As the world gets warmer and storms get worse, insurance companies are jacking up rates—or refusing to cover homeowners altogether. Is the future uninsurable?
In the News
In the News
2024
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Unexplainable Podcast with Karen Clark: "Is insurance doomed?" 9 October 2024
Vox
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Sea-level rise could destroy Tampa if a major hurricane hits 8 October 2024
The Washington Post
Analysts say the metropolitan area is the most vulnerable in the United States to flooding and damage if a major hurricane ever scores a direct hit. A Boston firm that analyzes potential catastrophic damage reported that the region would lose $175 billion in a storm the size of Hurricane Katrina.
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‘Exposed, inexperienced’ Tampa in the eye of the hurricane for first time in more than a century 8 October 2024
The Independent
In 2015, a report from Karen Clark and Co—a disaster modeling firm—found that Tampa Bay was the most vulnerable place in the US for storm surge flooding damage. The report also found that the city could suffer $175bn in damages during a particularly bad period of storm surge flooding.
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Damage from Hurricane Helene in GA & South is record-setting 3 October 2024
Columbus Ledger-Enquirer
Karen Clark & Company told the Ledger-Enquirer via email that one-third of the expected total loss was from Georgia, about $2 billion.
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Hurricane Helene Insurance Losses Expected to Reach $6.4 Billion 2 October 2024
Bloomberg
The destruction from Hurricane Helene is expected to cost insurers roughly $6.4 billion, according to an early estimate from catastrophe modeling firm Karen Clark & Company.
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KCC Estimates $50 Billion in 2024 Insured US Losses 24 September 2024
AM Best TV
Karen Clark, founder of catastrophe modeler KCC, discusses the amount of insured losses so far in 2024, about $40 billion of which she attributes to convective storm activity.
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Francine estimate of $1.5bn insured damage 19 September 2024
Royal Gazette
The hurricane that battered the Louisiana coast has left billions of dollars in insured losses, according to a Karen Clark & Company flash estimate.
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Hurricane Francine privately insured loss estimated close to $1.5bn: KCC 19 September 2024
Artemis
Private insurance market losses from recent hurricane Francine have been initially estimated as close to $1.5 billion by catastrophe risk modelling specialist Karen Clark & Company (KCC).
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KCC Estimates $50 Billion in 2024 Insured US Losses 19 September 2024
AM Best
Karen Clark, founder of catastrophe modeler KCC, discusses the amount of insured losses so far in 2024, about $40 billion of which she attributes to convective storm activity.
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Vendor models' early run estimates show a sub-$3bn Francine industry loss 13 September 2024
Insurance Insider ILS
A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Reclaim the climate change narrative: risk model pioneer Karen Clark 7 September 2024
Intelligent Insurer
“With headlines predicting the collapse of the US home insurance market and questioning our capacity to address climate change, we can be our own worst enemy,” Karen Clark, chief executive officer of Karen Clark and Company (KCC), told Monte Carlo Today.
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Hurricane season set to intensify as conditions change 26 August 2024
Business Insurance
Despite a lull in activity in much of July, forecasters predict the Atlantic hurricane season is set to ramp up as key indicators such as warm ocean temperatures and the potential for La Niña conditions persist, increasing the likelihood that storms will form.
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Debby is a billion-dollar catastrophe with dams failed, 75 people rescued in Georgia 16 August 2024
Ledger-Enquirer
Karen Clark & Company, a Boston-based company that uses high-resolution models to estimate damage from storms, said the cost of the storm for the whole affected area will be close to $1.4 billion.
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KCC: What’s causing market disruption and how to fix it 16 August 2024
Global Reinsurance
Karen Clark, CEO and Co-Founder of KCC, writes on the challenge facing catastrophe modeling, and the need for a major upgrade.
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Higher US SCS losses not a trend, but down to poor modeling, says KCC 18 July 2024
InsuranceERM
“Not only have the models used by many re/insurers underestimated the risk, sources of market losses have also underestimated the total industry losses from these events. Because prior years have been underestimated, it seems as if 2023 is an outlier, but the more accurate KCC SCS Model shows there was nothing extreme or surprising about 2023,” the company said in a paper on the 2023 SCS season, published yesterday.
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The Fund Managers Modeling Catastrophe Keep Winning Bets 16 July 2024
Bloomberg
Karen Clark, co-founder and chief executive officer of the Boston-based firm that carries her name, says the cumulative effect of past climate change is an 11% jump in insured losses related to hurricanes. Her firm’s projections to 2050 suggest that climate change will cause a little less than a 1% increase per year in annual expected losses.
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Solving the modeling crisis for severe convective storms 16 July 2024
Royal Gazette
Celebrated modeler Karen Clark said there was often a serious underestimation of SCS risks—as severe weather losses in 2024 are expected to be larger than last year.
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Insurers Are Braced for More Beryls 11 July 2024
The Wall Street Journal
“Over the past couple of years, reinsurance rates have gone up significantly, and in many cases they are already several multiples of the expected losses,” says Karen Clark, co-founder and chief executive of Karen Clark & Co., which builds models for insurers to understand and manage catastrophe, climate, and weather risk.
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Beryl’s remnants flood Vermont, sweep away apartment building 11 July 2024
PBS
The storm has caused at least $3.3 billion in damage in the United States, Mexico and the Caribbean, according to Karen Clark & Company, a Boston-based firm that works with insurance companies to estimate disaster costs.
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Damage from Hurricane Beryl may cost insurers $2.7 bln in US, KCC says 11 July 2024
Reuters
Insurers in the United States may take a hit of about $2.7 billion from damage caused by Hurricane Beryl, catastrophe modeling company Karen Clark & Co (KCC) said on Thursday.
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Beryl to hit Texas coastline as Cat 1 hurricane by Monday 5 July 2024
Insurance Insider US
If these projections hold, insured losses in the US are likely to be under $1bn, modeling firm Karen Clark & Company said. If the landfall point is in a more populated area or the intensity is greater than 85mph, however, losses could cross the $1bn threshold, the firm noted.
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KCC’s Ward: Hurricanes Increasing in Intensity 24 June 2024
AM Best TV
Dr. Dan Ward, atmospheric scientist and director of model development, Karen Clark and Co., discusses the outlook for the 2024 hurricane season. Dr. Ward expects a very active season this year, especially in places such as Florida and Louisiana, as well as wildfire as a secondary peril.
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What would happen if a Category 5 hurricane hit Volusia County? 11 June 2024
Daytona Beach News-Journal
Karen Clark provided wind and storm surge estimates for Volusia and Flagler counties and beyond for a Category 4 hurricane with peak winds of 155 mph hitting near Daytona Beach.
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Well-above-average hurricane season may not mean higher insured losses 28 May 2024
Business Insurance
There’s a relatively weak correlation between hurricane activity and insured losses, said Karen Clark, founder and CEO of Boston-based catastrophe modeler Karen Clark & Company. In 2020, for example, there were 11 named storms that made landfall—a record number—but the annual insured loss from hurricanes was only about $20 billion, because none of them hit highly populated areas, she said.
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Investors in Best Hedge Fund Bet of 2023 Review Climate Assumptions 12 May 2024
Bloomberg
Karen Clark, a pioneer of catastrophe modeling and chief executive of Karen Clark & Co. in Boston, said there’s clearly a need for “more advanced physical-modeling techniques,” which need to be supported by vast amounts of data and computing power. The firm updates its models every two years on average, mainly to account for climate change.
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Catastrophe models must keep pace with climatology: Karen Clark 29 April 2024
Insurance Day
KCC CEO and Co-Founder Karen Clark discusses the importance of dynamic science and renewing climate data every year with Louise Isted from Insurance Day.
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Supercede Podcast with Karen Clark: Innovating Disaster Risk Assessment for Insurers 11 April 2024
Supercede
Recorded at the Bermuda Risk Summit 2024, Karen Clark explores her career trajectory, the evolution of risk assessment models, and their critical role in shaping insurance practices today, particularly in response to challenges like climate change and natural disasters.
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Are frequent floods, hurricanes driving up the price of insurance? 8 April 2024
Deutsche Welle
KCC CEO and Co-Founder Karen Clark spoke with Warda Imran Sheikh from Deutsche Welle as part of a deep dive into the insurance industry—the rising price of insurance, the effects of extreme weather on damages, and much more.
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Cat modeller Karen Clark: from 600lb mainframe to AI 16 March 2024
The Royal Gazette
The future is uncertain, but decisions have to be made now to mitigate climate change, a cat modelling pioneer told the Bermuda Risk Summit. In a panel on the evolution of the risk market in Bermuda, she told industry newcomers: “You have to be comfortable with continuing to learn, because things are going to change.”
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On Location at Bermuda Risk Summit 2024: No Such Thing As A Bad Risk, Only A Bad Price 14 March 2024
Insurance Insider
Scientists can quantify the impact of climate change on hurricanes, wildfires, and floods by climate conditioning past events to give re/insurers of better data for pricing and underwriting risks, said Karen Clark, co-founder and CEO of KCC.
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Why the CAT bond market is booming right now 14 March 2024
Marketplace
Insurers are increasing the supply of bonds for a couple of reasons, said Karen Clark, who runs a weather, climate and catastrophe modeling firm. “One is, of course, climate change," she said. "Two, is just property values."
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How a Physics Whiz Made a Fortune Betting on Nature’s Catastrophes 13 March 2024
Bloomberg
“The potential for $10 billion and $20 billion convective storms and wildfires” is increasing, Karen Clark says. “That’s where the cat bond market can grow.”
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Cat vs. Climate: Why Carriers Need to Know the Difference 11 March 2024
P&C Specialist
In an interview with P&C Specialist, Boston-based KCC's Co-Founder and CEO Karen Clark discusses what separates climate models and catastrophe models—and why it's vital that carriers know the difference.
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Risk Models Behind World’s Best Hedge Fund Strategy Are Getting a Lot Harder to Crack 5 March 2024
Bloomberg
“Climate change isn’t affecting the tail—the 1-in-100-year event—nearly as much as it’s increasing the 1-in-10-year, 1-in-20-year and 1-in-30-year losses,” Karen Clark said.
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Hedge Funds Rake in Huge Profits Betting on Catastrophe Risk 20 January 2024
Bloomberg
Karen Clark, a pioneer in modeling catastrophe risk, says there is increasing market interest in so-called secondary perils, such as severe convective storms, winter storms and wildfires, because that’s where the demand and opportunities are.
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Karen Clark unpacks $6.4bn insured loss estimate from Japan's New Year's Day earthquake 16 January 2024
The Insurer TV
KCC CEO and Co-Founder Karen Clark sits down with The Insurer TV's Janet Babin to discuss KCC's $6.4 billion loss estimate of the Noto Peninsula earthquake on January 1st.
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Industry pioneer Karen Clark to give keynote at WiRe gala 10 January 2024
The Royal Gazette
Catastrophe modeling industry pioneer Karen Clark is to give the keynote address at the Women’s Day gala presented by Women in Reinsurance, the professional organization for women working in Bermuda's reinsurance sector.
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Japan: 1 Jan quake's impact on earnings of insurers expected to be manageable 8 January 2024
Asia Insurance Review
Losses from residential properties account for more than two-thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are more seismic-resistant because of their predominantly steel construction.
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Ishikawa quake estimated to cost insurers $6.4 billion, report says 6 January 2024
The Japan Times
Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-based catastrophe modeling firm Karen Clark & Co.
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Japan quake insured losses estimated to total $6.4bn 5 January 2024
Financial Times
The powerful earthquake that struck Japan’s west coast on New Year’s Day has left $6.4bn of insured losses, according to an estimate by catastrophe modeling specialists Karen Clark & Company.
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Japan earthquake estimated to cost insurers $6.4 bln - report 5 January 2024
Reuters
Losses from residential properties account for more than two thirds of the total, according to the Boston-based firm.
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Florida Insurance Skyrockets as Real Estate Investors Sound Alarm 3 January 2024
Newsweek
A recent report by Karen Clark & Company found that insurance premiums are expected to continue rising in Florida this year as the risk of extreme weather events continues to grow.
