properties from Hurricane Zeta will be close to $4.3 billion, according to Karen Clark & Company.
2 November 2020
Insurers May Take $4.3 Billion Hit from Hurricane Zeta in US
Catastrophe modeling company Karen Clark & Company said insurers could face $4.3 billion in US losses from Hurricane Zeta.
2 November 2020
Hurricane Zeta Wind & Surge Insured Losses Estimated at $4.4bn by KCC
Karen Clark & Company estimates insured loss to onshore properties caused by Hurricane Zeta will be near $4.4 billion.
2 November 2020
Hurricane Zeta’s Insured Property Loss Put at $4.4bn by KCC
Karen Clark & Company estimates insured loss to onshore properties caused by Hurricane Zeta will be near $4.4 billion.
13 October 2020
Karen Clark & Co. Estimates $950M Insured Loss in U.S. from Delta
Insured losses to onshore properties from Hurricane Delta will total close to $1.25 billion according to catastrophe risk modeling firm Karen Clark & Company.
13 October 2020
Hurricane Delta Onshore Insured Property Loss Close to $1.25bn: KCC
Based on the company’s high-resolution US and Mexico Hurricane Reference Models, Karen Clark & Company estimates the total insured loss to onshore properties from Hurricane Delta will be close to $1.25 billion
13 October 2020
KCC Puts Delta Insured Loss Near $1.25bn
In the first loss estimate published since Hurricane Delta made landfall as a Category 2 storm in Louisiana, Karen Clark & Company (KCC) estimated onshore insured losses from Delta could reach nearly $1.25 billion.
05 October 2020
Karen Clark Interview: The Vital Development of Cat Risk Models
In this article, based on Karen Clark’s appearance on Intelligent Insurer’s virtual “Re/insurance Lounge” in August, Karen shares insights about her experience as a pioneer of cat risk modelling, the past, present and future of the discipline, and its key role in re/insurance.
22 September 2020
Revealed – Huge Insured Loss Total from Hurricane Sally
Catastrophe modeling firm Karen Clark & Company estimates insured losses to onshore properties from Hurricane Sally will be around $2 billion.
22 September 2020
Hurricane Sally Insured Loss Estimates Top $2 Billion
Insured loss estimates from Hurricane Sally may top $2 billion, according to Karen Clark & Company.
21 September 2020
Hurricane Sally Insured Loss from Onshore Property Around $2bn: KCC
Karen Clark & Company has estimated Hurricane Sally’s insured losses from onshore properties at around $2 billion.
4 September 2020
Karen Clark named Outstanding Contributor of 2020
Karen Clark was named Outstanding Contributor of the Year at the 2020 Trading Risk Awards. The special award, presented on the recommendation of the Trading Risk editor, is given to an individual who has made an exceptional contribution to the sector.
2 September 2020
Louisianans Seek State and Federal Assistance Following Hurricane Laura
In an article discussing impacts to Louisiana from Hurricane Laura, KCC’s insured loss estimate for the storm is mentioned.
1 September 2020
KCC Releases Hurricane Laura Damage Estimate
Karen Clark & Company estimates insured loss to onshore property from Hurricane Laura will be near $9 billion.
31 August 2020
In Aftermath of Hurricane Laura, Residents Worry About Help
In an article discussing the impacts of Hurricane Laura, KCC’s estimated insured loss is included.
31 August 2020
Hurricane Laura Losses Said up to $9bn by KCC, up to $8bn by AIR
Catastrophe risk modeler Karen Clark & Company estimates industry losses from Hurricane Laura are expected to be close to $9 billion.
31 August 2020
Hurricane Laura Expected to Cost Insurers as Much as $9 Billion
Karen Clark & Company estimates insured losses from wind and storm surge as a result of Hurricane Laura will be near $9 billion.
11 August 2020
Hurricane Isaias Insured Losses Estimated to Top $4.2B in U.S. and Caribbean
An early loss estimate from Karen Clark & Company indicates insured losses from Hurricane Isaias will be near $4 billion in the US and $200 million in the Caribbean.
11 August 2020
Insured Loss from Hurricane Isaias Revealed
Catastrophe modeling firm Karen Clark & Company estimates the insured loss from Hurricane Isaias will be around $4 billion in the US and $200 million in the Caribbean.
10 August 2020
Hurricane Isaias Expected to Cost Insurers $4 Billion in U.S.
The insured loss from Hurricane Isaias in the Caribbean and US will be around $4.2 billion, according to Karen Clark & Company.
10 August 2020
Insured Losses from Hurricane Isaias Could Reach $4 Billion in U.S.
Hurricane Isaias is expected to cause $4 billion of insured losses in the US and $200 million in the Caribbean, according to Karen Clark & Company.
10 August 2020
Isaias to drive $4bn industry loss in US, $200mn in Caribbean: KCC
Catastrophe risk modeler Karen Clark & Company has estimated the insured loss from Hurricane Isaias will be $4 billion in the US and $200 million in the Caribbean.
10 August 2020
Isaias Insured Losses $4B in US: KCC
Karen Clark & Company estimates insured losses from Hurricane Isaias could be around $4 billion in the US and $200 million in the Caribbean.
10 August 2020
Hurricane Isaias Insured Losses Estimated at $4.2bn by KCC
Hurricane Isaias may have caused an insurance and reinsurance industry loss of $4.2 billion, according to catastrophe risk modeler Karen Clark & Company.
30 July 2020
Revealed – Insured Losses from Hurricane Hanna
The insured loss from Hurricane Hanna will be close to $350 million, according to catastrophe risk management firm Karen Clark & Company.
28 July 2020
Karen Clark & Co. Estimates $350M Insured Loss from Hurricane Hanna
Catastrophe risk modeling firm Karen Clark & Company estimates insured loss from Hurricane Hanna will be close to $350 million.
28 July 2020
Hurricane Hanna Industry Loss Estimated Around $350m by KCC
After making landfall in Texas, Hurricane Hanna’s insurance market loss will be near $350 million, according to Karen Clark & Company.
28 July 2020
KCC Puts Hurricane Hanna Insured Losses at Close to $350mn
Karen Clark & Company estimates that the insurance industry losses from Hurricane Hanna will be near $350 million.
28 July 2020
Texas, Hawaii Spared from Potential Widespread Hurricane Damage
In a summary of recent tropical cyclone impacts, KCC’s Hurricane Hanna industry loss estimate of $350 million was discussed.
July/August 2020
Hurricanes and COVID-19
The 2020 hurricane season will be an active one, according to all of the major forecasters. KCC analyses suggest insurers should anticipate larger-than-normal losses if hurricanes do make landfall this year due to complications caused by COVID-19.
July/August 2020
Managing a Pandemic: Are There Lessons from Catastrophe Modeling?
In this bylined article, KCC CEO & Co-Founder Karen Clark explores how best practices that have evolved around the use of natural catastrophe models have value for managing future pandemics.
July 15, 2020
East Coast’s Insured Loss From Tropical Storm Fay to Tally Near $400 Million: KCC
Tropical Storm Fay will cause around $400 million in insured loss, according to catastrophe modeling firm Karen Clark & Company.
July 14, 2020
Tropical Storm Fay Insured Loss Estimated at $400m by KCC
Catastrophe risk modeler Karen Clark & Company has estimated an insurance market loss of $400 million from Tropical Storm Fay.
July 14, 2020
Storm Fay to Drive $400mn Insured Loss: KCC
Tropical Storm Fay will drive an insured loss near $400 million, according to Karen Clark & Company.
July 14, 2020
Tropical Storm Fay Insured Loss Estimate $400M: Karen Clark
A statement released Tuesday by catastrophe modeler Karen Clark & Company estimated insured losses from Tropical Storm Fay would be around $400 million.
June 10, 2020
KCC Says Cristobal a $150m Industry Loss, Storm Force Winds Persist
Catastrophe Risk modeling firm Karen Clark & Company has estimated that Cristobal has caused an insurance and perhaps reinsurance market loss of around $150 million.
June 10, 2020
KCC Puts Tropical Storm Cristobal Insured Loss at $150mn
Tropical Storm Cristobal, which made landfall along the US Gulf Coast on June 8th, will likely result in insured losses close to $150 million, according to Karen Clark & Company.
June 10, 2020
KCC Estimates Insured Losses of Nearly $150 Million from Tropical Storm Cristobal
Karen Clark & Company estimates that privately insured losses from Tropical Storm Cristobal will be near $150 million.
June 10, 2020
Cristobal to Cost Insurers $150m
Catastrophe modeler Karen Clark & Company estimates that Tropical Storm Cristobal, which impacted large parts of the US Gulf Coast, will result in around $150 million of insured losses.
June 1, 2020
Hurricanes May Cause More Pain for Pandemic-hit Insurers
In an article discussing the challenges for insurers given an active hurricane season during a pandemic, Karen Clark & Company’s recent report about the impact of COVID-19 on hurricane losses is referenced.
June, 2020
Catastrophes: Climate Change - Weather Alert
Karen Clark, CEO of catastrophe modeler Karen Clark & Company, commented on the rising severity and intensity of natural catastrophes being amplified by climate change. Ms. Clark noted that the rising severity and intensity of floods and other natural perils in Florida is caused by several factors, including population growth, climate change and the state's history of natural variability.
May 31, 2020
Many States Scrambling to Update Hurricane Plans for Virus
In a recent AP article, Karen Clark noted that recovery from a hurricane may take longer and will be more costly than in normal times, as search and rescue teams, utility workers, and volunteers may be slowed or not respond at all because of concerns over virus exposure. According to KCC, this may mean a storm that in the past caused $12 billion in insured damage, like 2018’s Hurricane Michael, could cost 20% more.
May 29, 2020
Hurricanes and Coronavirus ‘Not a Good Mix,’ KCC Warns
A Karen Clark & Co. Event Brief warns that the pandemic will make what forecasters already predict to be an above-average hurricane season even more difficult. Among other takeaways, the report notes social distancing, the need for personal protection equipment (PPE), more expensive lodging and other restrictions specific to COVID-19 will complicate claims adjusting this year.
May 27, 2020
Hurricanes and Pandemics are “Not a Good Mix”, Warns KCC
Karen Clark & Company issued a report stating that hurricane losses and loss adjustment costs will increase due to COVID-19.
May 26, 2020
COVID-19 to Increase Hurricane Losses, Widespread Events the Most: KCC
According to Karen Clark & Company, hurricanes that impact a widespread area could cause inflated insured losses even with low windspeeds due to the ongoing COVID-19 pandemic.
May 1, 2020
Lack of Clarity on Infection, Fatality Rates Hinders Ability to Assess COVID-19 Impact: KCC
A new COVID-19 Event Brief from Karen Clark & Company highlights the impact of the pandemic on the U.S. and other countries. The data shows a wide variation among the various locations with seemingly no correlation between the timing and duration of a lockdown and the fatalities per population.
February 25, 2020
Guy Carpenter Inks Agreement with Karen Clark and Company
Commenting on Guy Carpenter & Company’s multi-year agreement with Karen Clark & Company, Peter Hearn, President and CEO of Guy Carpenter, said, “KCC and Guy Carpenter share the view that the (re)insurance industry is now ready for a paradigm shift in the current approach to catastrophe modeling. The partnership that we have announced today provides the platform from which we can now expedite the inevitable and desirable changes in the catastrophe modeling industry.”
February 24, 2020
Guy Carpenter Licenses Full Suite of Karen Clark & Company CAT Models
Guy Carpenter & Company has licensed the full suite of KCC’s catastrophe models and risk management applications, making it the first intermediary to obtain access to KCC’s RiskInsight® platform.
February 24, 2020
Guy Carpenter Opts for Modelling Suite from KCC
Guy Carpenter has agreed to a multi-year partnership with Karen Clark & Company. “Over the past several years, KCC has partnered with market-leading (re)insurers who have informed this advanced modeling technology, and we’re looking forward to this new partnership with Guy Carpenter and the potential it brings to their extensive global client base,” said Karen Clark, CEO of KCC.
2019
September 18, 2019
KCC Launches Report on Lessons from Typhoon Jebi
According to KCC’s report on 2018’s Typhoon Jebi, the $15 billion in insured losses should not have been a surprise to catastrophe modelers and re/insurers. The report also discussed the nature of the damage, as observed by KCC’s survey team.