2023
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Rising Construction Costs Plague Insurance Rates 29 December 2023
Spectrum News 13
A report by Karen Clark & Company says rising construction costs will not only keep home prices high, but it will also keep the costs of insuring homes high.
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Eastern Pacific Ocean developments under the spotlight as Atlantic hurricane season ends 30 November 2023
InsuranceERM
Karen Clark, CEO and Co-Founder of KCC, spoke to InsuranceERM about the 2023 Atlantic hurricane season—a season that was "above average for named storms and accumulated cyclonic energy (ACE), but not for landfalling events."
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Hard Reinsurance Market Fuels Innovation in Risk Transfer 29 November 2023
Carrier Management
Traditional reinsurance capacity is shrinking relative to increasing risk, and the modeled loss transaction provides additional reinsurance protection to insurers. CEO and Co-Founder of KCC, Karen Clark, and Managing Partner of Resolute Global Partners, Tom Libassi, explain how in a new Carrier Management feature.
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As Storm Damages Mount, States Try to Make It Harder to Sue Insurers 19 October 2023
The Wall Street Journal
Karen Clark, CEO of KCC, argues that recent Florida legal changes limiting policyholder lawsuits against insurers may help curb further home insurance premium increases but are unlikely to reduce current high rates.
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Cat modelers weigh long-term, seasonal trends as losses rise 18 October 2023
Business Insider
Karen Clark of KCC underscores the importance of integrating long-term sea surface temperature trends in catastrophe models, highlighting the distinction between lasting climate shifts and short-term variations.
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Florida's Insurance Crisis is About to Get Even Worse 16 October 2023
Newsweek
KCC research highlights the complexities of Florida's insurance landscape, emphasizing the influence of extreme weather events and litigation on rising premiums, while suggesting potential mitigations.
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As Climate risks mount, the insurance safety net is collapsing 12 October 2023
Grist
Karen Clark pioneered catastrophe modeling software in the 1980s to more accurately assess insurance risks, foreseeing disasters like Hurricane Andrew, but now climate change is overloading the global (re)insurance system she helped to keep alive.
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Florida’s home insurance rates unlikely to drop soon 11 October 2023
NBC News
Despite legislative attempts to address Florida's insurance crisis, a report from Karen Clark & Company indicates that homeowners shouldn't expect a decrease in premiums soon, citing inflation, weather, climate, and litigation as contributing factors.
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New Report Says Property Insurance Premiums Will Keep Rising 11 October 2023
KPTV
Karen Clark, CEO and founder of Karen Clark & Co., highlights in a recent report that Floridians should anticipate higher property insurance premiums due to factors like inflation, storm severity, and reinsurance costs.
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September Hailstorm in Texas Caused Record $2B in Insured Losses 9 October 2023
P&C Specialist
Karen Clark & Co. estimates record insured losses of over $2 billion from a September hailstorm in Texas, marking an intensified trend in severe convection storm activity for 2023.
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Money Talks: Is America becoming uninsurable? 28 September 2023
Economist
Karen Clark, founder of risk modelling firm KCC, takes center stage on "Money Talks from The Economist," offering expert insight into insurance challenges posed by climate change.
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There are no bad risks, only bad prices: KCC CEO 10 September 2023
Intelligent Insurer
Karen Clark, CEO of KCC, emphasizes the need for updated risk models in the insurance industry, highlighting changing climate-related risks and the growing protection gap in the US.
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Privately insured Idalia losses pegged at close to $2.2 billion 1 September 2023
Business Insurance
Karen Clark & Co. estimated Hurricane Idalia's privately insured losses at nearly $2.2 billion, primarily from wind and surge damages in the U.S., especially impacting Florida and neighboring states.
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Hurricane Idalia private insurance loss estimated just $2.2bn by KCC 1 September 2023
Artemis
Karen Clark & Company estimated Hurricane Idalia's private insurance loss at $2.2 billion, lower than most pre-landfall predictions, indicating reduced financial impact on the insurance and reinsurance sectors.
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The Care and Feeding of Property-Catastrophe Models 29 August 2023
Carrier Management
Karen Clark of Karen Clark & Company emphasizes the need to upgrade catastrophe models for accuracy and real-time validation.
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KCC Estimates Storm Hilary Caused Nearly $600M in Insured Losses 28 August 2023
Insurance Journal
Karen Clark & Company estimated that Hurricane Hilary's privately insured losses in the U.S. will be around $600 million, amidst record-breaking flooding in Southern California.
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KCC estimates Hilary insured losses at almost $600mn 28 August 2023
Inside P&C
KCC's recent update estimates Hurricane Hilary's insured losses in California, covering private damages to residential, commercial, and industrial properties, as well as automobiles.
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Are We Ready for a $100 Billion Catastrophe? How About $200 Billion? 26 August 2023
The Wall Street Journal
Karen Clark, CEO and Co-Founder of Karen Clark & Company, provides insights on the insurance industry's challenges from extreme weather in this timely WSJ feature about updating risk assessment models.
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KCC’s Ward: Lahaina Wildfire Insured Property Loss Estimated at Approximately $3.2 Billion 23 August 2023
AM Best TV
Dr. Dan Ward, atmospheric scientist, Karen Clark & Co., estimated insured losses from wind damage tied to Tropical Storm Hilary in the low $100 million range, with flood damage estimates still developing.
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Cost of Devastating Maui Wildfires Is Anybody’s Guess 19 August 2023
The Messenger
Karen Clark & Co. estimated insured losses from Maui wildfires at $3.2 billion amid varying projections from other analysts.
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Maui Wildfires Expected to Be Second-Largest Insured Loss in State History 14 August 2023
Advisen
Karen Clark & Company reports that the ongoing Maui wildfires may lead to the second-largest insured loss in Hawaii's history, with the Lahaina fire damaging or destroying over 2,200 structures.
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Insurers: El Niño Effect Will Produce Fewer Atlantic Storms, But Risk Remains 5 July 2023
AM Best TV
Despite predictions for a below-average 2023 Atlantic hurricane season, Karen Clark, CEO and Co-Founder of Karen Clark & Company, won't rule out the possibility of major events.
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As hurricanes get more severe, how do insurers calculate risk? 4 July 2023
Marketplace
Amid the departure of larger insurers from high-risk areas such as California, there is opportunity for specialized insurance companies to emerge to fill the void, according to Karen Clark, CEO and Co-Founder of Karen Clark & Company.
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KCC: Extended June wind, hail event caused $5.5B in damage 22 June 2023
ALM Property Casualty 360
A prolonged severe convective storm system that lasted from June 10 to June 19 resulted in more than 1,000 reports of hail and damaging winds across 25 different states as it passed over the central and southern U.S., according to a report from Karen Clark & Company.
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KCC Estimates June Texas Hailstorm Losses at $1B 21 June 2023
Insurance Journal
The impact from a June hailstorm over Texas with baseball to softball-sized hail is expected to cause over $1 billion in insured losses, according to catastrophe modeling firm Karen Clark & Company.
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June Severe Convective Storm outbreak insured loss estimated at $5.5bn: KCC 21 June 2023
Reinsurance News
Based on its high-resolution SCS Reference Model, Karen Clark & Company (KCC) has estimated that the insured loss from the Severe Convective Storm (SCS) outbreak between June 10th and 19th in the US will be close to $5.5 billion.
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Southern US states endure $5.5bn insured loss from hail and wind, KCC estimates 21 June 2023
Insurance ERM
A severe wind and hail outbreak from 10 to 19 June throughout the central and southern US has caused close to $5.5bn in insured losses, according to Karen Clark & Company (KCC).
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Severe Convective Storm insured losses ~$5.5bn from Jun 10th-19th by KCC 21 June 2023
Artemis
Insurance and perhaps reinsurance market losses from a spate of Severe Convective Storm (SCS) activity that struck the Central and Southern United States between June 10th and 19th are now estimated at around $5.5 billion, according to catastrophe modeller Karen Clark & Company (KCC).
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Pull-backs from Cali wildfire create a coverage gap that’s ripe for ILS 19 June 2023
Trading Risk
Dr Daniel Ward, director of model development at KCC, says: “It’s notable that, for projected increases in California wildfire insured losses by 2050, shorter return-period losses rise faster than longer return-period losses.
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Storm risk mitigation efforts in focus as hurricane season begins 13 June 2023
Business Insurance
In the wake of Hurricane Ian, which made landfall in Southwest Florida last September, the recovery and rebuilding process has been slow, according to a survey conducted in April by Karen Clark & Co.
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KCC's Clark: Linking ILS and Loss Warranty Transactions to 'Model Loss' Can Speed Resolutions 5 June 2023
AM Best
Karen Clark, co-founder, Karen Clark & Co., said that models can provide objective benchmarks rather than waiting for lengthy loss-reporting cycles.
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Boston company using computer models to predict hurricane damage 2 June 2023
WBZ-TV
As the 2023 hurricane season gets underway, Boston's CBS affiliate, WBZ, aired a conversation with KCC Co-Founder and CEO, Karen Clark, to ask about the insights available with sophisticated catastrophe modeling.
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Karen Clark Report Shows Just What Failed in Ian, Making it Florida’s Costliest Storm 23 May 2023
Insurance Journal
A detailed KCC white paper identifies building practices as key determinants of insured losses during Florida's costliest storm, Hurricane Ian.
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Storm risk mitigation efforts in focus as hurricane season begins 23 May 2023
Business Insurance
As the 2023 hurricane season gets underway, Boston's CBS affiliate, WBZ, aired a conversation with KCC Founder and CEO, Karen Clark, to ask about the insights available with sophisticated catastrophe modeling.
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Synchrono Group Partners with KCC for Advanced Risk Modelling in Insurance Underwriting 23 May 2023
FinTech Global
SynchronoSure has licensed Karen Clark & Company's (KCC) comprehensive suite of US catastrophe models, delivered through KCC's advanced underwriting application, to provide more refined pricing points and deepen insights into catastrophe risk for their underwriting process.
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KCC: Ian Contributed to Sizable Insured Losses Despite Mostly Average ’22 Hurricane Season 18 May 2023
Carrier Management
KCC's 2022 review reveals Hurricane Ian caused nearly $63 billion in insured losses, primarily in Florida, amid an otherwise average hurricane season.
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AM Best TV interview with Karen Clark 3 May 2023
AM Best TV
On Monday, May 3rd, AM Best TV released its interview with Karen Clark, CEO and Co-Founder of Karen Clark & Company. In the interview, Karen offers her thoughts about the tumultuous reinsurance market and how catastrophe models are accounting for climate change.
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KCC White Paper has future hurricane warning 2 May 2023
Royal Gazette
Karen Clark & Company’s 2022 North Atlantic Hurricane Season in Review shared insights and findings from two comprehensive damage surveys conducted by KCC scientists and engineers following Hurricane Ian — directly post-storm, and then again in March 2023.
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Resolute, Gallagher Re & KCC launch “Footprint” catastrophe reinsurance product 13 April 2023
Artemis
Resolute Global Partners, a registered investment advisor, has aligned with catastrophe modeler Karen Clark & Company (KCC) and broker Gallagher Re to launch a new reinsurance product named "Footprint."
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Resolute Global Partners, KCC, and Gallagher Re Launch Footprint, Completely New Type of Reinsurance Contract 13 April 2023
KCC is pleased to partner with Resolute Global Partners and Gallagher Re to create Footprint, a new type of reinsurance contract that uses KCC models to provide accurate loss assessments that enable insurance companies to settle claims rapidly, freeing trapped capital and avoiding price uncertainty.
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Turkey Earthquakes: KCC finds that ground motion was more intense than buildings were designed to withstand. 20 February 2023
Reinsurance News
Widespread damage to buildings, especially near the epicenter, can be attributed in part to ground motion acceleration that was much more intense than the buildings were designed to withstand. That said, much of the damage stems from poor construction practices and lax enforcement of building codes.
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KCC estimates property losses of $20B as NATO Pledges Earthquake Aid to Turkey 20 February 2023
Wall Street Journal
The devastating dual Kahramanmaras earthquakes that hit Turkey in early February are the deadliest in Turkey's modern history, and the most destructive to property. Karen Clark and Company estimates that total property losses from the magnitude 7.8 and 7.5 earthquakes could top $20 billion.