September 17, 2019
Japanese Typhoons Could Cause $15 Billion in Insured Losses
Based on its high-resolution Japan Typhoon Reference Model, KCC believes industry losses such as those seen with Jebi are at least a 1-in-20 year event and that the insurance and reinsurance sectors can expect significantly larger losses at longer return periods.
September 17, 2019
Jebi Sized Loss in Japan to Hit Re/Insurers at Least Once Every 20 Years, Says KCC
KCC’s analysis from a white paper on the anniversary of Typhoon Jebi predicts that insurance and reinsurance firms, and also insurance-linked securities (ILS) players, can expect to experience insured losses of above $15 billion from a Japanese typhoon with a frequency of at least once every 20 years, on average.
September 17, 2019
Catastrophe Modelers: U.S. Insured Losses from Dorian Could Reach $1.5B in U.S.
Based on the KCC high-resolution Hurricane Reference Model, KCC estimates that the total insured loss from Hurricane Dorian in the U.S. will be $1.5 billion, with 40% of the U.S. insured losses coming from North Carolina.
September 16, 2019
Expect $15bn+ Japan Typhoon Industry Loss at Least Every 20 Years: KCC
Karen Clark & Company’s white paper on Typhoon Jebi notes the storm was not an unprecedented loss event for Japan, when viewed in a historical context. KCC found that Typhoon Nancy (1961) and Typhoon Isewan (1959), would each cause more than $20 billion in insured losses if they were repeated today.
September 10, 2019
KCC Pegs Total Hurricane Dorian Industry Insured Loss at $5.23bn
According to Karen Clark & Company, insured losses from Hurricane Dorian (including the Caribbean and US) are around $5.23 billion.
September 10, 2019
KCC Pegs Total Insured Losses from Dorian at $5.2bn
Catastrophe modeling firm Karen Clark & Company estimates that the total insured losses from Hurricane Dorian will be $5.2 billion in the US and Caribbean.
September 10, 2019
Karen Clark Pegs Dorian Losses at $5.2bn
Karen Clark & Company estimates insured losses from Hurricane Dorian will reach $5.2 billion for the US and Caribbean.
September 9, 2019
Dorian Caused $7b in Damage to the Bahamas, Estimates Catastrophic Modeling Firm
According to Karen Clark & Company, Hurricane Dorian caused $7 billion in total damage in the Bahamas, and the damage could have been worse if New Providence had been impacted by more severe winds.
September 6, 2019
As Hurricane Dorian Aid Stalls, Frustrated Bahamians Take Relief into Their Own Hands
In an article discussing the impacts of Hurricane Dorian and the relief effort, KCC’s total loss estimate for Hurricane Dorian in the Bahamas is referenced.
September 5, 2019
In Bahamas, Officials Assess ‘Generational Devastation’ from Hurricane Dorian
The amount of damage in the Bahamas is slowly becoming clear, and a preliminary estimate from Karen Clark & Company indicates Hurricane Dorian caused $7 billion in total property losses.
September 5, 2019
Hurricane Death Toll in Bahamas at 30 as Aid Begins to Land
KCC’s preliminary estimate of $7 billion in the Bahamas, including total property loss, was referenced when discussing the impacts of Hurricane Dorian in the Bahamas.
September 5, 2019
Hurricane Dorian Devastation in Bahamas Could Cost $7 Billion: KCC
Catastrophe modeling firm Karen Clark & Company have estimated around $7 billion in total property damage has occurred in the Bahamas from Hurricane Dorian.
September 5, 2019
‘Unprecedented’ Damage: Bahamas Reel from Impact of Hurricane Dorian
Karen Clark & Company estimates the total property damage from Hurricane Dorian, excluding infrastructure and autos, could be as high as $7 billion in the Bahamas.
September 5, 2019
Hurricane Dorian Causes $7B in Property Damage to Bahamas
Hurricane Dorian caused as much as $7 billion in property damage in the Bahamas when it struck Abaco and Grand Bahama Island with wind gusts as high as 225 mph.
September 5, 2019
Hurricane Dorian Seen Costing the Bahamas at Least $7 Billion
Costs of Hurricane Dorian could reach $7 billion in the Bahamas, according to a preliminary estimate from Karen Clark & Company.
September 5, 2019
Hurricane Dorian Whips South Carolina
In an article discussing the impacts of Hurricane Dorian, KCC’s $7 billion total loss estimate (insured and uninsured) for the Bahamas was referenced.
September 5, 2019
KCC Puts Bahamas' Losses from Hurricane Dorian at $7 Billion; Abaco and Grand Bahama Worst Hit
Hurricane Dorian brought wind speeds of 185 mph to the Bahamas, and total losses are $7 billion, according to Karen Clark & Company.
September 5, 2019
Dorian's 'Final Act' Could be a Tough 24-Hour Run Through the Carolinas
In an article discussing the impacts of Hurricane Dorian in the US and Caribbean, KCC’s Special Report, Hurricane Dorian Impacts on the Bahamas, was referenced.
September 5, 2019
Total Cost of Hurricane Dorian in the Bahamas Estimated at $7bn: KCC
The Bahamas have received a direct hit from Hurricane Dorian resulting in devastating property damage. KCC estimates the total insured and uninsured losses in the Bahamas will be $7 billion, excluding infrastructure and auto losses.
September 5, 2019
Hurricane Dorian Impact on Bahamas Likely to Cost $7bn+, Says KCC
A preliminary estimate from catastrophe modeling firm Karen Clark & Company indicates total insured and uninsured losses from Hurricane Dorian in the Bahamas will be around $7 billion. Because this does not include infrastructure or auto losses, the full economic cost is likely to be higher.
September 5, 2019
Hurricane Dorian Devastation in Bahamas Could Cost $7Bln - KCC
Areas of Abaco have been destroyed by Hurricane Dorian, leaving survivors with nothing. KCC estimates the total losses (insured and uninsured) in the Bahamas is $7 billion, excluding infrastructure and autos.
September 5, 2019
'Like Zombies': Hurricane Victims Face Up to the Disaster
Areas of Abaco have been destroyed by Hurricane Dorian, leaving survivors with nothing. KCC estimates the total losses (insured and uninsured) in the Bahamas is $7 billion, excluding infrastructure and autos.
September 5, 2019
Hurricane Dorian Leaves Bahamas with Estimated $7 Billion in Damages
Karen Clark & Company estimates that the total insured and uninsured losses from Hurricane Dorian in the Bahamas will be $7 billion, excluding infrastructure and auto losses. Losses would have been higher had Dorian’s peak winds impacted New Providence, the most populated island.
September 5, 2019
Business Live
KCC’s total loss estimate for Hurricane Dorian in the Caribbean was included in the BBC’s daily round-up of business news.
August 30, 2019
Japan Quakes to Cost Insurance Industry $2B-$3B Annually: Karen Clark & Co.
Based on KCC’s new white paper, industry earthquake losses in Japan fall between $2-3 billion annually. A repeat of the 1923 Kanto earthquake could bring $225 billion in industry losses.
August 29, 2019
Expect $2-3B in Annual Industry Losses from Japan Quakes: KCC
While large magnitude events near Tokyo could cause $3 trillion in total property loss, annual earthquake losses in Japan are around $2-3 billion, based on the new KCC Japan Earthquake Reference Model.
August 29, 2019
Ridgecrest Quakes Drive Surge in Insurance Buying, Reports CEA
In an article discussing an increase in homeowners buying earthquake insurance policies following the Ridgecrest Earthquake, KCC’s insured loss estimate for the event is referenced.
August 29, 2019
KCC Cat Model Estimates $1.5 Trillion Losses if Kanto-Strength Earthquake Hit Japan Today
According to Karen Clark & Company’s new Japan Earthquake Reference Model, a Kanto-strength earthquake in the Tokyo region could generate $1.5 trillion in total property losses.
August 28, 2019
Karen Clark & Co. Highlights Vast Lost Potential from Tokyo Quake
Japan is one of the most seismically active areas of the world, and a major earthquake in the Tokyo region could result in $3 trillion in total property loss, according to a new KCC report.
August 28, 2019
Potential Tokyo Quake Loss Tops $3tn-KCC
An analysis based on Karen Clark & Company’s new Japan Earthquake Reference Model indicates that a large magnitude earthquake impacting Tokyo could result in $3 trillion in total property losses.
August 28, 2019
Major Quake Near Tokyo Could Generate $3trn in Losses: KCC
Tokyo is located in a seismically active region, and a large earthquake impacting Tokyo could cause $3 trillion in total property loss, according to a new report by KCC.
August 27, 2019
Tokyo Area Earthquake has Potential to Drive $3tn Property Loss: KCC
According to KCC, a repeat of the 1923 Kanto earthquake could result in property losses as high as $1.5 trillion, while a higher magnitude event could cost as much as $3 trillion.
August 27, 2019
Japanese Earthquake Losses Could Run into Trillions
Karen Clark & Company reports losses from a repeat of the 1923 Kanto Earthquake could generate $1.5 trillion in property losses, with a larger magnitude event in the same area causing $3 trillion in total loss.
July 25, 2019
Reactions North America Finalists Revealed
Karen Clark & Company was named a finalist in the “Risk Modeling Firm of the Year” category for the 2019 North America Awards given by Reactions.
July 25, 2019
When a Major Hurricane Hits New England, the Costs will be Huge
Ms. Karen Clark, KCC CEO and Co-Founder, Dr. Dan Ward, KCC Senior Meteorologist, and Dr. Mohammad Shoraka, KCC Senior Flood Engineer, were interviewed by NBC10 meteorologist, Chris Gloninger, about the impacts of a major hurricane in Massachusetts.
July 24, 2019
California Earthquakes Caused $200 Million in Damage, Report Says
In an article about the Ridgecrest Earthquake, Karen Clark & Company places this disaster in the context of other natural catastrophes and the earthquake insurance market in California. According to KCC, the earthquake will result in less than $40 million in insured loss.
July 24, 2019
Ridgecrest Quake Insured Losses Less than $40m: Karen Clark
An article discusses Karen Clark & Company’s recent loss estimate for the Ridgecrest Earthquake and findings of a post-event damage survey.
July 24, 2019
Re/Insurance to Cover Less Than 20% of $200m Ridgecrest Quake Loss: KCC
Karen Clark & Company reports that the earthquakes occurring July 4-5 will result in overall damages of $200 million, of which the insured loss is likely to be less than $40 million.
July 24, 2019
Modeler Estimates Insured Losses from California Quakes Less than $40m
Karen Clark & Company released an Event Brief that estimates the total loss from the event will be around $200 million.
July 24, 2019
Ridgecrest, California Quake Insured Losses Under $40m: KCC
The recent earthquakes that impacted southeastern California are expected to cause around $200 million in economic losses but only around $40 million in insured losses.
July 17, 2019
CAT-I Bulletin: Hurricane Barry
In an article about Hurricane Barry, KCC’s insured loss estimate is referenced while discussing impacts from the storm.
July 17, 2019
Hurricane Barry Insurance Losses at Least $300 Million, Says Risk Modeller KCC
Karen Clark & Company estimates that the insured losses from hurricane Barry will be around $300 million.
July 16, 2019
Flash Floods, Power Outages, and Road Closures: Assessing the Damage from Hurricane Barry
Karen Clark & Company’s insured loss estimate of $300 million is referenced in an article discussing the impacts of Hurricane Barry.
July 16, 2019
Karen Clark & Co. Estimates $300m in Non-NFIP Losses from Barry
Excluding the National Flood Insurance Program (NFIP), Karen Clark & Company estimates insured losses from Hurricane Barry will be near $300 million.
July 16, 2019
Insured Losses from Barry Close to $300m: KCC
Insured losses from Hurricane Barry will be nearly $300 million and were driven by an accumulation of small losses over a large area, according to Karen Clark & Company.
July 16, 2019
Hurricane Barry Private Market Loss at Almost $300mn: KCC
Hurricane Barry did not produce as intense precipitation as initially forecast, but the wind and storm surge impacts are expected to cause close $300 million in insured losses, according to Karen Clark & Company.
July 16, 2019
Hurricane Barry Insured Losses Could Hit $300m
Catastrophe risk modeler Karen Clark & Company has estimated that industry insured losses will be close to $300 million.
July 16, 2019
Hurricane Barry Estimated as $300m Private Re/Insurance Market Loss: KCC
KCC estimates that the industry insured loss will be around $300 million, including privately insured wind and storm surge damage to residential, commercial, and industrial properties, as well as automobiles. Considering Barry’s modeled impacts, there will likely be minimal effects on the reinsurance market.
June 19, 2019
KCC'S Clark: Improving Data Collection in Asia Will Lead to Better Risk Models
At the International Insurance Society's Global Insurance Forum in Singapore, Karen Clark discussed the continuing evolution of cat risk models, KCC's efforts to introduce greater transparency, efficiency and accuracy into the models, and how improving data collection in Asia will lead to better modeling outcomes for the region.
June 19, 2019
Cat 5 Storm Landfall Near Miami Would Drive Residential Losses of Over $200 bn, Says KCC
The KCC US Hurricane Reference Model Version 2.0 estimates that a strong Category 5 hurricane making landfall in Miami would result in $200 billion in residential insured loss. This extreme event is included in the KCC hurricane model, which has been certified by the Florida Commission on Hurricane Loss Projection Methodology.
June 18, 2019
Miami Area Cat 5 Hurricane Like Irma Would Be $200bn+ Residential Loss: KCC
KCC catastrophe modeling experts indicate that a Category 5 hurricane making landfall near Miami would cause over $200 billion in insured residential loss, which is one of the extreme scenarios included in the KCC US Hurricane Reference Model Version 2.0. The KCC hurricane model has been certified by the Florida Commission on Hurricane Loss Projection Methodology and was the first new model certified since 2006.
June 6, 2019
2019 Atlantic hurricane season: facing the eye of the storm
Forecasters are predicting an average or below-average 2019 hurricane season, but it only takes one landfalling storm to make a big difference. Karen Clark discusses lessons insurers and reinsurers have learned from previous hurricane seasons.
January 29, 2019
Risk modelers take measured view of climate change impacts
Karen Clark comments on the challenges, and potential impacts, of incorporating climate change into catastrophe risk models.
January 24, 2019
Karen Clark Named the 2019 John S. Bickley Founder’s Award Recipient
The International Insurance Society (IIS) has announced Karen Clark, President and CEO of Karen Clark & Company, as the 2019 recipient of the prestigious John S. Bickley Founder’s Award. Ms. Clark is recognized as the creator of the first catastrophe model and is credited with inventing the catastrophe modeling industry which revolutionized the way re/insurers understand and manage catastrophe risk.
2018
October 12, 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.
October 12, 2018
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.
October 12, 2018
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.
October 11, 2018
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.
October 11, 2018
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.
October 11, 2018
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.
September 18, 2018
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.
September 17, 2018
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.
September 17, 2018
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.
September 17, 2018
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.
September 13, 2018
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.
September 11, 2018
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.
September 10, 2018
‘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.
September 9, 2018
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.
September 6, 2018
$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.
September 6, 2018
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.
September 5, 2018
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.
August 13, 2018
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.
June 18, 2018
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.
June 12, 2018
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.
June 12, 2018
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.
June 11, 2018
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.
June 5, 2018
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.
May 30, 2018
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.
May 30, 2018
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.
May 24, 2018
$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.
May 22, 2018
"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 22, 2018
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."
May 14, 2018
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.
April 13, 2018
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.
April 10, 2018
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.
February 16, 2018
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.
2017
December 7, 2017
Modelling the 2017 losses: recurring estimates vary widely
When it comes to estimating return periods for the major landfalling hurricanes of 2017, there is much variation among cat risk modelers. KCC estimates a return period of approximately 25 years for a Hurricane Harvey in Texas, 10 years for an Irma in Florida, and 200 years for a repeat of a Maria in Puerto Rico.
October 24, 2017
How insurers and reinsurers track live hurricanes in real-time
In this article, Karen Clark discusses how newer open loss modeling platforms provide more timely and accurate information on hurricanes in real time and how real time loss estimates are important indicators of overall model accuracy.
October 24, 2017
Karen Clark & Company introduces Severe Convective Storm model
In introducing Karen Clark & Company’s Severe Convective Storm Reference Model, Ms. Clark explains that while this peril does not pose a solvency threat to most insurers, "claims from severe thunderstorms eat away at earnings each year."
October 24, 2017
Karen Clark & Company unveils convective storm model
With severe convective storm (SCS) losses trending upward, Karen Clark & Company’s new SCS Reference Model, which includes more than 100 historical events, will help insurers more accurately reproduce SCS losses.
October 23, 2017
Karen Clark releases convective storm model update
Karen Clark & Company’s new multi-peril Severe Convective Storm Reference Model, licensed as part of the company’s RiskInsight® open loss modeling platform, simulates the hazards of hail vs. tornadoes and straight-line winds, separately.
October 23, 2017
Annual convective storm losses near $20bn, new KCC risk model shows
Karen Clark & Company’s new Severe Convective Storm Reference Model shows average annual losses in the U.S. from this type of peril are approaching $20 billion, higher than hurricanes and earthquakes combined.
October 16, 2017
What Harvey and Irma Say About the Accuracy of Catastrophe Models
In this article, Karen Clark discusses how new open loss modeling platforms are providing accurate estimates of insurer claims and losses in real time as catastrophes are unfolding and why accurate real time loss estimates mean more accurate EP curves.
October 9, 2017
Karen Clark & Co. puts hurricane Nate insured loss at almost $500 million
In an article analyzing Karen Clark & Company’s $500 million estimate for insured losses from Hurricane Nate, Karen explains that while Nate’s losses are much lower than that of Harvey, Irma, or Maria, that it still could cause some companies’ aggregates to erode even further.
October 9, 2017
Hurricane Nate industry loss estimated at $500m: Karen Clark & Co.
In an article examining Karen Clark & Company’s insured loss estimates for Hurricane Nate, Karen explains that Nate was expected to be a higher-category storm, and quickly dissipated once it made landfall.
October 9, 2017
Nate losses estimated at $500 million
In an article examining Hurricane Nate, Karen Clark & Company is reference for estimating the insured losses to reach $500 million.
September 29, 2017
Hurricane Maria a $30bn re/insurance loss: Karen Clark & Company
In an article analyzing Karen Clark & Company’s $30 billion insured loss estimate resulting from Hurricane Maria, the figure is compared to those of other estimates within the cat modeling industry.
September 29, 2017
Hurricane Maria to cost re/insurers $30bn: Karen Clark
In an article examining Karen Clark & Company’s loss estimate from Hurricane Maria, the losses are broken down into different categories including residential, commercial, industrial and auto, among others.
September 29, 2017
KCC puts Hurricane Maria losses at $30bn
In an article evaluating the $30 billion insured loss estimate from Hurricane Maria, the losses are broken down geographically for Puerto Rico, the US Virgin Islands, Dominica, Guadeloupe, among others.
September 29, 2017
Hurricane Maria to result in $30 billion insured loss: KCC
In an article analyzing the insured loss estimate from Karen Clark & Company in regards to Hurricane Maria, the piece details that the majority of the losses came out of Puerto Rico.
September 29, 2017
KCC estimates Hurricane Maria losses at $30bn
In an article evaluating Karen Clark & Company’s $30 billion insured loss estimate, the piece focuses on the geographical breakdown of where the losses came from.
September 29, 2017
Maria’s Devastation Across the Caribbean: USVI Officials Quash Rumors of Fuel Shortage
In an article evaluating the Caribbean islands affected by Hurricane Maria, Karen Clark explains that Guadeloupe has estimated insured losses of $119 million.
September 29, 2017
Comment: Maria modelling disparity shows need for multiple risk perspectives
In an article illustrating the various insured loss estimates and the disparity amongst catastrophe risk modelers, Karen Clark is referenced for her $30 billion insured loss estimate for Hurricane Maria.
September 29, 2017
Karen Clark & Company estimates insured losses from Hurricane Maria at US $30 billion
In an article analyzing the $30 billion insured loss estimate from Hurricane Maria, Karen Clark explains that Maria was the strongest hurricane to hit Puerto Rico in decades and how it strengthened from a Category 1 to a Category 5 hurricane in only 15 hours.
September 29, 2017
Puerto Rico damage to push Maria losses to almost $30 billion
In an article evaluating Karen Clark & Company’s $30 billion insured loss estimate, the piece notes that Hurricane Maria was similar to the San Felipe II Hurricane that struck Puerto Rico in 1928.
September 28 2017
Andrew: Now and Then
In a bylined article, Karen explains how, despite the significant amount of devastation that it brought with it, Hurricane Andrew proved to ultimately be beneficial for cat modeling technology. Karen focuses on lessons learned following the devastating disaster and how it relates to Canada.
September 25, 2017
Harvey and Irma affirm value of new cat models
The traditional catastrophe model output does not provide the timely and granular data senior executives want when storms like Irma and Harvey are unfolding...
September 15, 2017
Why Irma’s Impact on the Economy Will Be Worse than Harvey’s
In an article analyzing both the physical and economic devastation of Hurricane Irma on the state of Florida, Karen Clark speaks with Martha White on why even though Irma was not as powerful as it was once expected, it still caused enormous damage and will cost more in insured losses.
September 15, 2017
Florida Keys not alone after Hurricane Irma ruins tropical haven
In an article that examines the damage in Florida resulting from Hurricane Irma, Karen Clark & Company is referenced for estimating $18 billion in insured losses.
September 15, 2017
Reinsurers shares wobble after counting the cost of Irma and Harvey
In an article analyzing the effects that Hurricane Harvey and Irma have had on reinsurers, Karen Clark & Company is referenced for insured loss estimates of $25 billion for Irma and $15 billion for Harvey.
September 14, 2017
Hurricane Irma insured losses at $25 billion: KCC
In an article evaluating the severity of Hurricane Irma and the damage it caused, Karen Clark explains her $25 billion insured loss estimate and how she estimates that most of the impacted Caribbean islands had over 50% of destroyed property values.
September 14, 2017
Florida is Short on Insurance Adjusters and That Could Stall Recovery Efforts
In an article examining the insurance industry’s struggles to procure adjusters following Hurricane Irma, Karen Clark is quoted for her $25 billion insured loss estimate.
September 14, 2017
Hurricane Irma insured industry loss $25bn: Karen Clark & Co.
In an article analyzing the estimated insured losses resulting from Hurricane Irma, Karen Clark explains what losses are included in the $25 billion total and which are not, such as crop losses.
September 13, 2017
Irma damage expected to reach $18 billion in the U.S.
In an article evaluating Karen Clark & Company’s $25 billion insured loss estimate, Karen speaks with Jenny Staletovich to discuss how she reached that number and shared a chart illustrating what historical hurricanes would cost the insurance industry today.
September 13, 2017
KCC estimates insured Irma losses at $25bn
In an article examining, the insured loss estimates for Hurricane Irma, Karen Clark explains how the total figure of $25 billion gets calculated using storm surge, inland flooding and wind models.
September 13, 2017
Irma insured losses estimated at $25 billion
In an article analyzing Karen Clark & Company’s $25 billion insured loss estimate for Hurricane Irma, Karen Clark explains which sectors these estimated insured losses come from.
September 13, 2017
Irma insured loss forecast at $25bn: KCC
In an article evaluating Karen Clark & Company’s $25 billion insured loss estimate for Hurricane Irma, the article explains the breakdown for both the US and the Caribbean islands.
September 12, 2017
How insurers used CAT models in Irma prep
In an article evaluating how insurers use catastrophe models to help prepare for natural disasters, Karen Clark speaks with Elliot Kass on the changes in cat models since Hurricane Andrew.
September 11, 2017
Irma Damage Could Cost the U.S. Economy and Insurers Dearly
In an article evaluating how much damage Hurricane Irma could cost, Karen Clark & Company is referenced for estimating that Irma could cause over $120 billion of insured damage losses in a worst-case scenario possibility.
September 10, 2017
The Tampa Bay Area, A Vulnerable and Ill-Prepared in the Event of a Hurricane
In an article examining the vulnerabilities of Tampa, Florida, Karen Clark explains how damages from Hurricane Irma in Tampa could have the potential to reach $175 billion.