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Turkey earthquake insured loss estimated at $2.4 billion, says KCC 20 February 2023
Artemis
The recent devastating earthquakes in Turkey are estimated as likely to cause an insurance and reinsurance market loss of around US $2.4 billion, says Karen Clark & Company, further estimating that the economic impact of the property losses from the two M7.8 and M7.5 earthquakes is close to US $20 billion, the majority of which comes from the first and larger M7.8 quake event.
2022
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KCC’s Clark: industry needs to move on from “archaic” model customization 22 December 2022
The Insurer
In this video interview and accompanying article, Karen Clark discusses the limitations of self-contained “black box” catastrophe models, why the industry must embrace new technologies and methodologies, and how KCC’s models have set a new standard when it comes to accuracy, customization, and transparency.
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KCC’s Clark: Climate change means more $20bn-$40bn industry loss events 21 December 2022
The Insurer
In this video interview and accompanying article, Karen Clark discusses how climate change is resulting in more severe hurricanes and larger associated losses, the nuances of modeling hurricane losses in the state of Florida, and KCC’s use of real-time data to accurately model all types of weather-related claims.
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The 2022 Atlantic hurricane season: average activity but a hefty price tag 30 November 2022
InsuranceERM
In this article reviewing the 2022 Atlantic hurricane season, KCC notes that insured losses are driven more by severity and location than by frequency, and Hurricane Ian, which struck Southwest Florida in September, was a lethal mix of the two.
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KCC Ian loss estimate includes $13bn litigation loading 17 October 2022
Inside P&C
Karen Clark discusses the firm’s Hurricane Ian loss estimate, including the impact of anticipated litigation and increased replacement costs driven by supply chain issues.
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Hurricane Ian private insurance market loss close to $63bn, says KCC 3 October 2022
Reinsurance News
Major Hurricane Ian’s impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company.
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Hurricane Ian industry loss estimated close to $63bn by KCC 3 October 2022
Artemis
Private insurance industry losses from Hurricane Ian are expected to be close to $63 billion, according to catastrophe modeler Karen Clark & Company.
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DeSantis gives updates on recovery efforts after Ian 1 October 2022
PBS News Hour
Hurricane Ian has likely caused “well over $100 billion’’ in damage, including $63 billion in privately insured losses, according to the disaster modeling firm Karen Clark & Company.
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Privately Insured Loss From Hurricane Ian Estimated at Close to $63 Billion 30 September 2022
The Wall Street Journal
Karen Clark & Co., which runs catastrophe-modeling software widely used in the U.S. insurance industry, on Friday estimated that the privately insured loss from Hurricane Ian would be close to $63 billion, including wind, storm surge and inland flood damages in the U.S. and Caribbean.
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Karen Clark pegs Hurricane Ian losses at $63 billion 30 September 2022
Business Insurance
Boston-based catastrophe modeler Karen Clark & Company said insured losses from Hurricane Ian in the U.S. and the Caribbean will be close to $63 billion.
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Toll Rises in Florida as Ian Weakens After S.C. Strike 30 September 2022
The New York Times
Risk modeling firm Karen Clark and Company says total economic damage, including uninsured property, infrastructure and cleanup in Florida alone could be over $100 billion.
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Ian lashes South Carolina; projected to be fourth-costliest hurricane in U.S. history 30 September 2022
Associated Press
Hurricane Ian has likely caused “well over $100 billion’’ in damage, including $63 billion in privately insured losses, according to the disaster modeling firm Karen Clark & Company.
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Forget frequency, location is everything when mulling wind risk 10 September 2022
Intelligent Insurer
In this article, Karen Clark discusses why landfall location is the critical factor for windstorm risk and how Hurricane Andrew served as a turning point for how insurers view catastrophe modelling.
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Karen Clark: Hurricane Andrew Would Cost Insurers ~$70bn If It Struck Today 15 August 2022
The Insurer
In a video interview with The Insurer TV, Karen Clark discusses the legacy of Hurricane Andrew, how it propelled greater utilization of catastrophe modeling, and what a similar storm would cost insurers today.
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Capacity Crunch in Casualty Wildfire Persists Despite Chunky Rates 13 July 2022
Inside P&C
In a recent article on wildfire risk, Karen Clark comments on the impact of climate change and how the range of losses expected in a “typical” wildfire year has changed over time.
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Cat Models Moved from Sidelines to Central Underwriting Position 12 July 2022
Business Insurance
In an article on the evolution of catastrophe modeling, Karen Clark discusses how insurers’ underestimation of losses from Hurricane Andrew spurred the development of catastrophe modeling, the latest advances in cat modeling, and more.
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Karen Clark & Co.: Models Must Catch Up to Science 7 July 2022
AM Best
Karen Clark discusses the state of hurricane risk today and how embracing innovation and advanced science is necessary for catastrophe models that can be used to effectively quantify and manage risk.
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Karen Clark offers perspective at the beginning of the 2022 hurricane season 22 June 2022
AM Best TV
Karen Clark discusses the outlook for the 2022 hurricane season, with a note that climate change is influencing the severity of storms.
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An Interview with Karen Clark 30 Years After Hurricane Andrew Affirmed Her Models 1 June 2022
Insurance Journal
In this interview with Insurance Journal, Karen Clark discusses how Hurricane Andrew validated catastrophe models and the modeling industry she helped pioneer.
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Storm Warning: Managing the Risk of Increasing Hurricane Catastrophes 1 June 2022
Travelers Institute
Karen Clark joins the Wednesdays with Woodward webinar series to discuss how insurance professionals and their customers can prepare to navigate increasing risk from more frequent and severe hurricanes.
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Cat Modelling Impacted by Climate Change 31 May 2022
The Royal Gazette
At the inaugural Bermuda Climate Summit, Karen Clark comments on how climate change and related risk have forced an altered approach to catastrophe modeling.
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Insurance Covered Podcast - Catastrophe Risk Modelling 24 May 2022
RPC
Karen Clark discusses the importance of catastrophe models to the insurance industry through use cases including Hurricane Andrew and climate change.
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The Evolution of Catastrophe Modeling Since Hurricane Andrew 16 May 2022
Insurance Journal
In a recent article, Karen Clark writes about the history and evolution of catastrophe modeling as well as the latest advances. Karen examines how Hurricane Andrew led to widespread use of catastrophe models by reinsurers, how catastrophe risk is impacted by climate change, and more.
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Deconstructing Hurricane Ida 10 May 2022
Demotech
Months after Hurricane Ida impacted the US, there’s still market uncertainty around the insured losses. In this article, Karen Clark breaks down what is likely to be the final tally for Ida and discusses how climate change and inflation are impacting hurricane losses generally.
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Hurricane Andrew Anniversary Provides Risk, Prep Lessons 10 May 2022
PropertyCasualty360
In a recent article on the 30th anniversary of Hurricane Andrew, Karen Clark writes about lessons learned and what has changed since the storm struck South Florida in 1992. The article examines the increased hurricane risk from factors such as climate change, the evolution of hurricane preparedness, mitigation, models and insurance, and more.
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What Would it Cost: US Wildfires 25 March 2022
Trading Risk
In a recent article on the potential impacts of wildfires, KCC provided a damage estimate for a hypothetical wildfire hitting Santa Barbara, California.
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Victims in Colorado Fire Face High Building Costs Exceeding Insurance Coverage 7 January 2022
The Wall Street Journal
In a Wall Street Journal article discussing how rising construction costs could impact rebuilding efforts following Colorado's Marshall Fire, KCC's $1 billion loss estimate is referenced.
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Karen Clark: 'Real Events Matter' 5 January 2022
Insider Engage
Real events are necessary to test and continually update the accuracy of catastrophe models, says KCC founder and CEO Karen Clark in a interview with Insider Engage.
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Marshall Fire Insurance Industry Loss Estimated Around $1bn: KCC 5 January 2022
Artemis
The recent severe wildfire outbreak has been estimated as around a $1 billion insurance industry loss, by risk modeler Karen Clark & Company.
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Rare Winter Wildfire to Cost Insurers About $1 Bln - KCC 5 January 2022
Reuters
Catastrophe modeling firm Karen Clark & Company (KCC) said on Wednesday it expects insured losses of about $1 billion from the rare winter wildfire that roared through two towns in Boulder County, Colorado.
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Colorado Wildfire Insured Losses Pegged at About $1 Billion 5 January 2022
Business Insurance
Insured losses from the Marshall fire in Colorado will be around $1 billion, Boston-based catastrophe modeler Karen Clark & Co. said Wednesday.
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KC&C Says Colo. Wildfire Caused $1 Billion in Insured Losses 5 January 2022
Claims Journal
The wildfire that ignited on Dec. 30 in Boulder County, Colorado destroyed 1,000 structures and caused insured losses of about $1 billion, catastrophe modeler Karen Clark & Co. said Wednesday.
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KCC Pegs Marshall Fire Insured Loss at Around $1bn 5 January 2022
Reinsurance News
The late-season Marshall Fire is estimated to have resulted in insured losses of approximately $1 billion, according to risk modeler Karen Clark & Company.
2021
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Midwest Tornadoes Kill Dozens, Cause Billions in Insured Losses 15 December 2021
Insurance Business America
The storms that impacted the Midwest caused insured losses of around $3 billion according to estimates by catastrophe modeling firm Karen Clark & Company (KCC).
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Karen Clark Estimates $3B in Losses From US Tornado Outbreak 14 December 2021
S&P Global Market Intelligence
Total insured and uninsured losses from severe convective storms that struck several US states last weekend will be about $3 billion, catastrophe modeling company Karen Clark & Co. estimated.
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US Tornado & Storm Outbreak Estimated a $3Bn Insured Loss by KCC 14 December 2021
Artemis
The recent outbreak of deadly tornadoes and damaging severe convective storms in the US has been estimated as a roughly $3 billion insurance industry loss by risk modeler Karen Clark & Company.
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Insured Loss From Tornado Outbreak Estimated at $3 Billion by KCC 14 December 2021
Insurance Journal
The insured loss from the December 9-12 tornado outbreak that devastated parts of central US has been estimated to be about $3 billion by catastrophe modeling firm Karen Clark & Company.
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Insured Loss From U.S. SCS & Tornado Outbreak Seen at $3Bn by KCC 14 December 2021
Reinsurance News
Analysis from catastrophe risk modeling firm, Karen Clark & Company (KCC), estimates that the insurance industry loss from the recent severe convective storm (SCS) outbreak in the US will be around $3 billion.
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How Climate Change is Impacting Hurricanes 13 December 2021
Intelligent Insurer
Karen Clark spoke with Intelligent Insurer about the impacts of climate change on tropical cyclones and the insurance industry.
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PropertyCasualty360 2021 Technology Innovation Honorees 30 November 2021
PropertyCasualty360
KCC was recognized as a Technology Innovation honoree in the inaugural PropertyCasualty360 Insurance Innovators recognition program for providing high-resolution and accurate loss data for live events and being the only modeling company to issue insurer-specific loss estimates during the February 2021 Arctic Air Outbreak (Winter Storm Uri).
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Burning Hotter: Insured Losses From California Wildfires Totaled More Than $30 Billion in the 2017, 2018, and 2020 Fire Seasons 30 November 2021
Leader's Edge
Dr. Daniel Ward, KCC Director, Model Development, spoke with Leader’s Edge about the growing wildfire risk in the western U.S. fueled by climate change.
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Catastrophe Modeler Says Global Warming Increased Wind Losses by 11% 9 November 2021
Claims Journal
A recent article discusses key takeaways from KCC’s white paper on the impact of climate change on hurricanes and insured wind losses.
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Climate Change Could Raise Hurricane Wind Losses 19% by 2050: KCC 8 November 2021
Artemis
A recent article discusses key takeaways from KCC’s white paper on the impact of climate change on hurricanes and insured wind losses.