September 10, 2017
Hurricane Irma has taken a turn toward the most catastrophically vulnerable city in America
In an article analyzing Hurricane Irma’s projected path towards Tampa, Karen Clark & Company’s 2015 report illustrates the vulnerabilities that Tampa has for hurricanes.
September 10, 2017
Irma brings fears of surge, sewers and toxins to Tampa area
In an article evaluating the potential future devastation of Hurricane Irma as well as Tampa being extremely vulnerable, Karen Clark refers to Tampa as a "large funnel" for surges.
September 10, 2017
Tampa Has Never Seen Anything Like Hurricane Irma
In an article analyzing the struggles facing multiple Florida cities, a 2015 Karen Clark & Company report is referenced as estimating potential losses due to flooding in Tampa to be $175 billion.
September 10, 2017
Worst case scenario? Massive damage feared in Tampa as it awaits Irma’s wrath
In an article examining the change in Hurricane Irma’s path from the east coast to the west coast of Florida, Karen Clark & Company’s 2015 report is mentioned for naming Tampa as the most vulnerable city to flash flooding.
September 10, 2017
Irma’s track shifts west, may target vulnerable Tampa area
In an article evaluating which major cities in Florida could most likely be affected by Hurricane Irma, a 2015 Karen Clark & Company report is referenced that ranks the top most vulnerable cities to hurricanes.
September 10, 2017
Building Boom Puts Millions in Irma’s Path
In an article evaluating Tampa’s vulnerability to hurricanes, Karen Clark & Company’s 2015 report estimates that a storm the size of Irma could cause $175 billion of damage to Tampa. The article goes on to describe the potential damages and what makes Tampa and Florida in general so vulnerable to hurricanes.
September 9, 2017
If path holds, Irma could swamp Southwest Florida, Tampa coast with surge
In an article examining Tampa and what makes the city so vulnerable to hurricanes, a 2015 Karen Clark & Company report illustrates how water from hurricanes can get trapped in the bay causing massive flooding.
September 9, 2017
Hurricane Irma’s Surge Poses Major Risk to Florida
In an article analyzing the powerful storm surges to come from Hurricane Irma and the effects of hurricanes in the past to have hit Florida, Karen Clark explains how a repeat of Hurricane Andrew from 1992 would likely cost upwards of $50 billion in insured losses.
September 7, 2017
Security First Insurance lays groundwork to stay connected during Irma
In an article evaluating Security First, Karen Clark & Company’s RiskInsight modeling tool is explained as a way to estimate claims.
September 5, 2017
Progressive: Here We Go Again
In an article analyzing the effects of Hurricane Harvey on insurers and what will come from Hurricane Irma, Karen Clark & Company’s $15.4 billion insured loss estimate for Hurricane Harvey is referenced with the potential to grow once Irma hits the US.
September 5, 2017
KCC’s new RiskInsight-lite facilitates tracking of hurricane losses in real-time
In an article that examines Karen Clark’s new modeling platform, RiskInsight-lite, Karen Clark explained how reinsurers can benefit from the new platform. The article also mentions Karen Clark & Company’s loss estimates for Hurricane Harvey and how reinsurers could use the new platform in regards to analyzing potential losses from Hurricane Harvey, even days before landfall.
September 5, 2017
Live cat hurricane risk model launched by Karen Clark & Co.
In an article analyzing the abridged version of RiskInsight, Karen Clark explains how RiskInsight-lite will help reinsurers to be able to examine storms in real time. Karen Clark details how now RiskInsight-lite users can customize the model to be able to reflect their own storm experiences.
September 5, 2017
Karen Clark & Co. modeling platform allows real-time hurricane loss tracking
Karen Clark & Company has released the RiskInsight-lite model. This modeling platform allows for reinsurers to track claims and losses in real time. The article also mentioned Karen Clark’s estimates for insured losses following Hurricane Harvey.
September 5, 2017
Saturated: Claims Flood in After Harvey Exits
In an article examining the aftermath of the destruction left behind by Hurricane Harvey, Karen Clark is quoted for her estimated $15 billion total industry-insured loss. The article explains the many combined factors of heavy rain and high winds as the main factors for why the storm was so damaging.
September 5, 2017
Insurers expected to withstand Harvey claims
In an article analyzing how insurers will handle the billions of dollars in losses from Hurricane Harvey, Karen Clark speaks with Matthew Lerner about how the biggest loss that insurers will face is due to flooding.
September 1, 2017
Uncertainty over Harvey loss estimates
In an article evaluating the destruction caused by Hurricane Harvey, Karen Clark estimates wind-driven insured losses in the low billions.
September 1, 2017
Karen Clark puts Harvey insured loss at $15bn
In an article discussing the insured loss estimate of Hurricane Harvey, Karen Clark explains how KCC’s modelling depicts the majority of the losses coming from inland flooding.
September 1, 2017
Harvey a $15.4bn insured loss (ex NFIP), over $12bn inland flooding: KCC
In an article evaluating the destruction of Houston and other areas affected by Hurricane Harvey, Karen Clark discusses how the record rainfall and slow movement led to the devastation. Karen goes onto further explain how the storm’s presence over the Gulf of Mexico provided Harvey with a surplus source of water.
September 1, 2017
KCC pitches Harvey insured losses at $15bn
In an article that explains the losses and severity of Hurricane Harvey, Karen Clark is quoted for her estimate of $15 billion in insured losses.
September 1, 2017
Harvey insured losses to hit $15bn: Karen Clark
In an article examining the damage from Hurricane Harvey, Karen explains how her catastrophe model estimates that the insured losses from Hurricane Harvey have the potential to reach $15 billion.
September 1, 2017
Hurricane Harvey: Insurance sector set to slapped with bill in excess of $15bn, catastrophe boffins calculate
In an article evaluating the loss estimates for Hurricane Harvey, Karen Clark explains that insurers are encountering up to $15.4 billion in losses, mainly from inland flooding.
September 1, 2017
Insured losses from Harvey could top $15 billion
In an article evaluating the estimated losses of Hurricane Harvey, Karen Clark explains that the bulk of insured loss will come from inland flooding.
September 1, 2017
Harvey insured loss $15.4bn (ex NFIP): Karen Clark & Co.
In an article examining the aftermath of Hurricane Harvey, Karen Clark explains how the estimated $15.4 billion in insured losses can be broken down by wind, storm surge, and inland flood losses.
September 1, 2017
Modeling Firm: Hurricane Harvey Private Insured Losses Could Top $15 Billion
In an article analyzing the devastation of Hurricane Harvey, Karen Clark explains how insured losses could reach upwards of $15 Billion.
August 24, 2017
25 years after Andrew, Fla. insurance industry stronger but still vulnerable
In an article analyzing the improvements insurance companies have made since Hurricane Andrew (1992), Karen Clark explains how she believes technological capabilities within the catastrophe modeling field have evolved. Karen also provides her thoughts on the damages that would potentially take place if a hurricane with a similar impact struck today.
August 24, 2017
25 Years Later: How Florida's Insurance Industry Has Changed Since Hurricane Andrew
In an article examining how Florida’s insurance industry has altered over the past quarter-century since Hurricane Andrew struck, Karen Clark explains how catastrophe models were in the very early stages and not widely used by the industry prior to the disastrous event.
August 24, 2017
Cat Models Impact After Hurricane Andrew
Catastrophe modeling has taken off since the tragic damage left behind by Hurricane Andrew when it struck 25 years ago. Here, Karen Clark explains that while models themselves have not changed fundamentally, the quality of the exposure data has altered drastically.
August 24, 2017
25 years since Andrew - Karen Clark interview
To mark the 25th anniversary of Hurricane Andrew, Karen Clark participates in a Q&A feature with Reactions. Karen reflects on the wake of the storm’s impact and discusses how catastrophe modeling has since played a pivotal role is estimating potential damages.
August 23, 2017
Blog: If Hurricane Andrew II hit Miami today
To honor the 25th anniversary of Hurricane Andrew, Karen Clark provides her insights on how Miami would be affected if a storm with the same caliber hit the area today. In the article, Ms. Clark states that she believes losses would likely exceed $200bn, almost twice what the insurance industry is suitably prepared for. Ms. Clark goes on to further describe and support how today’s catastrophe models are well established as the global standard methodology for catastrophe risk assessment.
August 22, 2017
Lasting effects of Hurricane Andrew
In an article evaluating the long-term impact that Hurricane Andrew has had on South Florida since it made landfall 25 years ago, Karen Clark explains how the approach that companies were using at the time to estimate their catastrophic loss potential was not sufficient. Karen also discusses how insurance companies are now placing a larger focus on exposure growth when developing their catastrophe models.
August 17, 2017
KCC's Clark: 'We Are in a Similar Position Today as We Were Before Andrew'
In this video interview, Karen Clark sits down with John Weber of A.M. Best to discuss her passion for and entry into the catastrophe modeling sector and how the insurance industry has come to embrace these models.
August 1, 2017
Legislative Levee: Can private insurance help the National Flood Insurance Program meet its congressional expectations?
In an article regarding the process of reauthorizing the National Flood Insurance Program (NFIP), Karen Clark provides her views on how technological advancements have helped generate enhanced flood models. The article highlights and references "Increasing Concentrations of Property Values and Catastrophe Risk in the US", a 2015 KCC report.
June 16, 2017
The Trading Floor Interview: Karen Clark
In this Q&A feature article, Karen Clark discusses the increasing adoption of open loss modeling platforms and how these platforms are helping improve the accuracy of loss estimates. Ms. Clark also explains how every major hurricane event "tends to be a surprise," and how insurers can better prepare for these eventualities.
June 12, 2017
Open-loss modelling "significant as first cat models" says pioneer
In an article regarding the new generation of catastrophe models, Karen Clark explains how the future of cat models lies within open-loss modelling platforms, which follow the same fundamental structure as the traditional models, but instead have all the components visible and accessible to the model user.
May 21, 2017
Innovation in Risk Modeling: How We Do It
In this article, Karen Clark discusses the keys to successful innovation in the catastrophe modeling space. Ms. Clark explains how an unwavering vision, an expert, efficient and highly motivated team to implement that vision, and a supportive group of early adopters, came together to reinvent the catastrophe model.
January 30, 2017
How New Rating Agency Formulas Could Impact Reinsurance and the ILS Market
Rating agencies are revising how they incorporate catastrophe loss information into their rating methodologies. Karen Clark discusses these changes and how they could impact reinsurance purchasing and the ILS market.
2016
December 21, 2016
Karen Clark: Special report – 2017 risks
In an article containing commentary from professionals regarding risks the insurance industry faces in 2017, Karen Clark comments that the industry is still not prepared for a storm as intense as 1992's Hurricane Andrew striking Downtown Miami or a similar urban area.
November 7, 2016
The Latest Launches From QBE North America, Aon, Arch Insurance and More
Karen Clark & Co. released the latest version of its RiskInsight open loss modeling platform. Version 4.4 includes enhancement to the custom model building capabilities and client integration modules, as well as performance improvements.
November 7, 2016
KCC updates RiskInsight loss modelling tool
Karen Clark & Company has updated RiskInsight, its loss modelling platform, to facilitate importing custom events and event intensity files, and to visualise and verify hazard data. Version 4.4 provides "plugins" for creating damage functions based on attributes that are not typically used in traditional models.
July 20, 2016
Big Data Analytics: Mining Your Catastrophe Claims Data for Competitive Advantage
Hurricanes and earthquakes that produce major losses are rare phenomena, so there's not a wealth of scientific data for estimating the frequencies of events of different magnitudes in specific locations. But when a significant event occurs, the tens of thousands of resulting claims provide the big data surrounding catastrophes, and this data is very valuable for improving catastrophe models. Here, Karen Clark explains how insurers can leverage their own claims data for more credible catastrophe loss estimates and for competitive advantage.
June 27, 2016
Opening up the model
Newer, open hurricane models are addressing three "wishes" for the insurance industry, offering less volatile loss estimates, higher visibility into the key assumptions driving losses, and more intutitive and actionable risk metrics. Traditionally, users have interacted with the models to manage hurricane risk, but thanks to these newer platforms, users now have the opportunity to customize and gain more insight into loss potential.