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View From the Top: Karen Clark, Karen Clark & Co. 1 November 2021
Business Insurance
In a recent Business Insurance Q&A, Karen Clark discussed Hurricane Ida, the lessons learned, and how catastrophe models are helping insurers manage climate change.
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BI Analyst Briefing - Explaining Hurricane Ida with Karen Clark 6 October 2021
Bloomberg Intelligence
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.
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KCC Pegs Nicholas’ Industry Cost at $950mn 20 September 2021
Reinsurance News
KCC estimates the insured loss from Hurricane Nicholas will be around $950 using the high-resolution US Hurricane Reference Model.
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Limited Damage Estimate for Hurricane Nicholas 20 September 2021
The Royal Gazette
A Karen Clark & Company flash estimate puts the insured loss from Hurricane Nicholas at $950 million.
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Hurricane Nicholas Insured Loss Around $950m: KCC 20 September 2021
Artemis
Hurricane Nicholas is expected to cost the insurance industry around $950 million, says catastrophe risk specialist Karen Clark & Company.
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Nicholas Insured Losses About $950M: Karen Clark 20 September 2021
Business Insurance
Karen Clark & Company estimate insured losses for Hurricane Nicholas will be around $950 million.
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Ida vs. Katrina: How Do They Compare? 4 September 2021
Fox 13 News
Karen Clark & Company’s insured loss estimate of $18 billion was used in an analysis comparing Hurricane Ida and Hurricane Katrina.
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Death Toll Rises to 45 in Eastern US After Flash Floods Batter Region 2 September 2021
Financial Times
In an article discussing flooding in the northeast from Hurricane Ida, KCC’s insured loss estimate is quoted.
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Cat Models Not Accounting for the ‘New Normal’: Karen Clark 2 September 2021
Inside P&C
Karen Clark, KCC CEO and President, was interviewed about how recent events have demonstrated a need for new approaches to catastrophe modeling.
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Hurricane Ida: Estimated Insured Losses Revealed 2 September 2021
Insurance Business America
Karen Clark & Company estimates that insured losses from Hurricane Ida will likely be close to $18 billion.
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Insurance Industry Will Withstand Ida’s Losses in Louisiana, Neighboring States: Analysts 2 September 2021
Insurance Journal
In a summary of insurance impacts from Hurricane Ida, KCC’s loss estimate for the storm is discussed.
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What Insurance Will (and Won't) Cover if Your Home or Car Was Ruined by Hurricane Ida 2 September 2021
Money.com
While explaining common flood insurance policies, KCC’s insured loss estimate for Hurricane Ida is mentioned.
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Hurricane Ida Insured Loss Estimate Nears $18 billion in the U.S. 2 September 2021
PropertyCasualty360
Karen Clark & Company has estimated insured losses from Hurricane Ida will be near $18 billion in the US.
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Flooding in New York & New Jersey Could Lift Hurricane Ida Re/Insured Loss: Report 2 September 2021
Reinsurance News
In an article discussing the potential impacts of Ida in the northeast, KCC’s insured loss estimate for the event is mentioned.
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$18bn+ Ida Brunt Expected to Weigh on Personal Lines 1 September 2021
The Insurer
When summarizing key takeaways from Hurricane Ida, KCC’s insured loss estimate of $18 billion in the US was included.
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Insurers May Take $18 bln Hit from Hurricane Ida - Industry Experts 1 September 2021
Reuters
Hurricane Ida will produce $18 billion in insured losses, according to Karen Clark & Company.
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Hurricane Ida to Drive Insured Losses of Close to $18bn, Says KCC 1 September 2021
Reinsurance News
Catastrophe risk modeler Karen Clark & Company estimates that the insurance industry will see $18 billion in losses from Hurricane Ida.
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Insurers May Take $18B Hit From Hurricane Ida – Industry Experts 1 September 2021
Claims Journal
On Wednesday, Karen Clark & Company estimates that Hurricane Ida will cost insurers $18 billion.
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Photos, Videos of Hurricane Ida Aftermath 1 September 2021
Fox 8 WVUE-TV
In a summary of damage sustained from Hurricane Ida, Karen Clark & Company’s insured loss estimate of $18 billion is mentioned.
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Hurricane Ida Damage to Cost Insurers Close to $18 Billion 1 September 2021
Bloomberg
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.
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After Ida, Small Recovery Signs Amid Daunting Destruction 1 September 2021
Associated Press
In an article discussing the impacts of Hurricane Ida and early recovery efforts, Karen Clark & Company’s total and insured loss estimates were discussed.
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Hurricane Ida Insured Losses Close to $18 billion: KCC 1 September 2021
Artemis
Karen Clark & Company released an insured loss estimate of $18 billion for Hurricane Ida, which falls with the expected range.
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KCC: Hurricane Grace to cost insurers $330mn 26 August 2021
The Insurer
A preliminary estimate from Karen Clark & Company indicates insured losses from Hurricane Grace will be near $330 million.
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KCC Pegs Hurricane Grace Insured Losses at $330mn 26 August 2021
Insurance Insider
Karen Clark & Company estimates insured loss from Hurricane Grace to be $330 million.
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KCC Projects $330M in Insured Losses From Hurricane Grace, Most in Mexico 26 August 2021
Claims Journal
Insured losses from Hurricane Grace will amount to $330 million, according to Karen Clark & Company.
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Insurers Face $330mn Storm Grace Loss Across Mexico & Caribbean: KCC 26 August 2021
Reinsurance News
Catastrophe risk modeler Karen Clark & Company estimates that insured loss from Grace will be $330.
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KCC Estimates Insured Loss From Hurricane Grace: $300M in Mexico, $30M in Caribbean 26 August 2021
Insurance Journal
Karen Clark & Company estimates Hurricane Grace caused $330 million in insured losses in the Caribbean and Mexico.
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Hurricane Grace Insured Property Loss Estimated $330m by KCC 26 August 2021
Artemis
Insured losses from Hurricane Grace are expected to be around $330 million, according to Karen Clark & Company.
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KCC Estimates $330 Million in Insured Losses From Hurricane Grace 25 August 2021
AM Best
Catastrophe risk modeling firm Karen Clark & Company estimates insured losses from Hurricane Grace to be near $330 million.
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Karen Clark & Company (KCC) has Estimated that the Insured Loss Caused by Tropical Storm Henri will be Around $155mn 25 August 2021
Insurance Insider
Insured loss caused by Tropical Storm Henri will be around $155 million, according to Karen Clark & Company.
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KCC Pegs Henri Insured Losses at $155mn 25 August 2021
The Insurer
Karen Clark & Company, a risk modeling firm, has estimated that insured losses from Hurricane Henri will be near $155 million.
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Henri Causes $155 million in Losses in Northeast 25 August 2021
Business Insurance
Insured losses from Hurricane Henri will be close to $155 million, according to Karen Clark & Company.
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Hurricane Henri Insured Loss Estimated at $155mn by KCC 25 August 2021
Reinsurance News
Catastrophe risk modeler Karen Clark & Company estimated insured losses from Hurricane Henri would be around $155 million.
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Hurricane Henri Insured Loss Seen Close to $155m by KCC 25 August 2021
Artemis
Karen Clark & Company provided a modeled estimate of the insurance and reinsurance market losses for Hurricane Henri.
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Insured Haiti Quake Loss Estimated at $250mn by KCC 17 August 2021
Reinsurance News
Catastrophe modeling firm Karen Clark & Company estimated that insured losses from the M7.2 Haiti earthquake will be around $250 million.
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Property Insurers Tighten Coverage as Climate Change Continues 17 August 2021
Business Insurance
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.
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Haiti Quake Insured Loss ~$250m Says KCC, Some Parametric Exposure 17 August 2021
Artemis
The recent Haiti earthquake is expected to result in $250 in insured losses, according to Karen Clark & Company.
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Elsa Insured Losses Estimated to Be $290M 14 July 2021
Claims Journal
Karen Clark & Company estimates insured losses on land from Hurricane Elsa will be around $290 million.
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Insured Losses from Elsa Could be $290 million 13 July 2021
AP News
Boston-based catastrophe modeling firm Karen Clark & Company estimates insured losses from Hurricane Elsa will be around $290 million.
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Revealed – Hurricane Elsa Damage Estimates 13 July 2021
Insurance Business Magazine
The insured loss from Hurricane Elsa will be around $290 million, according to Karen Clark & Company.
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Winds of Change: Derechos, Snowstorms and Other Catastrophes Are Becoming a Growing Problem for Insurers 7 June 2021
AM Best
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.
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Women's History Month Interview with Karen Clark 18 March 2021
Insurance Information Institute
This interview with Karen Clark highlights the innovation she has brought to the insurance industry from her start at Commercial Union Assurance to current advancements she is making at Karen Clark & Company. The interview also addresses how she navigated her career in a male dominated industry.
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What Would it Cost: US Derechos 1 March 2021
Trading Risk
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.
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Losses from Winter Storm in Southern US Expected to Reach Historic Levels 25 February 2021
S&P Global Market Intelligence
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.
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Property Insurers Face Estimated $18B Damage Bill: RPT 22 February 2021
Yahoo Finance
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.
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KCC Raises US Winter Storm Insurance Industry Loss Estimate to $18bn 19 February 2021
Artemis
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.
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Winter Freeze Sparks Claims Glut With $18 Billion in Losses Seen 19 February 2021
Bloomberg
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.
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US Winter Storm Uri Insurance Industry Loss Lifted to $18bn by KCC 19 February 2021
Reinsurance News
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.
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US Insurers on Hook for Billions in Texas Storm; Regulator Collecting Data 19 February 2021
Reuters
A Reuters article regarding losses from the severe winter weather in Texas cites Karen Clark & Company’s insured loss estimate of $18 billion.
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Winter Freeze Damage Expected to Hit $18 Billion From Burst Pipes, Collapsed Roofs 19 February 2021
Wall Street Journal
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.
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KCC Lifts Texas snowstorm Loss to $18bn Warns Water Damage to Drive Loss 19 February 2021
Insurance Insider
In an interview with Inside P&C, Karen Clark addressed the factors contributing to the large losses related to the February winter storm event.
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KCC Releases US Winter Storm Reference Model 12 February 2021
Reinsurance News
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.
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Risk Management Takes a Turn After Events of 2020 27 January 2021
Insurance Business America
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.”
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Louisiana Governor Asks White House for $3B in Hurricane Aid 26 January 2021
Associated Press
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.
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Pandemic Spurs Technology Growth in Insurance Industry 14 January 2021
Roll Call
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.
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KCC Uses Weather Prediction Techniques in US Winter Storm Model 12 January 2021
InsuranceERM
Karen Clark & Company launched a new winter storm model that captures the loss potential from snow and ice, freezing temperatures, and high winds.
2020
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KCC Flood Model Certified by Florida Commission 17 December 2020
Reinsurance News
The KCC Flood Model has been certified by the Florida Commission on Hurricane Loss Projection Methodology, making it the first to be accepted.
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Massive Insured Losses from Hurricane Zeta Revealed 3 November 2020
Insurance Business America
Insured loss to onshore properties from Hurricane Zeta will be close to $4.3 billion, according to Karen Clark & Company.
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Insurers May Take $4.3 Billion Hit from Hurricane Zeta in US 2 November 2020
Reuters
Catastrophe modeling company Karen Clark & Company said insurers could face $4.3 billion in US losses from Hurricane Zeta.
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Hurricane Zeta Wind & Surge Insured Losses Estimated at $4.4bn by KCC 2 November 2020
Artemis
Karen Clark & Company estimates insured loss to onshore properties caused by Hurricane Zeta will be near $4.4 billion.
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Hurricane Zeta’s Insured Property Loss Put at $4.4bn by KCCReinsurance News 2 November 2020
Reinsurance News
Karen Clark & Company estimates insured loss to onshore properties caused by Hurricane Zeta will be near $4.4 billion.
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Revealed – Huge Insured Loss Total from Hurricane Sally 22 October 2020
Insurance Business America
Catastrophe modeling firm Karen Clark & Company estimates insured losses to onshore properties from Hurricane Sally will be around $2 billion.
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Hurricane Sally Insured Loss from Onshore Property Around $2bn: KCC 21 October 2020
Reinsurance News
Karen Clark & Company has estimated Hurricane Sally’s insured losses from onshore properties at around $2 billion.
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Karen Clark & Co. Estimates $950M Insured Loss in U.S. from Delta 13 October 2020
Insurance Journal
Insured losses to onshore properties from Hurricane Delta will total close to $1.25 billion according to catastrophe risk modeling firm Karen Clark & Company.
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Hurricane Delta Onshore Insured Property Loss Close to $1.25bn: KCC 13 October 2020
Artemis
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
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KCC Puts Delta Insured Loss Near $1.25bn 13 October 2020
Trading Risk
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.
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Karen Clark & Co. Estimates $950M Insured Loss in U.S. from Delta 13 October 2020
Insurance Journal
Insured losses to onshore properties from Hurricane Delta will total close to $1.25 billion according to catastrophe risk modeling firm Karen Clark & Company.
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Hurricane Delta Onshore Insured Property Loss Close to $1.25bn: KCC 13 October 2020
Artemis
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
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Karen Clark Interview: The Vital Development of Cat Risk Models 5 October 2020
Intelligent Insurer
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.
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Hurricane Sally Insured Loss Estimates Top $2 Billion 22 September 2020
PropertyCasualty360
Insured loss estimates from Hurricane Sally may top $2 billion, according to Karen Clark & Company.
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Karen Clark Named Outstanding Contributor of 2020 4 September 2020
Trading Risk
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.
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Louisianans Seek State and Federal Assistance Following Hurricane Laura 2 September 2020
WRKF
In an article discussing impacts to Louisiana from Hurricane Laura, KCC’s insured loss estimate for the storm is mentioned.
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KCC Releases Hurricane Laura Damage Estimate 1 September 2020
Insurance Business America
Karen Clark & Company estimates insured loss to onshore property from Hurricane Laura will be near $9 billion.
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In Aftermath of Hurricane Laura, Residents Worry About Help 31 August 2020
AP News
In an article discussing the impacts of Hurricane Laura, KCC’s estimated insured loss is included.
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Hurricane Laura Losses Said up to $9bn by KCC, up to $8bn by AIR 31 August 2020
Artemis
Catastrophe risk modeler Karen Clark & Company estimates industry losses from Hurricane Laura are expected to be close to $9 billion.
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Hurricane Laura Expected to Cost Insurers as Much as $9 Billion 31 August 2020
Bloomberg
Karen Clark & Company estimates insured losses from wind and storm surge as a result of Hurricane Laura will be near $9 billion.
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Hurricane Isaias Insured Losses Estimated to Top $4.2B in U.S. and Caribbean 11 August 2020
PropertyCasualty360
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.
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Insured Loss from Hurricane Isaias Revealed 11 August 2020
Insurance Business America
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.
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Hurricane Isaias Expected to Cost Insurers $4 Billion in U.S. 10 August 2020
Bloomberg
The insured loss from Hurricane Isaias in the Caribbean and US will be around $4.2 billion, according to Karen Clark & Company.
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Insured Losses from Hurricane Isaias Could Reach $4 Billion in U.S. 10 August 2020
Insurance Journal
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.
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Isaias to drive $4bn industry loss in US, $200mn in Caribbean: KCC 10 August 2020
Reinsurance News
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.
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Isaias Insured Losses $4B in US: KCC 10 August 2020
Business Insurance
Karen Clark & Company estimates insured losses from Hurricane Isaias could be around $4 billion in the US and $200 million in the Caribbean.
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Hurricane Isaias Insured Losses Estimated at $4.2bn by KCC 10 August 2020
Artemis
Hurricane Isaias may have caused an insurance and reinsurance industry loss of $4.2 billion, according to catastrophe risk modeler Karen Clark & Company.
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Revealed – Insured Losses from Hurricane Hanna 30 July 2020
Insurance Business America
The insured loss from Hurricane Hanna will be close to $350 million, according to catastrophe risk management firm Karen Clark & Company.
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Hurricane Hanna Industry Loss Estimated Around $350m by KCC 28 July 2020
Artemis
After making landfall in Texas, Hurricane Hanna’s insurance market loss will be near $350 million, according to Karen Clark & Company.
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KCC Puts Hurricane Hanna Insured Losses at Close to $350mn 28 July 2020
Reinsurance News
Karen Clark & Company estimates that the insurance industry losses from Hurricane Hanna will be near $350 million.
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Texas, Hawaii Spared from Potential Widespread Hurricane Damage 28 July 2020
Claims Journal
In a summary of recent tropical cyclone impacts, KCC’s Hurricane Hanna industry loss estimate of $350 million was discussed.
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Hurricanes and COVID-19 15 July 2020
Carrier Management
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.
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Managing a Pandemic: Are There Lessons from Catastrophe Modeling? 15 July 2020
Carrier Management
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.
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East Coast’s Insured Loss From Tropical Storm Fay to Tally Near $400 Million: KCC 15 July 2020
Insurance Journal
Tropical Storm Fay will cause around $400 million in insured loss, according to catastrophe modeling firm Karen Clark & Company.
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Tropical Storm Fay Insured Loss Estimated at $400m by KCC 14 July 2020
Artemis
Catastrophe risk modeler Karen Clark & Company has estimated an insurance market loss of $400 million from Tropical Storm Fay.
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Storm Fay to Drive $400mn Insured Loss: KCC 14 July 2020
Reinsurance News
Tropical Storm Fay will drive an insured loss near $400 million, according to Karen Clark & Company.
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Tropical Storm Fay Insured Loss Estimate $400M: Karen Clark 14 July 2020
Business Insurance
A statement released Tuesday by catastrophe modeler Karen Clark & Company estimated insured losses from Tropical Storm Fay would be around $400 million.
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KCC Says Cristobal a $150m Industry Loss, Storm Force Winds Persist 10 June 2020
Artemis
Catastrophe Risk modeling firm Karen Clark & Company has estimated that Cristobal has caused an insurance and perhaps reinsurance market loss of around $150 million.
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KCC Puts Tropical Storm Cristobal Insured Loss at $150mn 10 June 2020
Reinsurance News
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.
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Cristobal to Cost Insurers $150m 10 June 2020
InsuranceERM
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.
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KCC Estimates Insured Losses of Nearly $150 Million from Tropical Storm Cristobal 10 June 2020
Reuters
Karen Clark & Company estimates that privately insured losses from Tropical Storm Cristobal will be near $150 million.
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Hurricanes May Cause More Pain for Pandemic-hit Insurers 1 June 2020
Reuters
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.
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Catastrophes: Climate Change - Weather Alert 1 June 2020
AM Best
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.
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Many States Scrambling to Update Hurricane Plans for Virus 31 May 2020
Associated Press
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.
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Hurricanes and Coronavirus ‘Not a Good Mix,’ KCC Warns 29 May 2020
Carrier Management
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.
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Hurricanes and Pandemics are “Not a Good Mix”, Warns KCC 27 May 2020
Reinsurance News
Karen Clark & Company issued a report stating that hurricane losses and loss adjustment costs will increase due to COVID-19.
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COVID-19 to Increase Hurricane Losses, Widespread Events the Most: KCC 26 May 2020
Artemis
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.
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Lack of Clarity on Infection, Fatality Rates Hinders Ability to Assess COVID-19 Impact: KCC 1 May 2020
Carrier Management
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.
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Guy Carpenter Inks Agreement with Karen Clark and Company 25 February 2020
Insurance Business America
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.”
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Guy Carpenter Licenses Full Suite of Karen Clark & Company CAT Models 24 February 2020
Insurance Innovation Reporter
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.
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Guy Carpenter Opts for Modelling Suite from KCC 24 February 2020
Reinsurance News
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
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KCC Launches Report on Lessons from Typhoon Jebi 18 September 2019
Insurance Business Asia
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.
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Japanese Typhoons Could Cause $15 Billion in Insured Losses 17 September 2019
Business Insurance
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.
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Jebi Sized Loss in Japan to Hit Re/Insurers at Least Once Every 20 Years, Says KCC 17 September 2019
Reinsurance News
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.
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Catastrophe Modelers: U.S. Insured Losses from Dorian Could Reach $1.5B in U.S. 17 September 2019
Insurance Journal
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.
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Expect $15bn+ Japan Typhoon Industry Loss at Least Every 20 Years: KCC 16 September 2019
Artemis
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.
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KCC Pegs Total Insured Losses from Dorian at $5.2bn 10 September 2019
Reinsurance News
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.
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KCC Pegs Total Hurricane Dorian Industry Insured Loss at $5.23bn 10 September 2019
Artemis
According to Karen Clark & Company, insured losses from Hurricane Dorian (including the Caribbean and US) are around $5.23 billion.
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Karen Clark Pegs Dorian Losses at $5.2bn 10 September 2019
Insurance Insider
Karen Clark & Company estimates insured losses from Hurricane Dorian will reach $5.2 billion for the US and Caribbean.
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Dorian Caused $7b in Damage to the Bahamas, Estimates Catastrophic Modeling Firm 9 September 2019
The Nassau Guardian
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.
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As Hurricane Dorian Aid Stalls, Frustrated Bahamians Take Relief into Their Own Hands 6 September 2019
Grist
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.
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In Bahamas, Officials Assess ‘Generational Devastation’ from Hurricane Dorian 5 September 2019
NPR
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.
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Hurricane Dorian Devastation in Bahamas Could Cost $7 Billion: KCC 5 September 2019
Today Online
Catastrophe modeling firm Karen Clark & Company have estimated around $7 billion in total property damage has occurred in the Bahamas from Hurricane Dorian.
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Hurricane Death Toll in Bahamas at 30 as Aid Begins to Land 5 September 2019
NBC Miami
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.
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‘Unprecedented’ Damage: Bahamas Reel from Impact of Hurricane Dorian 5 September 2019
PropertyCasualty360
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.
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Hurricane Dorian Causes $7B in Property Damage to Bahamas 5 September 2019
New York Post
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.
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Hurricane Dorian Seen Costing the Bahamas at Least $7 Billion 5 September 2019
Bloomberg
Costs of Hurricane Dorian could reach $7 billion in the Bahamas, according to a preliminary estimate from Karen Clark & Company.
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Hurricane Dorian Whips South Carolina 5 September 2019
Wall Street Journal
In an article discussing the impacts of Hurricane Dorian, KCC’s $7 billion total loss estimate (insured and uninsured) for the Bahamas was referenced.
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KCC Puts Bahamas' Losses from Hurricane Dorian at $7 Billion; Abaco and Grand Bahama Worst Hit 5 September 2019
Intelligent Insurer
Hurricane Dorian brought wind speeds of 185 mph to the Bahamas, and total losses are $7 billion, according to Karen Clark & Company.
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Dorian's 'Final Act' Could be a Tough 24-Hour Run Through the Carolinas 5 September 2019
Insurance Journal
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.
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Total Cost of Hurricane Dorian in the Bahamas Estimated at $7bn: KCC 5 September 2019
Reinsurance News
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.
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Hurricane Dorian Impact on Bahamas Likely to Cost $7bn+, Says KCC 5 September 2019
Artemis
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.
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Hurricane Dorian Devastation in Bahamas Could Cost $7Bln - KCC 5 September 2019
Reuters
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.
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'Like Zombies': Hurricane Victims Face Up to the Disaster 5 September 2019
AP News
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.
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Hurricane Dorian Leaves Bahamas with Estimated $7 Billion in Damages 5 September 2019
Claims Journal
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.
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Business Live: Trade Talks Push US Stocks Higher 5 September 2019
BBC News
KCC’s total loss estimate for Hurricane Dorian in the Caribbean was included in the BBC’s daily round-up of business news.
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Japan Quakes to Cost Insurance Industry $2B-$3B Annually: Karen Clark & Co. 30 August 2019
Insurance Journal
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.
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Ridgecrest Quakes Drive Surge in Insurance Buying, Reports CEA 29 August 2019
Reinsurance News
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.
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Expect $2-3B in Annual Industry Losses from Japan Quakes: KCC 29 August 2019
Carrier Management
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.