June 3, 2016
Karen Clark: Remodelling the models
Karen Clark discusses changes to catastrophe modeling, including demand from insurers and reinsurers for platforms that allow more sources and customization of models to reflect the individual organization's view of risk.
May 31, 2016
Are insurers prepared for Hurricane Andrew II?
In 1992, insurers were shocked by the losses caused by Hurricane Andrew, and many never believed the losses could exceed $13 billion as projected by the first hurricane model. As 2016 hurricane season begins, Karen Clark urges insurers to avoid the complacency of the early 90s about a potential direct hit on Miami.
May 29, 2016
Modeling firms take first look at cyber risks
Cyber risk is rapidly evolving, with a number of sizeable data breaches grabbing headlines in recent years. Insurers, brokers and modelers are working diligently to find a solution to capture risk information and create models. Karen Clark discusses the challenges of modeling emerging risks versus traditional perils, like hurricanes.
May 16, 2016
Catastrophe modeler updates loss modeling platform
Karen Clark & Co. has launched RiskInsight Version 4.3, which features enhancements to its interactive dashboards, custom model building tools and job manager. The updated version of the loss modeling platform also makes it possible to track tornado and severe convective storm, or SCS, events in real time.
May 11, 2016
Around the P&C insurance industry: May 11, 2016
Karen Clark & Co. has announced the release of RiskInsight Version 4.3, an update which includes enhancements to its interactive dashboards, custom model building tools and job manager.
May 10, 2016
The Latest Launches From Karen Clark, Allianz and Hiscox
RiskInsight Version 4.3 updates include expanded event catalog creation capabilities and an updated job manager that makes it easier to set up complex analyses and distribute them across multiple processors. The platform supports custom models for all peril types, including flood and severe convective storm (SCS), and Version 4.3 will allow users to track tornadoes and SCS in real time, immediately assess exposures, and estimate likely losses.
May 9, 2016
Karen Clark & Company Releases V4.3 of RiskInsight Open Loss Modeling Platform
Karen Clark & Co. has released Version 4.3 of the RiskInsight open loss catastrophe modeling platform. Version 4.3 supports custom models for all peril types, including flood and severe convective storm (SCS), along with expanded event catalog creation capabilities.
April 11, 2016
Why Convective Storm Models Are Unreliable
Catastrophe models for severe convective storms have existed for decades, but the model loss estimates lack credibility for most insurers. Here, Karen Clark explains why and suggests a new modeling approach.
March 25, 2016
15 women in insurance you need to know
Karen Clark is profiled as one of the insurance industry's top female leaders. In this Q&A with National Underwriter, Ms. Clark discusses her decision to work in the industry and advice for women looking to enter insurance, her greatest achievements, challenges and opportunities facing the industry.
March 8, 2016
Karen Clark: 'I was adamant I wouldn't make another model'
Karen Clark calls for the insurance industry to embrace open platforms and to move away from overreliance on traditional models. Here, Ms. Clark discusses the emergence of open modeling platforms, the development of Karen Clark & Company's RiskInsight and the future of modeling.
February 1, 2016
Karen Clark & Co. Announces 2 Additions to Senior Management Team
Nozar Kishi and Christopher Mossey have joined the senior management team at Karen Clark & Co. Dr. Kishi brings more than 20 years of catastrophe modeling experience to the firm as Vice President, Model Development. Mr. Mossey comes to KCC with 20 years business development experience and will serve as Vice President, Client Development.
February 1, 2016
Karen Clark & Co adds to management team
Karen Clark & Co. deepens its expertise with the addition of Nozar Kishi and Christopher Mossey to the firm's senior management team. Dr. Kishi joins as Vice President, Model Development, and will lead several modeling initiatives including the Japan typhoon and earthquake Reference Models. Mr. Mossey joins as Vice President, Client Development and will work with major insurers and reinsurers to leverage the firm's RiskInsight open platform and comprehensive catastrophe management toolkit.
January 24, 2016
Earthquakes for CEOs: Understanding the Most Recent USGS Report
A 2014 U.S. Geological Survey report on earthquake forecasting recognized the possibilities of multi-fault ruptures and background events, where there are no known faults and historical events. Here, Karen Clark explains the implications of the report for insurers and how insurers can better manage their future earthquake losses.
2015
December 8, 2015
Karen Clark & Company Releases New U.S. Earthquake Reference Model within RiskInsight
Karen Clark & Company's new RiskInsight Earthquake Reference Model is the first in the industry to account for the findings of the latest US Geological Survey. The new report better recognizes the uncertainty in the locations and magnitudes of future events and includes more multi-fault rupture scenarios.
December 8, 2015
Karen Clark & Company Releases Updated U.S. Earthquake Model
Karen Clark & Company released a new Earthquake Reference Model as part of the RiskInsight open loss modeling platform to incorporate updated seismicity assumptions and ground motion attenuation functions based on the latest US Geological Survey.
December 7, 2015
Large California Earthquake More Likely
There is an increased probability of magnitude 8 and larger events hitting California, according to a new Karen Clark & Company analysis of the latest US Geological Survey. Karen Clark & Company is the first modeling company to incorporate this set of USGS findings into its earthquake model tool, accounting for new information about risks to California and the Pacific Northwest.
December 7, 2015
Karen Clark Adds US Earthquake Reference Model to Modeling Platform
Karen Clark & Company introduces the new RiskInsight Earthquake Reference Model incorporating the latest US Geological Survey report. The model accounts for all fault-based seismic sources and implements gridded background seismicity to account for unknown faults. It can be used to estimate losses on portfolios of properties along with individual policies and accounts.
December 7, 2015
Karen Clark & Co. Releases New U.S. Earthquake Reference Model
Karen Clark & Company has released the RiskInsight Earthquake Reference Model to account for the new data and multi-fault rupture scenarios, including an increased probability of magnitude 8 and larger events in California and the higher frequency of earthquakes in the southern section of the Cascadia Seismic Zone.
October 30, 2015
Hurricane Patricia highlights role for ILS on peak exposures: Karen Clark
Hurricane Patricia was one of the strongest storms ever recorded, and its losses could have been far worse had the storm taken a different path. A new report from Karen Clark & Company looks at the potential losses if a storm of equal intensity were to hit downtown Miami, highlighting a growing need for insurance-linked securities to supplement traditional reinsurance for peak U.S. exposures.
October 27, 2015
Industry should focus on hurricanes
Karen Clark discusses industry exposure to hurricanes and earthquakes and why insurers should be focused more on a severe Florida hurricane than a California quake. According to Ms. Clark, a quake would you would need almost a half a trillion dollar loss for the insurance industry to have a loss the size of Katrina. That type of earthquake event is significantly less probable than a $250 billion loss from a Miami hurricane.
October 14, 2015
Report: Miami region fourth-most vulnerable to costly 100-year hurricane storm surge
According to a report by Karen Clark & Company, the Miami area is the fourth most vulnerable region to storm surge in a 100-year hurricane event. The 100-year event, which for Miami is a Category 5 storm with top wind speeds of 165 mph, would cause nearly $80 billion in losses due to storm surge.
September 29, 2015
How Insurers Are Building Bespoke Catastrophe Models
Advancements in technology have made it possible for insurers to build their own catastrophe models, creating a significant opportunity for the insurance industry. Here, Karen Clark explains why insurers are smart to build bespoke models, the characteristics of a model and the model building process.
September 29, 2015
Modeling platform update enhances global mapping, interactivity
Karen Clark & Company released an update to RiskInsight® that includes more detailed and interactive underwriter and CEO dashboards, advanced model-building tools and enhanced global mapping capabilities. The updates will enhance user experience and allow insurers, resinsurers and ILS firms to generate their own views of risk.
September 29, 2015
Karen Clark & Company updates RiskInsight platform
Karen Clark & Company announced an update to its RiskInsight® platform, helping insurers and reinsurers to better create their own view of risk as expected of them by rating agencies and regulators. The RI4 update includes enhancements to the platform's model-building tools, HazardMapper and DamageRatesManager, to make it easier for model builders to create high resolution probabilistic catastrophe models reflecting their own knowledge, expertise and views of risk.
September 29, 2015
Karen Clark & Company's RiskInsight Open Loss Modeling Platform Introduces Advanced Tools
The newly released RI4 update to RiskInsight® allows insurers and reinsurers to build hurricane and earthquake models anywhere in the world by adding custom event catalogs and damage functions appropriate for specific peril region. The open platform tool’s update includes detailed global soil maps and terrain datasets covering all countries and territories.
September 28, 2015
Karen Clark & Co. updates RiskInsight open loss modeling platform
Karen Clark & Company released a new update to its RiskInsight® open model platform, which will allow firms to develop and generate high resolution probabilistic catastrophe models reflecting their own knowledge, expertise and views of risk. This capability is a key development for the reinsurance and ILS market in particular.
September 28, 2015
RiskInsight update allows users to build own models
With the RI4 update for RiskInsight®, users will have access to advanced model-building tools as well as better mapping capabilities and enhanced dashboards to generate their own views of risk.
September 15, 2015
Report: Florida Cities Most Vulnerable to Storm Surge
Although much attention is paid to New Orleans and New York, the Tampa/St. Petersburg area is actually more vulnerable to storm surge flooding than those cities. A report from Karen Clark & Company found that wider, more gently sloping continental shelves with large shallow water areas put the Florida coastline at high risk. Other Florida cities ranking in the top eight U.S. cities most vulnerable to storm surge include Miami, Fort Myers and Sarasota.
September 4, 2015
Modelling in focus: US storm surge
To mark the 10th anniversary of Hurricane Katrina, catastrophe risk experts studied the potential losses for U.S. cities vulnerable to storm surge, with new research pointing to Tampa as most at risk. Here, Trading Risk compares rankings from Karen Clark & Company's "Most Vulnerable US Cities to Storm Surge Flooding" report with other industry estimates.
September 1, 2015
Eye of the Storm
Hurricane Katrina created significant change in the insurance industry, from risk management to preparedness and catastrophe modeling. Karen Clark discusses the post-Katrina development of open loss modeling platforms and the characteristic event method for monitoring exposure accumulations.
August 28, 2015
A perfect storm
To mark the 10-year anniversary of Hurricane Katrina, Reactions examines how the storm changed the re/insurance space, including the spur in innovation for the modeling industry in response. Exposure data quality and models that did not account for storm surge were cause for much of the shock insurers felt after Katrina. In response, Karen Clark founded Karen Clark & Company to address the gaps in traditional models by creating a more transparent tool for evaluating risk and exposure.
August 27, 2015
No One Is Ready for the Next Katrina
A decade after Hurricane Katrina devastated New Orleans, coastal cities are still extremely vulnerable despite infrastructure such as levees. A recent Karen Clark & Company report on cities most vulnerable to storm surge is cited in this analysis of continued risk for U.S. cities.
August 27, 2015
Tampa/St. Petersburg most vulnerable to storm surge flooding damage, with loss potential of US$175 billion: Karen Clark
Flooding from a 100-year hurricane could spur losses exceeding US$100 billion in three cities – Tampa Bay/St. Petersburg, New Orleans and New York – according to a new report from Karen Clark & Company. Due to its unique coastline features, local bathymetry and the low coastal elevations, Tampa Bay/St. Petersburg ranks as the most vulnerable.
August 26, 2015
Tampa Bay is the most vulnerable metro area to hurricane damages, study shows
The Tampa Bay/St. Petersburg area is the most vulnerable U.S. region to flood damages from a 100-year hurricane, a new study from Karen Clark & Company found. Tampa's 100-year hurricane is defined as a strong category 4 with top winds of 150 mph, and storm surge damages from such a storm would reach up to $175 billion. The study also ranks Fort Myers, Miami and Sarasota in the top eight most vulnerable U.S. cities.
August 24, 2015
Katrina's Impact on Catastrophe Modelling and Management
Following Hurricane Andrew, insurers realized the importance of catastrophe models in managing risk. More than a decade later, their overdependence on the traditional models became apparent in the wake of Katrina. Here, Karen Clark discusses the innovation that occurred after Katrina to bring greater transparency to risk modeling.
August 23, 2015
Hurricane Katrina's Legacy
The insurance industry faced unanticipated losses in the wake of Hurricane Katrina, revealing an overreliance on traditional catastrophe models. In response, the industry has seen a number of crucial advances in open platform technology and storm surge modeling to better manage catastrophe risk.
August 21, 2015
US Cities Most at Risk from Storm Surges
A new report from Karen Clark & Company finds Tampa and St Petersburg are the US cities most vulnerable to storm surge risk, with a loss potential of $175 billion. The report also notes that most of the flood damage potential, across the ten most vulnerable cities, is not currently insured, presenting a big opportunity for insurers.
July 2015
Calm before the Storm?
Due to demographic factors, Canada is more vulnerable to floods and earthquakes than hurricanes. With the exception of a few fast-moving hurricanes, like the Great New England of 1938 and Hazel of 1954, Canada has not been greatly impacted by North Atlantic storms. Here, Karen Clark looks at whether climate change and increased hurricane intensity could expand geographic impact and make Canada more susceptible to North Atlantic storms.
June 9, 2015
No immediate threat to ILS investments from climate change, says report
Climate change has had no measurable impact on hurricane activity to date, according to Karen Clark. The loss potential for the catastrophe market resulting from North Atlantic hurricanes is basically the same this year as it was last year, which is roughly the same as five years ago, and will most likely be the same in another five years.
June 3, 2015
Climate Change Not Yet Boosting Atlantic Hurricane Activity: Karen Clark & Co.
While climate change is impacting hurricane formation and intensity, the five-year time horizon relevant to most investors shows that other factors are more important to predicting cat losses, such as accurately forecasting hurricane landfalls, according to a report from Karen Clark & Company. Investors with a longer investment horizon should keep in mind that longer-term conditions should see a higher demand for catastrophe reinsurance.
June 3, 2015
Hurricane losses 'could double by end of century'
Losses from hurricanes could double by the end of the 21st century due to conditions created by climate change. Storm surge losses are likely to increase with rising sea levels, and greater maximum wind speeds will compound the hurricane losses in vulnerable areas. These changes will drive demand for catastrophe reinsurance in the long-term, but the near-term market should remain relatively unaffected.
June 3, 2015
Climate change 'not an issue' for hurricane insurance investors
Investors in catastrophic hurricane insurance markets have little to fear from the effects of climate change because their time horizon– typically three to five years – is much shorter than the time frames climatologists consider when studying climate change, according to a report from Karen Clark & Company.
May 24, 2015
Moderate Hurricane Season Predicted, But Storm Risks Remain
Despite predictions of a quiet hurricane season, Category 5 storms can happen at any time. Karen Clark reflects on Hurricane Andrew, one of only three Category 5 hurricanes to hit the U.S coast since 1900, which hit during an inactive hurricane season.
April 28, 2015
Can Karen Clark Move Forward the Cat Modeling Industry She Helped Create?
In this profile, Karen Clark shares her perspective on her career, leadership and innovation. Ms. Clark discusses the passion that led her to create the first cat modeling company and to continue to develop new technologies and resources for the insurance industry.
April 21, 2015
U.S. Coastal Regions Hold Bulk of Insured Property Values
As of last year, U.S insured property values exceed $90 trillion with significant pockets of concentrated value in vulnerable coastal areas. New risk management metrics, like the Characteristic Event approach, can better help monitor these exposures, according to a new report from Karen Clark & Company.
April 21, 2015
How to Manage Risk of Valuable Properties Concentrated in Coastal Areas
Highly vulnerable areas such as metro-Miami, Los Angeles, the Galveston-Houston region and Atlantic coasts account for a large portion of the U.S. insured property values. A new report from Karen Clark & Company calls for the insurance industry to adopt additional tools to develop a more comprehensive view of risk and to better understand the potential losses accompanying increasing property values.
April 16, 2015
PML’s leave re/insurers over-exposed to losses, ILS can help: Karen Clark
Karen Clark & Company’s new report, Increasing Concentrations of Property Values and Catastrophe Risk in the US, examines the potential impact of rising property values and how innovative insurance and reinsurance methods and insurance-linked securities (ILS) can more effectively monitor their concentrate exposure.
April 16, 2015
Location, location, location: Higher property values increase potential catastrophic losses
Karen Clark & Company has found, when contents and time element exposures are added in, estimated insured property values in the U.S. exceed $90 trillion. Increasingly concentrated pockets of exposure leave insurers vulnerable to mega-catastrophe losses due to natural disasters.
April 15, 2015
Miami hurricane could yield unprecedented $250 billion in losses: report
A new analysis from Karen Clark & Company has found that if a 100 year hurricane were to hit Miami, it would create $250 billion in losses, which is double what’s projected by current PMLs. Increased property values and a high concentration of value has made urban coastal areas more vulnerable than ever, and insurers need to develop a more comprehensive view of their exposure in order to manage risk in these regions.
April 14, 2015
100 year hurricane could cause more than $250B losses in Florida
As noted in a new report from Karen Clark & Company, coastal property values in Florida have risen from $870 billion to over $3.7 trillion since Hurricane Andrew struck south of Miami in 1992. Because of steadily increasing property values, in Miami and other U.S. coastal areas, the potential insured losses from natural disasters are much larger than what most insurers have assumed their maximum losses could be.
April 14, 2015
Higher property values in nat cat-prone areas in U.S. hike opportunity for mega-cat losses: paper
Karen Clark & Company estimates that insured property values increased 9% from 2012 to 2014. In a new report, Increasing Concentrations of Property Values and Catastrophe Risk in the U.S., KCC uses Characteristic Events to illustrate why insurers should be monitoring exposure concentrations in light of increasing property values in vulnerable areas like California, Florida and Texas.
April 14, 2015
U.S. Insured Property Values Reach New Heights and Cluster in Coastal Regions
The insurance industry typically uses multiples of probable maximum losses (PMLs) to manage risk, and rating agencies and regulators rely on those calculations to monitor solvency. However, PMLs do not account for the increasing property values and concentrated areas of exposure along the U.S. coastline. A new report from Karen Clark & Company identifies these vulnerable regions and offers the Characteristic Event methodology as an additional tool insurers can utilize to gain greater insight into their exposure to losses.
April 14, 2015
100 Year Event Losses vs. Insurer Estimates
Highly concentrated property values mean insurers will face losses that far exceed their estimated 100 year probable maximum loss, according to a new report from Karen Clark & Company.
April 13, 2015
Highest valued U.S. properties face bigger natural risks
Property values along the coasts and in earthquake-prone areas continue to grow faster than the general rate of growth across the country, according to a new report from Karen Clark & Company. The cost to replace structures damaged by natural disasters has grown too, which is a key reason insurers should be incorporating new methods of monitoring their concentrated exposure.
March 1, 2015
Water Surge
The variety in types of flood makes it difficult to define the peril and develop one standard catastrophe model. Despite this challenge, insurers can use open modeling platforms to evaluate flood risk. Here, Karen Clark examines flood risks for the Canadian market and how scenario-type models can inform underwriting and risk management decisions.
Feb 26, 2015
Climate Change Modeling on Cusp of Paradigm Shift
Insurers and reinsurers are looking for access to climate-related data, and catastrophe modeling companies are updating their tools to meet the demand. Karen Clark discusses how the RiskInsight® HazardMapper module helps clients to test the impact of potentially more frequent extreme weather events on their portfolios.
Jan 23, 2015
What Boards Would Like to Know About Catastrophe Losses
The catastrophe model-generated EP curves—and more specifically the "probable maximum losses" (PMLs) derived from those curves—provide only a partial picture of a company's large loss potential. Adding newer information on return period events, where the probabilities are based on the hazard versus the loss, gives more insight into tail risk and provides advanced metrics for monitoring "informal" risk tolerances. Here, Karen Clark illustrates how one chart can summarize multiple risk metrics for a succinct and complete picture of your company's catastrophe loss potential.
Jan 21, 2015
Karen Clark & Company Introduces New U.S. Storm Surge Model
Karen Clark & Company announced the release of its detailed, high resolution and fully transparent storm surge model for the U.S. The new storm surge model accounts for all of the influences on coastal flooding, including storm intensity, radius of maximum winds, coastal bathymetry, and the presence of inlets or bays.
Jan 21, 2015
Karen Clark releases US storm surge model
The new US storm surge model from Karen Clark & Company, which will be presented to the Florida Commission on Hurricane Loss Projection Methodology this month, allows users to identify locations vulnerable to storm surge flooding.
Jan 20, 2015
Karen Clark & Co. CEO: New Storm Surge Model Could Help Private Flood Market
Because companies feel they can't assess the loss potential for flood and storm surge accurately, they are hesitant to offer more insurance, according to Karen Clark. KCC's new U.S. storm surge model will provide insights to help the development of the private flood market.
Jan 20, 2015
Karen Clark & Co. launches U.S. storm surge risk model
Karen Clark & Company's new high-resolution U.S. storm surge model may help ILS investors to get more comfortable with this risk by offering greater transparency into localized perils.
Jan 20, 2015
Karen Clark Rolls Out New U.S. High - Res Storm Surge Model
Part of the RiskInsight platform, Karen Clark & Company's new U.S. storm surge model allows insurers to identify locations vulnerable to storm surge flooding, calculate the total insurable value they have exposed by water depth and apply detailed vulnerability curves to estimate losses.
Jan 20, 2015
Clark Expands Into Storm Surge Modelling With a Focus On Florida
The new U.S. storm surge model from Karen Clark & Company will allow insurers to determine of total insured value by exposed water depth and vulnerability curves as well as to assess portfolio losses with and without storm surge and leakage assumption. The model also produces the 100 - and 250 - year flood zones along the coast.
2014
Dec 15, 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.
Dec 7, 2014
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.
Nov 4, 2014
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.
Oct 28, 2014
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.
Oct 26, 2014
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.
Oct 26, 2014
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.
Sep 1, 2014
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.
Aug 25, 2014
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.
Jul 28, 2014
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.
Jul 9, 2014
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.
Jun 30, 2014
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.
Jun 9, 2014
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.
Jun 6, 2014
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.
Jun 5, 2014
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.
Jun 3, 2014
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.
Jun 3, 2014
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.
Jun 3, 2014
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.
May 11, 2014
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.
Apr 24, 2014
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.
Apr 22, 2014
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.
Apr 11, 2014
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
Mar 27, 2014
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.
Mar 26, 2014
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.
Mar 25, 2014
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.
Mar 25, 2014
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.
Mar 9, 2014
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.
Jan 30, 2014
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.
2013
Dec 29, 2013
Terrorism Insurance and Increased Competition on Risk Management Radar in 2014
Looking ahead to 2014, Karen Clark offers her perspective on changes to risk modeling and risk management as the industry seeks greater transparency and more control of assumptions. Ms. Clark predicts the next wave of innovation will provide tools for managing flood risks.
Dec 2, 2013
Simulating The Hazard Rather Than The Loss
The insurance industry has relied on probable maximum losses (PMLs) for the past twenty years, but they no longer provide the robust risk metrics to truly managing risk. Here, Karen Clark explains how catastrophic risk assessment based on characteristic events gives more consistent metrics for measuring and monitoring risk over time.
Dec 1, 2013
Quiet Atlantic Hurricane Season Puts Downward Pressure on Reinsurance Rates
Following a fairly inactive Atlantic hurricane season, Business Insurance examines the impact of a calm 2013. Karen Clark discusses the long-term average insured losses from Atlantic storms, which are driven by severity rather than frequency.
Oct 29, 2013
Future North-East Storms Could Exceed Sandy
On the first anniversary of Supertstorm Sandy, Karen Clark & Company reflects on Sandy's damage and assesses the Northeast's vulnerability for future storms. Using RiskInsight® to examine storm surge, Karen Clark & Company estimates the potential losses for more probable storms.
Oct 24, 2013
One Year After Superstorm Sandy, Has Anything Changed?
In this look back on Superstorm Sandy, Karen Clark explains what damage Sandy would have done had it taken the path of the Hurricane of 1938 or 2011’s Hurricane Irene. Ms. Clark discusses the changing attitude about catastrophes post-Sandy.