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KCC Cat Model Estimates $1.5 Trillion Losses if Kanto-Strength Earthquake Hit Japan Today 28 August 2019
Intelligent Insurer
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.
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Karen Clark & Co. Highlights Vast Lost Potential from Tokyo Quake 28 August 2019
Reinsurance News
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.
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Major Quake Near Tokyo Could Generate $3trn in Losses: KCC 28 August 2019
Insurance Day
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.
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Tokyo Area Earthquake Has Potential To Drive $3tn Property Loss: KCC 27 August 2019
Artemis
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.
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Japanese Earthquake Losses Could Run into Trillions 2 August 2019
InsuranceERM
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.
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Reactions North America Finalists Revealed 25 July 2019
Reactions
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.
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When a Major Hurricane Hits New England, the Costs will be Huge 25 July 2019
NBC10 Boston
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.
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California Earthquakes Caused $200 Million in Damage, Report Says 24 July 2019
Wall Street Journal
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.
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Ridgecrest Quake Insured Losses Less than $40m: Karen Clark 24 July 2019
Business Insurance
An article discusses Karen Clark & Company’s recent loss estimate for the Ridgecrest Earthquake and findings of a post-event damage survey.
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Re/Insurance to Cover Less Than 20% of $200m Ridgecrest Quake Loss: KCC 24 July 2019
Reinsurance News
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.
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Modeler Estimates Insured Losses from California Quakes Less than $40m 24 July 2019
Insurance Journal
Karen Clark & Company released an Event Brief that estimates the total loss from the event will be around $200 million.
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Ridgecrest, California Quake Insured Losses Under $40m: KCC 24 July 2019
Artemis
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.
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CAT- i Bulletin: Hurricane Barry 17 July 2019
Guy Carpenter Capital Ideas
In an article about Hurricane Barry, KCC’s insured loss estimate is referenced while discussing impacts from the storm.
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Hurricane Barry Insurance Losses at Least $300 Million, Says Risk Modeller KCC 17 July 2019
Intelligent Insurer
Karen Clark & Company estimates that the insured losses from hurricane Barry will be around $300 million.
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Flash Floods, Power Outages, and Road Closures: Assessing the Damage from Hurricane Barry 16 July 2019
PropertyCasualty360
Karen Clark & Company’s insured loss estimate of $300 million is referenced in an article discussing the impacts of Hurricane Barry.
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Karen Clark & Co. Estimates $300m in Non-NFIP Losses from Barry 16 July 2019
Insurance Journal
Excluding the National Flood Insurance Program (NFIP), Karen Clark & Company estimates insured losses from Hurricane Barry will be near $300 million.
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Insured Losses from Barry Close to $300m: KCC 16 July 2019
Business Insurance
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.
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Hurricane Barry Private Market Loss at Almost $300mn: KCC 16 July 2019
Reinsurance News
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.
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Hurricane Barry Insured Losses Could Hit $300m 16 July 2019
InsuranceERM
Catastrophe risk modeler Karen Clark & Company has estimated that industry insured losses will be close to $300 million.
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KCC'S Clark: Improving Data Collection in Asia Will Lead to Better Risk Models 19 June 2019
AM Best TV
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.
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Cat 5 Storm Landfall Near Miami Would Drive Residential Losses of Over $200 bn, Says KCC 19 June 2019
Reinsurance News
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.
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Miami Area Cat 5 Hurricane Like Irma Would Be $200bn+ Residential Loss: KCC 18 June 2019
Artemis
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.
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2019 Atlantic Hurricane Season: Facing The Eye of the Storm 6 June 2019
InsuranceERM
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.
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Risk Modelers Take Measured View of Climate Change Impacts 29 January 2019
Insurance Insider
Karen Clark comments on the challenges, and potential impacts, of incorporating climate change into catastrophe risk models.
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Karen Clark Named the 2019 John S. Bickley Founder’s Award Recipient 24 January 2019
Press Release
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
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Before and After Aerial Maps Show the Miles of Destruction Left by Hurricane Michael 12 October 2018
TIME
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.
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What’s Happening: Devastation in Florida, Flooding Elsewhere 12 October 2018
AP News
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.
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Hurricane Michael Insured Losses Estimated at $8bn 12 October 2018
Intelligent Insurer
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.
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Hurricane Michael May Cost Insurers $8 Billion 11 October 2018
Bloomberg
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.
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Michael Blasts Deadly Path Across Several Southern States 11 October 2018
Wall Street Journal
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.
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Hurricane Michael Insured Loss To Be Close to $8bn: Karen Clark & Co. 11 October 2018
Artemis
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.
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Karen Clark & Co. Estimates $2.5B in Insured Losses from Hurricane Florence 18 September 2018
Insurance Journal
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.
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KCC Releases $2.5bn Insured Loss Estimate for Hurricane Florence 17 September 2018
Reinsurance News
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.
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Insured losses from Florence estimated at $2.5B: Karen Clark 17 September 2018
Business Insurance
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.
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Hurricane Florence loss only $2.5bn (ex-NFIP), says Karen Clark & Co. 17 September 2018
Artemis
According to Karen Clark, the estimated insured market loss from Hurricane Florence is expected to be close to $2.5 billion.
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Hurricane Florence Threat Still ‘Catastrophic,’ Forecasters Warn 13 September 2018
Wall Street Journal
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.
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Karen Clark: Global Warming May Be Increasing Storm Severity 11 September 2018
AM Best TV
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.
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‘Open models’ and Real-Time Cat Data Valuable to Traders 10 September 2018
Intelligent Insurer
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.
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Cat Models Must Be Better: Clark 9 September 2018
Intelligent Insurer
In an interview at this year’s Monte Carlo Rendez-Vous de Septembre Karen Clark explains how the cat models can be better.
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$125m Insured Losses Expected From Tropical Storm Gordon: KCC 6 September 2018
Reinsurance News
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.
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Tropical Storm Gordon Industry Loss Said Only $125m By Karen Clark & Co. 6 September 2018
Artemis
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.
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Gordon Insured Losses Estimated at $125 Million 5 September 2018
Business Insurance
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.
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How Insurers and Reinsurers Can Proactively Manage Weather-Related Claims 13 August 2018
Carrier Management
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.
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Lessons From the 2017 Atlantic Hurricane Season: Open Models, Real-Time Tracking Are Valuable Tools 18 June 2018
Carrier Management
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.
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Texas Hailstorm Industry Loss Could Reach $1bn: Karen Clark & Co. 12 June 2018
Artemis
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.
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Texas Hailstorm Insured Damage Estimated at $1 Billion 12 June 2018
Business Insurance
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.
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Wide Ranges and Divergent Hurricane Loss Estimates 2017’s Biggest Surprise: Karen Clark 11 June 2018
Reinsurance News
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.
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2017 Hurricane Season Review and Analysis 5 June 2018
Insurance Journal
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.
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Alberto Industry Loss Likely Minimal, KCC Estimates $50m 30 May 2018
Artemis
Karen Clark & Company estimates minimal impact from Subtropical Storm Alberto in the United States, with insured losses close to $50 million.
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Insured Losses From Alberto Could Reach $50m 30 May 2018
Royal Gazette
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.
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$2.5bn Losses Expected From U.S. Ring of Fire Weather System, KCC Says 24 May 2018
Reinsurance News
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.
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"Ring of Fire" Severe Convective Storms to Drive $2.5bn Insured Loss: KCC 22 May 2018
Artemis
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.
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May Storms Cause $2.5 Billion in Insured Damages: Report 22 May 2018
Business Insurance
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."
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Model Behaviour: Learning the Lessons from Last Year’s Hurricanes 14 May 2018
Insurance Day
"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.
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Expected Annual Severe Convective Storm Losses Higher Than Hurricanes & Earthquakes Combined: KCC 13 April 2018
Reinsurance News
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.
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Annual Convective Storm Expected Losses Near $25bn: Karen Clark & Co 10 April 2018
Artemis
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.
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Building Smarter Cat Models: Why They Need an Upgrade 16 February 2018
Carrier Management
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
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Modelling the 2017 Losses: Recurring Estimates Vary Widely 7 December 2017
Trading Risk
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.
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How Insurers and Reinsurers Track Live Hurricanes in Real-Time 24 October 2017
Karen Clark
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.
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Karen Clark & Company Introduces Severe Convective Storm Model 24 October 2017
Reinsurance News
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."
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Karen Clark & Company Unveils Convective Storm Model 24 October 2017
Insurance Business America
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.
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Karen Clark Releases Convective Storm Model Update 23 October 2017
Business Insurance
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.
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Annual Convective Storm Losses Near $20Bn, New KCC Risk Model Shows 23 October 2017
Artemis
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.
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What Harvey and Irma Say About the Accuracy of Catastrophe Models 16 October 2017
Karen Clark
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.
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Karen Clark & Co. Puts Hurricane Nate Insured Loss at Almost $500 Million 9 October 2017
Reinsurance News
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.
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Hurricane Nate Industry Loss Estimated at $500M: Karen Clark & Co. 9 October 2017
Artemis
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.
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Nate Losses Estimated at $500 Million 9 October 2017
Business Insurance
In an article examining Hurricane Nate, Karen Clark & Company is reference for estimating the insured losses to reach $500 million.
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Hurricane Maria a $30Bn Re/Insurance Loss: Karen Clark & Company 29 September 2017
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.
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Hurricane Maria To Cost Re/Insurers $30Bn: Karen Clark 29 September 2017
Insurance Day
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.
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KCC Puts Hurricane Maria Losses at $30Bn 29 September 2017
Insurance Insider
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.
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Hurricane Maria To Result in $30 Billion Insured Loss: KCC 29 September 2017
Reinsurance News
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.
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KCC Estimates Hurricane Maria Losses at $30Bn 29 September 2017
Trading Risk
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.
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Comment: Maria Modelling Disparity Shows Need for Multiple Risk Perspectives 29 September 2017
Insurance Day
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.
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Karen Clark & Company Estimates Insured Losses From Hurricane Maria at US $30 Billion 29 September 2017
Canadian Underwriter
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.
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Puerto Rico Damage To Push Maria Losses to Almost $30 Billion 29 September 2017
Business Insurance
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.
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Andrew: Now and Then 28 September 2017
Karen Clark
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.
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Harvey and Irma Affirm the Value of New Cat Models 22 September 2017
Karen Clark
The traditional catastrophe model output does not provide the timely and granular data senior executives want when storms like Irma and Harvey are unfolding...
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Why Irma’s Impact on the Economy Will Be Worse Than Harvey’s 15 September 2017
NBC News
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.
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Florida Keys Not Alone After Hurricane Irma Ruins Tropical Haven 15 September 2017
WPLG Local 10
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.
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Reinsurers Shares Wobble After Counting the Cost of Irma and Harvey 15 September 2017
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.
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Florida is Short on Insurance Adjusters and That Could Stall Recovery Efforts 14 September 2017
Wall Street Journal
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.
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Hurricane Irma Insured Industry Loss $25Bn: Karen Clark & Co. 14 September 2017
Artemis
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.
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Irma Damage Expected To Reach $18 Billion in the U.S. 13 September 2017
Miami Herald
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.
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KCC Estimates Insured Irma Losses at $25Bn 13 September 2017
Trading Risk
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.
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Irma Insured Losses Estimated at $25 Billion 13 September 2017
Business Insurance
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.
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Irma Insured Loss Forecast at $25Bn: KCC 13 September 2017
Insurance Insider
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.
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How Insurers Used CAT Models in Irma Prep 12 September 2017
Digital Insurance
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.
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Irma Damage Could Cost the U.S. Economy and Insurers Dearly 11 September 2017
Lombardi Letter
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.
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Hurricane Irma Has Taken a Turn Toward the Most Catastrophically Vulnerable City in America 10 September 2017
Quartz
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.
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Irma Brings Fears of Surge, Sewers and Toxins to Tampa Area 10 September 2017
Boston Globe
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.
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Tampa Has Never Seen Anything Like Hurricane Irma 10 September 2017
Slate
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.