Oct 22, 2013
Flood Simulator Gives Losses by Property
Nearly one year after Superstorm Sandy, flooding remains a challenge for the insurance industry. Karen Clark & Co. has added a new component to its RiskInsight tool to allow businesses to simulate flood events and examine the loss spikes in order to better asses and proactively manage their risks.
Oct 17, 2013
Flooding and Flood Models Explained: Karen Clark Reviews the Basics
Here, Karen Clark explains different types of floods and contrasts the challenges of modeling storm surge and inland flooding.
Oct 14, 2013
Lessons from Hurricane of ’38 Can Limit Losses Today
Karen Clark discusses the lessons learned from the 1938 Hurricane in this Q&A with Providence Business News.
Oct 1, 2013
The New Approach to Cat Modeling
The insurance industry is changing its view on catastrophe models as the sector looks for more transparency. Karen Clark explains why cat models are not the right tool for solvency and underwriting and how open platform technology, like RiskInsight, offer a better approach.
Sep 30, 2013
Catastrophe Models Give Insurers Insight into Disasters
In this Risk Management 2013 report, Karen Clark helps explain how catastrophe models became popular among insurers and reinsurers in the 1990s and why relying too much on the models is an insufficient way to manage risk today.
Sep 20, 2013
Looking Back At The Great Hurricane Of 1938
To mark the 75th anniversary of The Great Hurricane of 1938, WBZ-TV Boston reflects on the damage to New England during the historic storm. Karen Clark explains why a similar storm today would cause damage and devastation unlike anything else we have ever seen before.
Sep 20, 2013
Storm of a Lifetime Would Crush Southern New England Today
Karen Clark & Company helps put the Hurricane of '38 into perspective, using Characteristic Event methodology to determine what a similar storm would cause in losses today. Here, Boston Business Journal compares the Characteristic Event estimates to the insured losses from more recent storms Superstorm Sandy and Hurricane Katrina.
Sep 18, 2013
New England Storm: 1938 Storm Estimated as One-in-100 Year Event
Reflecting on the severe damage caused by the Hurricane of 1938, Karen Clark & Company's report on 1-in-100 year events like the '38 storm is profiled. The report points out the potential for a similar storm today and why the track of a hurricane, not its category, is the best indicator of damage.
Sep 16, 2013
Karen Clark & Co. Report Looks Back at New England Hurricane of 1938
Approaching the 75th anniversary of the Great New England Hurricane of 1938, Insurance Journal profiles Karen Clark & Company's report on the potential insured losses for a similar storm today and how to better manage risks using Characteristic Event methodology. The report finds that following the same track would cause more than $35 billion in insured losses, while a track further to the west over Long Island would cause $100 billion in damages.
Sep 16, 2013
Present Day Impact of Great New England Hurricane: Karen Clark & Co.
Karen Clark & Company's report on the present day impact of the Hurricane of 1938 is summarized in this Carrier Management article. The report notes that the footprint of the '38 storm has more than $15 trillion of property value today, which would compound the losses incurred by such a storm.
Sep 10, 2013
Q&A: Karen Clark, Karen Clark & Co.
In this Q&A, Karen Clark discusses the benefits of open platform technology, like KCC's RiskInsight®, and the new approach to risk management being adopted by insurers and reinsurers.
Aug 27, 2013
Overland Overhaul
Following recent extreme flooding events, the Canadian insurance industry is re-assessing their approach to risk management. Given the highly localized nature of precipitation and the possibility for flash flooding to occur anywhere, flooding is more commonly assessed by its post-event flood footprint. As Canada considers the need for overland flooding insurance, Karen Clark helps explain why these severe precipitation events cannot be explicitly modeled and the subsequent losses estimated.
Jun 30, 2013
Risk Modeling to Risk Management
Traditional catastrophe models are not the final answer to risk management, and companies need to build proprietary views of risk to address this disparity. Flexibility, transparency and consistency are driving the new generation of risk models. Karen Clark explains why a shift to these open and customizable platforms will lead from risk modeling to true risk management.
Jun 24, 2013
Why catastrophe models do not handle tornadoes effectively
Current catastrophe models leave insurers vulnerable to large losses in tornado zones explains Karen Clark in Insurance Day. Today's models underestimate loss potentials for individual insurance companies due to incomplete data and bias. Here, Karen discusses how the localized nature of tornadoes combined with undersampling impedes the models' ability to fully account for areas of exposure.
Jun 3, 2013
Forecasters agree on active hurricane season ahead
Expert forecasters predict there will be more and stronger hurricanes this year compared to last year. Karen Clark comments on Superstorm Sandy, and notes the latest climate change research points to a decrease in the frequency of tropical cyclones but an increase in intensity over time.
May 30, 2013
Catastrophe risk models: The next generation
In this in-depth article examining catastrophe risk modeling, Karen Clark comments at length on the limitations of traditional vendor models and the new generation of tools to help insurers and reinsurers better understand and more effectively manage catastrophe risk.
May 30, 2013
Karen Clark & Company unveils hurricane tool
This article examines the features and benefits of WindfieldBuilder™, a new tool for creating hurricane tracks and wind speeds that can be licensed as part of KCC's RiskInsight® platform.
May 28, 2013
Karen Clark & Co. launches WindfieldBuilder™, enhances visibility of hurricane threats
An article outlining the features of WindfieldBuilder™, Karen Clark & Company's new tool that allows users to create hurricane tracks, wind speeds and windfields for analysis purposes.
May 21, 2013
KCC releases hurricane and wind tracking tool
An article reports on the launch of Karen Clark & Company’s WindfieldBuilder™ tool for creating hurricane footprints and estimating losses.
May 20, 2013
Karen Clark & Co. Tool Allows Users to Create Hurricane Tracks, Estimate Losses
This article highlights the benefits of the newly launched WindfieldBuilder™, which allows users to create hurricane tracks and parameters and estimate damage to their exposures in a given region.
May 16, 2013
Karen Clark Explains The Basic Facts About Hurricanes
In her second quarterly article for Carrier Management, Karen Clark provides a primer for carrier CEOs on hurricane forecasting and on planning for and managing the risk of large hurricane losses.
Apr 23, 2013
Need to shift focus from cat model to cat risk
An article stemming from the 2013 RIMS Annual Conference & Exhibition in Los Angeles presents Karen Clark's view that the current catastrophe modelling process is flawed, and a new approach is needed. Ms. Clark calls for a more open platform to help companies understand the risk.
Mar 7, 2013
Investors Seek Ways to Profit From Global Warming
An article reports on businesses adapting product and service offerings to align with needs resulting from a changing climate. Karen Clark is quoted on the need to rebuild resilient communities.
Mar 6, 2013
The Future of Cat Modelling
An article notes Marsh's "Energy Market Monitor" report advocates greater scrutiny of catastrophe and contingent business interruption limits by insurers. Karen Clark agrees, noting models provide very rough estimates and not final answers.
Mar 1, 2013
US Hurricanes: Fact Versus Fiction
Karen Clark authors an article exploring myths and truths surrounding U.S. hurricanes and their impact. Ms. Clark describes current hurricane and catastrophe risk management in light of historic data and Characteristic Events.
Mar 1, 2013
Opening the Black Box
Karen Clark contributes to an article focusing on the trend by the insurance industry to urge transparency in catastrophe modeling, the changing attitudes surrounding model outputs and the accuracy and extent of analysis models provide.
Mar 1, 2013
Sandy Bill Still Rising
An article focusing on the cost of damage caused by Superstorm Sandy features Karen Clark's comments on the limited efficacy of catastrophe models applied to a single storm.
Feb 28, 2013
Global insurers to pick up bill for half of Sandy losses
An article reports the Association of Bermuda Insurers and Reinsurers expects global insurers to cover half the losses from Hurricane Sandy. ABIR spokesperson Brad Kading cites Karen Clark & Company’s study of historical hurricanes in finding the United States can expect insured losses an average of $10 billion from a hurricane every four years.
Feb 19, 2013
The Latest in Catastrophe Risk Management
Karen Clark authors an article in the inaugural issue of Carrier Management, a publication providing critical information for P/C insurance company executives and directors. Ms. Clark describes the state of catastrophe risk management technology and the value of open platforms for providing executives with a sophisticated, open, and robust basis for analysis.
Feb 13, 2013
Cat Modeling Firms: Sandy's Data Cache an Information Treasure Trove
An article explores the data available to catastrophe modelers and risk managers following Hurricane Sandy may aid modeling future perils for the Northeast United States. Karen Clark advocates insurers' active engagement in the risk management, particularly to address complex covers such as business interruption.
2012
Dec 20, 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.
Dec 13, 2012
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.
Dec 13, 2012
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.
Dec 11, 2012
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.
Dec 10, 2012
$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.
Dec 2, 2012
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.
Nov 14, 2012
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.
Nov 13, 2012
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.
Nov 13, 2012
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.
Nov 7, 2012
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.
Nov 6, 2012
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.
Nov 4, 2012
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.
Nov 2, 2012
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.
Nov 2, 2012
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.
Nov 2, 2012
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.
Oct 5, 2012
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.
Oct 5, 2012
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.
Oct 2, 2012
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.
Oct 2, 2012
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.
Oct 2, 2012
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.
Sep 15, 2012
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.
Aug 28, 2012
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.
Aug 24, 2012
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.
Aug 23, 2012
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.
Aug 23, 2012
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.
Aug 22, 2012
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.
Aug 21, 2012
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.
Aug 21, 2012
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.
Aug 21, 2012
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.
Aug 19, 2012
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.
Jun 25, 2012
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.
Jun 6, 2012
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.
Jun 4, 2012
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.
Jun 1, 2012
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.
Jun 1, 2012
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.
May 21, 2012
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.
May 4, 2012
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.
May 1, 2012
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.
Apr 1, 2012
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.
Mar 19, 2012
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.
Feb 2, 2012
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.
Feb 1, 2012
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.
Jan 31, 2012
Karen Clark & Company Introduces Characteristic Events
An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.
Jan 1, 2012
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.
2011
Dec 16, 2011
Reinsurers Root of Insurance Rate Hikes
An op-ed by the director of the University of Louisiana–Monroe’s Risk Management and Insurance Studies Program critiques insurance companies' rate-setting methods and quotes Karen Clark's observations on the RMS V 11 model.
Dec 1, 2011
NJ's Catastrophe Plan Needs Long-Term Approach, Insurer Input
An article reporting from the New Jersey Commissioner's Insurance Symposium discusses the state's plans for public-private cooperation following a potential catastrophe and quotes participant Karen Clark on managing risk and preparing for recovery.
Nov 1, 2011
Cat Models 'Not Fit For Purpose
An article reporting from a panel at the International Underwriting Association's Catastrophe Modeling Conference relays the differing opinions on uses of models for insurers and reinsurers. Karen Clark is quoted from the panel advocating the use of models as one of several tools in evaluating risk.
Sep 2, 2011
Varying Assumptions on Limited Data Causing Wide Insured-Loss Estimate Variances
Karen Clark evaluates the variations in risk modelers’ loss estimates following Hurricane Irene and provides data gleaned from RiskInsight®, a loss assessment tool developed by Karen Clark & Company.
Aug 26, 2011
Taking the Hurricane Seriously
During coverage of Hurricane Irene, Karen Clark discusses the potential effects and insurance losses associated with winds and storm surge with anchor Thomas Roberts.
Jun 13, 2011
Counting the Costs of Catastrophes
An article highlighting data analysis following the Tohoku Earthquake assesses the uses and limitations of catastrophe models, quoting Karen Clark on the use of loss estimates.
Jun 1, 2011
Cracks in Cat Models
In a bylined article, Karen Clark calls attention to a few of the limitations of using solely cat models for loss estimates, and presents an alternative through the use of characteristic events to represent risk with <1% probabilities.
Jun 1, 2011
Opinion: Updated Doesn’t Mean Better Catastrophe Model
In a bylined article, Karen Clark argues model updates are not an automatic improvement on previous editions and should be evaluated on reduced volatility and variability in loss estimates.
Jun 1, 2011
Diversification or Diworsification?
An article reviewing reinsurers' practices of diversifying books of business quotes Karen Clark where the theory and reality of spreading risk diverges in practice.