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Worst Case Scenario? Massive Damage Feared in Tampa As It Awaits Irma’s Wrath 10 September 2017
RT News
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.
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Irma’s Track Shifts West, May Target Vulnerable Tampa Area 10 September 2017
The Real Deal
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.
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Building Boom Puts Millions in Irma’s Path 10 September 2017
Wall Street Journal
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.
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If Path Holds, Irma Could Swamp Southwest Florida, Tampa Coast With Surge 9 September 2017
Miami Herald
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.
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Hurricane Irma’s Surge Poses Major Risk to Florida 9 September 2017
Wall Street Journal
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.
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Security First Insurance Lays Groundwork To Stay Connected During Irma 7 September 2017
Digital Insurance
In an article evaluating Security First, Karen Clark & Company’s RiskInsight modeling tool is explained as a way to estimate claims.
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Progressive: Here We Go Again 5 September 2017
Barron's
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.
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KCC’s New RiskInsight-Lite Facilitates Tracking of Hurricane Losses in Real-Time 5 September 2017
Reinsurance News
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.
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Live Cat Hurricane Risk Model Launched by Karen Clark & Co. 5 September 2017
Artemis
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.
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Karen Clark & Co. Modeling Platform Allows Real-Time Hurricane Loss Tracking 5 September 2017
Business Insurance
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.
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Saturated: Claims Flood in After Harvey Exits 5 September 2017
Risk & Insurance
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.
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Insurers Expected To Withstand Harvey Claims 5 September 2017
Business Insurance
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.
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Insured Losses From Harvey Could Top $15 Billion 1 September 2017
Business Insurance
In an article evaluating the estimated losses of Hurricane Harvey, Karen Clark explains that the bulk of insured loss will come from inland flooding.
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Harvey Insured Loss $15.4bn (ex NFIP): Karen Clark & Co. 1 September 2017
Artemis
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.
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Modeling Firm: Hurricane Harvey Private Insured Losses Could Top $15 Billion 1 September 2017
AM Best
In an article analyzing the devastation of Hurricane Harvey, Karen Clark explains how insured losses could reach upwards of $15 Billion.
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Uncertainty Over Harvey Loss Estimates 1 September 2017
Trading Risk
In an article evaluating the destruction caused by Hurricane Harvey, Karen Clark estimates wind-driven insured losses in the low billions.
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Harvey a $15.4bn Insured Loss (Ex NFIP), Over $12bn Inland Flooding: KCC 1 September 2017
Reinsurance News
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.
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KCC Pitches Harvey Insured Losses at $15Bn 1 September 2017
Insurance ERM
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.
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Harvey Insured Losses To Hit $15Bn: Karen Clark 1 September 2017
Insurance Insider
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.
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25 Years After Andrew, Fla. Insurance Industry Stronger but Still Vulnerable 24 August 2017
S&P Global Market Intelligence
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.
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25 Years Later: How Florida's Insurance Industry Has Changed Since Hurricane Andrew 24 August 2017
Insurance Journal
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.
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Cat Models Impact After Hurricane Andrew 24 August 2017
Claims Journal
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.
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25 years since Andrew - Karen Clark interview 24 August 2017
Reactions
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.
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Blog: If Hurricane Andrew II Hit Miami Today 23 August 2017
Karen Clark
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.
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Lasting Effects of Hurricane Andrew 22 August 2017
Business Insurance
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.
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KCC's Clark: 'We Are in a Similar Position Today As We Were Before Andrew' 17 August 2017
AM Best TV
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.
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Legislative Levee: Can Private Insurance Help the National Flood Insurance Program Meet Its Congressional Expectations? 1 August 2017
Actuarial Review
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.
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The Trading Floor Interview: Karen Clark 16 June 2017
Trading Risk
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.
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Open-Loss Modelling "Significant as First Cat Models" Says Pioneer 12 June 2017
Intelligent Insurer
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.
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Innovation in Risk Modeling: How We Do It 21 May 2017
Karen Clark
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.
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How New Rating Agency Formulas Could Impact Reinsurance and the ILS Market 30 January 2017
Carrier Management
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
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The Latest Launches From QBE North America, Aon, Arch Insurance and More 7 November 2016
Carrier Management
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.
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KCC Updates RiskInsight Loss Modelling Tool 7 November 2016
InsuranceERM
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.
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Big Data Analytics: Mining Your Catastrophe Claims Data for Competitive Advantage 20 July 2016
Carrier Management
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.
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Are Insurers Prepared for Hurricane Andrew II? 31 May 2016
PropertyCasualty360
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.
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Modeling Firms Take First Look at Cyber Risks 29 May 2016
Business Insurance
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.
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Catastrophe Modeler Updates Loss Modeling Platform 16 May 2016
Business Insurance
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.
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Around the P&C Insurance Industry: May 11, 2016 11 May 2016
PropertyCasualty360
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.
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The Latest Launches From Karen Clark, Allianz and Hiscox 10 May 2016
Carrier Management
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.
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Karen Clark & Company Releases V4.3 of RiskInsight Open Loss Modeling Platform 9 May 2016
Insurance Innovation Reporter
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.
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Why Convective Storm Models Are Unreliable 11 April 2016
Carrier Management
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.
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15 Women in Insurance You Need to Know 25 March 2016
National Underwriter
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.
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Karen Clark & Co. Announces 2 Additions to Senior Management Team 1 February 2016
Insurance Journal
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.
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Earthquakes for CEOs: Understanding the Most Recent USGS Report 24 January 2016
Carrier Management
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
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Karen Clark & Company Releases New U.S. Earthquake Reference Model within RiskInsight 8 December 2015
Insurance Innovation Reporter
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.
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Karen Clark & Company Releases Updated U.S. Earthquake Model 8 December 2015
Claims Journal
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.
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Karen Clark & Co. Releases New U.S. Earthquake Reference Model 7 December 2015
Carrier Management
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.
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Karen Clark Adds US Earthquake Reference Model to Modeling Platform 7 December 2015
Insurance Journal
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.
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Hurricane Patricia Highlights Role for Ils on Peak Exposures: Karen Clark 30 October 2015
Artemis
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.
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Report: Miami Region Fourth-Most Vulnerable to Costly 100-Year Hurricane Storm Surge 14 October 2015
Sun Sentinel
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.
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How Insurers Are Building Bespoke Catastrophe Models 29 September 2015
Carrier Management
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.
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Modeling Platform Update Enhances Global Mapping, Interactivity 29 September 2015
Business Insurance
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.
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Karen Clark & Company Updates Riskinsight Platform 29 September 2015
Intelligent Insurer
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.
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Karen Clark & Company's RiskInsight Open Loss Modeling Platform Introduces Advanced Tools 29 September 2015
Insurance Innovation Reporter
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.
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Karen Clark & Co. Updates Riskinsight Open Loss Modeling Platform 28 September 2015
Artemis
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.
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Report: Florida Cities Most Vulnerable to Storm Surge 15 September 2015
Insurance Journal
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.
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No One Is Ready for the Next Katrina 27 August 2015
WIRED
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.
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Tampa/St. Petersburg Most Vulnerable to Storm Surge Flooding Damage, With Loss Potential of Us$175 Billion: Karen Clark 27 August 2015
Canadian Underwriter
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.
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Tampa Bay is the Most Vulnerable Metro Area to Hurricane Damages, Study Shows 26 August 2015
Tampa Bay Business Journal
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.
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Katrina's Impact on Catastrophe Modelling and Management 24 August 2015
Insurance Day
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.
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Hurricane Katrina's Legacy 23 August 2015
Carrier Management
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.
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US Cities Most at Risk from Storm Surges 21 August 2015
Global Reinsurance
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.
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No Immediate Threat to ILS Investments From Climate Change, Says Report 9 June 2015
Artemis
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.
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Climate Change Not Yet Boosting Atlantic Hurricane Activity: Karen Clark & Co. 3 June 2015
Carrier Management
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.
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Climate Change ‘Not an Issue’ for Hurricane Insurance Investors 3 June 2015
InsuranceERM
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.
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Moderate Hurricane Season Predicted, But Storm Risks Remain 24 May 2015
Business Insurance
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.
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Can Karen Clark Move Forward the Cat Modeling Industry She Helped Create? 28 April 2015
Carrier Management
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.
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U.S. Coastal Regions Hold Bulk of Insured Property Values 21 April 2015
Claims Journal
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.
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How to Manage Risk of Valuable Properties Concentrated in Coastal Areas 21 April 2015
Insurance Journal
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.
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PML’s Leave Re/Insurers Over-Exposed to Losses, ILS Can Help: Karen Clark 16 April 2015
Artemis
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.
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Location, Location, Location: Higher Property Values Increase Potential Catastrophic Losses 16 April 2015
National Underwriter
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.
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Miami Hurricane Could Yield Unprecedented $250 Billion in Losses: Report 15 April 2015
Insurance Business America
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.
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100 Year Hurricane Could Cause More Than $250b Losses in Florida 14 April 2015
CNBC
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.
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U.S. Insured Property Values Reach New Heights and Cluster in Coastal Regions 14 April 2015
Carrier Management
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.
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100 Year Event Losses vs. Insurer Estimates 14 April 2015
Insurance Information Institute
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.
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Highest Valued U.S. Properties Face Bigger Natural Risks 13 April 2015
Business Insurance
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.
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Climate Change Modeling on Cusp of Paradigm Shift 26 February 2015
Insurance Journal
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.
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What Boards Would Like to Know About Catastrophe Losses 23 January 2015
Carrier Management
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.
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Karen Clark & Company Introduces New U.S. Storm Surge Model 21 January 2015
Claims Journal
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.
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Karen Clark Releases US Storm Surge Model 21 January 2015
Intelligent Insurer
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.
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Karen Clark & Co. CEO: New Storm Surge Model Could Help Private Flood Market 20 January 2015
AM Best
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.
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Karen Clark & Co. Launches U.S. Storm Surge Risk Model 20 January 2015
Artemis
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.
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Karen Clark Rolls Out New U.S. High - Res Storm Surge Model 20 January 2015
Carrier Management
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.
2014
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Consultant Puts Losses From Napa Quake at $1 Billion 15 December 2014
Napa Valley Register
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.
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Hurricane Season Ends in Line with Quiet Forecast 7 December 2014
Business Insurance
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.
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Why Open Platforms Are the Logical Next Step for Catastrophe Risk Models 4 November 2014
Carrier Management
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.
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Q&A: Karen Clark, Karen Clark & Co. 28 October 2014
Business Insurance
Karen Clark discusses innovation, demand for open model platforms and the changes to access the insurance industry will see develop as we enter 2015.
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Investors Comfortable With Long - Standing Earthquake Catastrophe Models 26 October 2014
Business Insurance
Insurance-linked securities investors are now utilizing open platforms in addition to traditional models to assess risk, according to Karen Clark.
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Open Platforms — A New Approach to Loss Estimation 1 September 2014
Insurance Day
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.
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A.M. Best Interviews Karen Clark on "Characteristic Events" 25 August 2014
AM Best TV
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.
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What Rating Agencies Really Want to Know About Your Catastrophe Risk 28 July 2014
Carrier Management
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.
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Report: $100M in Losses from Southern California Quake 9 July 2014
Insurance Journal
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.
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Risk Remains After California's La Habra Earthquake, Report Concludes 30 June 2014
Carrier Management
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.
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Karen Clark & Co.: Industry Losses From 100-Year Hurricane in Texas Could Exceed $100 Billion 6 June 2014
AM Best
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.
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Category 5 Texas Hurricane: Where Landfall Would Be Worst 5 June 2014
Houston Chronicle
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.
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Catastrophe Modeler Addresses Impact of 100-year Hurricane 3 June 2014
Business Insurance
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.
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Don't Get Caught out by Exposure Concentrations This Hurricane Season 3 June 2014
Artemis
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.
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Seismic Map Updates Will Have Varied Impacts on Property Insurance Market 11 May 2014
Business Insurance
Karen Clark discusses how updates to the USGS Seismic Hazard Maps will impact catastrophe models used to assess earthquake risk.