May 31, 2011
Bill Riker: Renaissance Man
A profile of the late Bill Riker names him one of the Top 10 Innovators of the past decade for his work with catastrophe models.
May 17, 2011
Looking Beyond the Catastrophe Model
A profile of Karen Clark and Karen Clark & Company describes the origins of catastrophe modeling, the eventual over-reliance on models by rating agencies and directions for the future such as monitoring model changes relative to characteristic set events.
May 16, 2011
How Can Rating Agencies Better Gauge Carrier Cat-Risk Exposure?
In a bylined article, Karen Clark documents ratings agencies' inconsistent catastrophe risk analysis and advocates independent checks on exposure-data quality, such as consistent and transparent benchmarked scenarios.
May 12, 2011
Japan Earthquake Heightens Concerns Over 'Model Miss
An article exploring the use of catastrophe models following the Tohoku Earthquake quotes Karen Clark on possible over-calibration of models following the event.
Apr 15, 2011
#14. Karen Clark: Most Influential People of Past 30 Years
Karen Clark is ranked #14 of the top thirty most influential people in the insurance and reinsurance industry of the past thirty years, ranked by the editors of Reactions in honor of the publication's 30th anniversary.
Apr 11, 2011
Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark
Karen Clark is featured in a podcast interview describing the current use of models in the property insurance industry, including the inexact nature of models and suggests transparent industry-wide benchmarking.
Apr 08, 2011
Karen Clark & Company Holds Briefings to Address Concerns About New U.S. Hurricane Model
This article describes Karen Clark & Company's Executive Briefings, offered to US insurance company executives making decisions on implementing revised hurricane models.
Mar 21, 2011
Cat Modeling: Ingrained in the Industry, Embroiled in Controversy
In an article describing the current use of models in the property insurance industry, Karen Clark is quoted on the inexact nature of models and suggests transparent industry-wide benchmarking.
Mar 21, 2011
Model Revisions and Reinsurance Pricing
In an article describing RMS model revisions, Karen Clark is quoted on the effects model revisions have on the primary insurance and reinsurance markets.
Feb 21, 2011
Insurers Urged To Harness Web To Grow Profitable HO Biz
In a bylined article, Karen Clark describes how developments in consumer communications technology open new distribution and growth opportunities in homeowners insurance.
Jan 27, 2011
Storm Warning
This article reviews the uncertain performance of catastrophe models compared to the active 2010 hurricane season in light of the third annual Near Term Model Report by Karen Clark & Company.
Jan 19, 2011
Risk: Computer Projections of Hurricane Losses Off by $45B-$53B—Critic
An article discusses the Third Annual Near-Term Model Report's findings, places near- and long-term models in context, and discusses the possible effect of climate change on models. Karen Clark is quoted on the challenges of catastrophe models accurately predicting losses.
Jan 18, 2011
Near-Term Models Misjudge Hurricane Losses By Billions
An article providing a comprehensive overview and summary of the Third Annual Near-Term Model Report discusses the Hurricane Frequency Paradox and reinforces the lack of connectivity between increased losses and frequency of storms. Karen Clark is quoted on the lack of connection between increased losses and frequency of storms.
2010
Nov 30, 2010
Insurers placing too much emphasis on cat model PML numbers, not enough on uncertainty models
An article covering a presentation by Jacqueline Friedland, actuarial practice leader at KPMG's Canadian insurance practice, reviews the findings of a forthcoming study that suggests insurers are over-relying on catastrophe modeling. Friedland cites Karen Clark during a presentation on the study's findings.
Nov 24, 2010
COMMENT: Risk Modelers Take Flak
An editorial by Michael Loney responds to recent coverage of insurance modeling in the Sarasota Herald-Tribune and acknowledges the industry's over-reliance on models. He quotes Karen Clark expressing concerns over the oversold precision of model numbers.
Nov 15, 2010
Insurers’ Computer Models Deeply Flawed
An article, the second in a two-part series, continues exploring the Florida property insurance business. Karen Clark is quoted on catastrophe models' relation to accurate and precise loss estimates.
Nov 14, 2010
Florida Insurers Rely on Dubious Storm Model
An article, the first in a two-part series, reviews the redevelopment of hurricane and catastrophic risk undertaken by the insurance industry after Hurricane Katrina. Karen Clark is quoted on the useful, but limited nature of catastrophe models in a complex system.
Oct 5, 2010
Climate Change effect not clear cut: Clark
A report of Karen Clark’s presentation on Sept. 29 Reactions’ Risk & Capital Management conference in New York reviews her position that climate change affects the severity, though not frequency, of hurricanes making landfall in the US.
Sep 2010
Measuring Up the Metrics
This opinion piece by Karen Clark argues inherent flaws in PMLs hampers effective catastrophe risk management and advocates for fixed event sets similar to Lloyd’s Realistic Disaster Scenarios.
Jul 2010
The Acts of God Algorithm
This profile examines Karen Clark’s pivotal role as a pioneer, and continuing innovator, in catastrophe risk management.
Jun 28, 2010
Batten down the hatches?
In this contributed article, Karen Clark discusses hurricane forecasts for the 2010 season, and the limitations of models in accurately forecasting hurricane activity and insured losses.
May 18, 2010
Karen Clark & Co.'s Karen Clark, Davidson & Co.'s Drew Powell on Katrina's Impact
In this BestDay Audio podcast, Karen Clark discusses how Hurricane Katrina impacted catastrophe modeling and how insurers assess risk since the storm.
May 1, 2010
Opinion: Prisoners of Models of Our Own Design
In this opinion piece, Karen Clark discusses the increased use of catastrophe models by the insurance industry over the last 25 years. Ms. Clark discusses the need to find balance between utilizing the models as a valuable framework and being able to improve loss estimates utilizing other credible information.
2009
Dec 21, 2009
Cat Modeler’s Review Highlights Necessity To Integrate Models Throughout Operations
Karen Clark & Company Senior Vice President John Tierney discusses the need for insurers to do a better job of integrating the catastrophe modeling process into their operations.
Dec 7, 2009
Where Are They Now?
In this profile of Karen Clark, a former Business Insurance Women to Watch honoree, Ms. Clark discusses how Karen Clark & Company assists insurers in improving their exposure data.
Nov 2009
Understanding uncertainty
In this article, Karen Clark comments on the inherent limits of catastrophe models and cautions against overreliance on the models.
Aug 24, 2009
Cat model pioneer cautions insurers on over reliance of models
Karen Clark and others share their perspectives on insurers’ use of catastrophe models. Ms. Clark expresses her concern that "model precision can be confused with accuracy.
Aug 20, 2009
Shaking up the Models
In this article on new earthquake models, Karen Clark comments on the inherent limitations of catastrophe modeling software.
Aug 17, 2009
Cat Modeler Karen Clark on Over-Reliance by Insurers
In this BestDay Audio podcast, Karen Clark discusses why insurers rely too heavily on catastrophe models and often put too much weight on the probable maximum loss (PML).
Aug 10, 2009
Cat Modeling Pioneer: Don’t Rely Too Much on Cat Models
Karen Clark comments extensively on the appropriate use of catastrophe models and the perils of selecting a specific point estimate of loss such as the PML.
Aug 10, 2009
Perspectives: Why Model Behavior Doesn’t Always Make Sense
In this opinion piece, A.M. Best senior associate editor Meg Green cites Karen Clark, "the mother of catastrophe modeling," and her caution on overreliance on catastrophe models.
Jun 2009
Have near-term cat risk models failed?
Karen Clark speaks with Reactions about the findings of the firm’s report on the performance of near term hurricane models and their appropriate role in gauging catastrophe risk.
Jun 2009
A Review of the Performance of Near Term Hurricane Models
An abridged version of the Karen Clark & Company report "Near Term Models: How Have They Performed?" is featured in Risk Management’s June 2009 issue, page 22.
2008
Dec 18, 2008
Efficacy of Catastrophe Models Assessed
This article details the findings of a report by Karen Clark & Company on the performance of near term hurricane models and quotes Karen Clark on the implications for the insurance industry.
Dec 8, 2008
Overshadowed but Active Hurricane Season Was Anticipated by the Industry
In this article on the active 2008 hurricane season, Karen Clark discusses how the insured losses predicted by near term hurricane models compare to actual losses over the past three years.
Dec 1, 2008
Get a Hold of Your Property, People
This article discusses how risk managers can move beyond models to better assess their property risk. Karen Clark says that model results should be supplemented by inspection reports and data detailing specific characteristics of the insured property.
Dec 2008
Why The Next Big Northeast Hurricane Will Surprise
This article by Karen Clark describes the devastating impact of the 1938 hurricane on New England and projects the losses a similar storm today could incur.
Oct 8, 2008
Technology-based Underwriting
In this E-Fusion Conference webinar, Senior Vice President Glen Daraskevich presents on how insurance companies can leverage mobile technology to improve underwriting decision making for the property lines of business.
Oct 3, 2008
As part of A.M. Best Company's 2008 E-Fusion Conference, Karen Clark & Company participates in this Q & A podcast on how insurers can better prepare for and deal with catastrophes.
Sep 21, 2008
The Hurricane of ’38 Remembered
In this article marking the 70th anniversary of The Great New England Hurricane of 1938, Karen Clark is quoted on the devastation a similar storm today would bring to the region.
Sep 15, 2008
Could a Hurricane Katrina or Ike Happen in MA?
In this televised segment that aired during WBZ-TV’s Hurricane Week, Karen Clark speaks with meteorologist Mish Michaels about the likelihood and impact of a severe storm striking Massachusetts.
Sep 15, 2008
Birth Mother of CAT Modeling Spins On
Risk & Insurance® announces Karen Clark as a winner of the 2008 Risk Innovator™ Award in the Insurance category for her outstanding integrity and her ability to address risk-related problems through unique, innovative solutions.
Sep 2008
GR Top 40: The Most Influential Women
Karen Clark is named the most influential woman in the reinsurance sector for her notable accomplishments in this male-dominated industry.
Aug 4, 2008
Modeling rests on data
In this transcript of a Q&A podcast, Karen Clark speaks with Business Insurance about the limitations of catastrophe models, the quality and range of model input data, and the future of the risk assessment industry.
Jul 21, 2008
Shore Bets
Over the past twenty years, catastrophe models have become a mainstay of the insurance industry. This article quotes Karen Clark on the appropriate role and application of these models in assessing and managing risk.
Jul 11, 2008
Hurricane Preparedness is key to surviving a Katrina
This article details the efforts that Rhode Island is taking to prepare for a major storm and quotes Karen Clark on the devastating impact a hurricane like Katrina would have on the region’s property and infrastructure.
Jul 11, 2008
Complacency cited as main hurricane risk in Northeast
Major hurricanes in the Northeastern U.S. are rare but can have a devastating effect on people and property, especially when hurricane warnings are disregarded. Karen Clark is quoted on the property damage a hurricane like the Great Hurricane of 1938 would incur in New England.
Jun 20, 2008
Thinking outside the black box
This article by Karen Clark discusses ways that companies can mitigate risk by applying benchmarking analyses that test the credibility of model output.
Apr 23, 2008
From the archive: an interview with Karen Clark
In this interview with Insurance Day, Karen Clark offers commentary on how catastrophe risk assessment can be improved by using catastrophe models in conjunction with quality exposure data, a process for checking model output, and other information on losses not covered by the model.
Apr 9, 2008
European Insurance Forum Examines Industry Changes
This article covering the Tenth Annual Insurance Forum in Dublin cites Karen Clark’s remarks during her participation in a panel discussion titled “Global Warming—Mitigation or Devastation.
Apr 2008
Wild Variations
Karen Clark addresses the inconsistency among results produced by existing catastrophe models and suggests that companies use benchmarking and scenario analysis to bring more transparency to these results.
2007
Nov 6, 2007
Catastrophe Modeling Pioneer Clark Advises on Insurers’ Best Practices
This article announces that Karen Clark & Co. will provide reviews of internal catastrophe risk assessment to help companies conform to best practices.
Sep 7, 2007
Cat Modeling Pioneer Clark Honored by Reinsurance Industry
This article details Karen Clark’s receipt of The Review Worldwide Reinsurance Awards’ Lifetime Achievement award for her outstanding contributions to the reinsurance industry.