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Rival Vendors Unveil Open Cat Modelling Platforms 24 April 2014
Insurance Risk
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.
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Next Generation Cat Modeling: Multimodel, Open Source or Open Platform—What’s the Difference? 22 April 2014
Carrier Management
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.
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Updated Catastrophe Models Give Users More Control of Systems 11 April 2014
Business Insurance
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.
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Karen Clark's RiskInsight Now Fully Probabilistic 27 March 2014
InsuranceERM
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.
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Who's Using What: The Latest Insurance Software Implementations 26 March 2014
PropertyCasualty360
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.
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Karen Clark & Co.'s RiskInsight Now a Fully Probabilistic Loss Modeling Platform 25 March 2014
Carrier Management
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.
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The Current Scientific Consensus on Climate Change and Hurricanes—It May Surprise You 30 January 2014
Carrier Management
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
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Terrorism Insurance and Increased Competition on Risk Management Radar in 2014 29 December 2013
Business Insurance
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.
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Simulating The Hazard Rather Than The Loss 2 December 2013
Insurance Day
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.
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Quiet Atlantic Hurricane Season Puts Downward Pressure on Reinsurance Rates 1 December 2013
Business Insurance
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.
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One Year After Superstorm Sandy, Has Anything Changed? 24 October 2013
Popular Mechanics
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.
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Flooding and Flood Models Explained: Karen Clark Reviews the Basics 17 October 2013
Carrier Management
Here, Karen Clark explains different types of floods and contrasts the challenges of modeling storm surge and inland flooding.
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Lessons from Hurricane of ’38 Can Limit Losses Today 14 October 2013
Providence Business News
Karen Clark discusses the lessons learned from the 1938 Hurricane in this Q&A with Providence Business News.
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Catastrophe Models Give Insurers Insight into Disasters 30 September 2013
Financial Times
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.
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Looking Back At The Great Hurricane Of 1938 20 September 2013
WBZ
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.
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Storm of a Lifetime Would Crush Southern New England Today 20 September 2013
Boston Business Journal
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.
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New England Storm: 1938 Storm Estimated as One-in-100 Year Event 18 September 2013
Insurance Day
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.
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Karen Clark & Co. Report Looks Back at New England Hurricane of 1938 16 September 2013
Insurance Journal
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.
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Present Day Impact of Great New England Hurricane: Karen Clark & Co. 16 September 2013
Carrier Management
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.
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Q&A: Karen Clark, Karen Clark & Co. 10 September 2013
Business Insurance
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.
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Karen Clark & Co. Launches Windfieldbuilder™, Enhances Visibility of Hurricane Threats 28 May 2013
Artemis
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.
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Karen Clark & Co. Tool Allows Users to Create Hurricane Tracks, Estimate Losses 20 May 2013
PropertyCasualty360
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.
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Karen Clark Explains the Basic Facts About Hurricanes 16 May 2013
Carrier Management
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.
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Investors Seek Ways to Profit From Global Warming 7 March 2013
Bloomberg Businessweek
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.
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The Future of Cat Modelling 6 March 2013
Global Reinsurance
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.
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US Hurricanes: Fact Versus Fiction 1 March 2013
Actuarial Post
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.
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Opening the Black Box 1 March 2013
Global Reinsurance
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.
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Sandy Bill Still Rising 1 March 2013
Global Reinsurance
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.
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Global Insurers to Pick up Bill for Half of Sandy Losses 28 February 2013
Global Reinsurance
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.
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The Latest in Catastrophe Risk Management 19 February 2013
Carrier 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.
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Cat Modeling Firms: Sandy's Data Cache an Information Treasure Trove 13 February 2013
AM Best
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
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What Fuels ERM? More Data 20 December 2012
Insurance & Technology
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.
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Rebuilding Year: Top 10 Stories of 2012 1. Superstorm Sandy Spoils a (Mostly) Good Year for P&C Carriers 13 December 2012
PropertyCasualty360
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.
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Report Shows Increasing Concentrations of Insured Property Values in U.S. 13 December 2012
Insurance Journal
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.
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18% Of U.S. Insured Property Exposure Is Exposed to Atlantic and Gulf Hurricanes 11 December 2012
Artemis
An article from the Bermudan insurance news outlet Artemis reports on insured exposures research conducted through Karen Clark & Company's RiskInsight platform.
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Hurricane Headaches: Delco residents with Homes at Jersey Shore Struggle to Repair Damage Done by Sandy 2 December 2012
Delaware County Times
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.
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Low-Level Wind Damage Claims Adds Up to $12b Price Tag for Sandy 14 November 2012
PropertyCasualty360
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.
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Karen Clark & Co, Surveys Sandy’s Damage 13 November 2012
Insurance & Technology
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.
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Sandy Will Cause Over a Million Claims – Karen Clark & Co 13 November 2012
Global Reinsurance
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.
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Lessons From Hurricane Sandy 7 November 2012
BU Today
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.
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With More Storms on the Horizon, Insurers Could Drop Coastal Homes Altogether 6 November 2012
The New York Observer
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.
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Insurance Companies Rethink Business After Sandy 4 November 2012
National Public Radio
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.
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Karen Clark & Co.: Sandy's Wind Damage Alone to Cause $12B in Insured Losses 2 November 2012
PropertyCasualty360
An article reports on Karen Clark & Company’s RiskInsight® estimation that insured wind losses due to Superstorm Sandy will be $12 billion.
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Risk Experts Say It’s Not Climate Change, It’s Coastal Communities, Stupid 2 November 2012
The New York Observer
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.
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On the Jersey Shore, Emotion Outweighs Cost of Rebuilding 2 November 2012
Reuters
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.
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Clark Looks to Revolutionize Risk Management Again with RiskInsight 5 October 2012
PropertyCasualty360
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.
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Karen Clark & Co. Launches RiskInsight®, Useful Tool for Cat Bond Portfolio Management 5 October 2012
Artemis
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.
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Karen Clark & Co. Introduces RiskInsight® Platform for Cat Risk Management 2 October 2012
Insurance Journal
An article reports on the launch of Karen Clark & Company's open, global platform for catastrophe risk management.
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New Frameworks, Data Sources Redefining Catastrophe Models 2 October 2012
Business Insurance
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.
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Karen Clark & Co. Releases Risk Management Platform 2 October 2012
Insurance & Technology
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.
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Large Isaac Headed Toward New Orleans, but Storm is No Katrina 28 August 2012
PropertyCasualty360
A report on the development and forecast of Hurricane Isaac analyzes the storm using the KC Wind Damage Scale.
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At $125 Billion, Costliest U.S. Hurricane Was Unnamed Miami Storm from 1926 24 August 2012
The Palm Beach Post
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.
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Catastrophe Modelers Credit Hurricane Andrew with Jump-Starting Business 23 August 2012
Insurance & Technology
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.
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Florida Insurance Commissioner During Andrew Remembers the Storm—and Assesses its Game-Changing Impact 23 August 2012
PropertyCasualty360
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.
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Study: Hurricane Andrew Three Times as Costly in 2012 22 August 2012
Claims Journal
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.
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Karen Clark & Co. Estimates Historic Hurricanes’ Losses in Today’s Dollars 21 August 2012
Business Insurance
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.
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Top 10 Costliest Historical Hurricanes 21 August 2012
PropertyCasualty360
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.
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Historical Hurricane Cost Upwards of $10bn in 2012, Claim Cat Experts 21 August 2012
The Post
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.
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Q&A: Andrew Made Big Waves in Catastrophe Modeling 19 August 2012
Business Insurance
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.
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Living Legends of Insurance: #6 Karen Clark: Model Citizen 25 June 2012
National Underwriter
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.
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Insurers Now Take Grain of Salt With Catastrophe Models 6 June 2012
Wall Street Journal
An article reviews the impact of catastrophe modelling on the insurance industry and the increasing skepticism of models following drastic shifts in loss estimates in recent years. Karen Clark is quoted on the values and shortcomings of models.
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Storm of Money: Hurricanes, Insurance, and the Secret Black Boxes That Make Our Rates So High 4 June 2012
The Charleston Post & Courier
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.
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Q&A: Karen Clark Discusses Cat Management as Hurricane Season Arrives 1 June 2012
PropertyCasualty360
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.
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Risk Modelling Versus Risk Management 21 May 2012
Insurance Day
In a guest article, Karen Clark describes an approach to comprehensive risk management though a combination of risk models and characteristic events.
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Using Characteristic Events to Complement CAT Models 4 May 2012
InsuranceERM
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.
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Catastrophe Clarity: Companies to Watch 1 May 2012
Canadian Underwriter
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.
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Catastrophe Clarity: Companies to Watch 1 May 2012
Canadian Insurance Top Broker
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.
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Blowing Up a Storm 1 April 2012
Reinsurance
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.
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A Role for Characteristic Event Methodology in Catastrophe Risk Management 19 March 2012
Insurance Journal
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.
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New Risk Management Tool Could Fill in the Gaps Left by Conventional Catastrophe Models 2 February 2012
Live Insurance News
An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.
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New Tool Helps P/C Insurers Manage Volatility of Catastrophe Models 1 February 2012
Insurance Journal
An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.
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Karen Clark & Company Introduces Characteristic Events 31 January 2012
Insurance News Net
An article describes the methodology and benefits of utilizing Characteristic Events to effectively manage risk.
2011
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NJ's Catastrophe Plan Needs Long-Term Approach, Insurer Input 1 December 2011
PropertyCasualty360
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.
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Varying Assumptions on Limited Data Causing Wide Insured-Loss Estimate Variances 2 September 2011
PropertyCasualty360
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.
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Taking the Hurricane Seriously 26 August 2011
MSNBC
During coverage of Hurricane Irene, Karen Clark discusses the potential effects and insurance losses associated with winds and storm surge with anchor Thomas Roberts.
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Counting the Costs of Catastrophes 13 June 2011
InsuranceERM
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.
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Cracks in Cat Models 1 June 2011
Canadian Underwriter
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.
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Opinion: Updated Doesn’t Mean Better Catastrophe Model 1 June 2011
Risk & Insurance
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.
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Looking Beyond the Catastrophe Model 17 May 2011
Insurance Day
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.
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How Can Rating Agencies Better Gauge Carrier Cat-Risk Exposure? 16 May 2011
National Underwriter
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.
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Japan Earthquake Heightens Concerns Over 'Model Miss 12 May 2011
InsuranceERM
An article exploring the use of catastrophe models following the Tohoku Earthquake quotes Karen Clark on possible over-calibration of models following the event.
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Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark 11 April 2011
Insurance Journal
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.
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Karen Clark & Company Holds Briefings to Address Concerns About New U.S. Hurricane Model 8 April 2011
Canadian Underwriter
This article describes Karen Clark & Company's Executive Briefings, offered to US insurance company executives making decisions on implementing revised hurricane models.
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Cat Modeling: Ingrained in the Industry, Embroiled in Controversy 21 March 2011
National Underwriter
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.
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Model Revisions and Reinsurance Pricing 21 March 2011
National Underwriter
In an article describing RMS model revisions, Karen Clark is quoted on the effects model revisions have on the primary insurance and reinsurance markets.
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Insurers Urged To Harness Web To Grow Profitable HO Biz 21 February 2011
National Underwriter
In a bylined article, Karen Clark describes how developments in consumer communications technology open new distribution and growth opportunities in homeowners insurance.
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Storm Warning 27 January 2011
InsuranceERM
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.
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Risk: Computer Projections of Hurricane Losses Off by $45B-$53B—Critic 19 January 2011
ClimateWire
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.
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Near-Term Models Misjudge Hurricane Losses By Billions 18 January 2011
Claims Magazine
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
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Insurers Placing Too Much Emphasis on Cat Model Pml Numbers, Not Enough on Uncertainty Models 30 November 2010
Canadian Underwriter
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.
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Insurers Placing Too Much Emphasis on Cat Model PML Numbers, Not Enough on Uncertainty Models 30 November 2010
Canadian Underwriter
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.
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Insurers’ Computer Models Deeply Flawed 15 November 2010
Sarasota Herald-Tribune
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.
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Florida Insurers Rely on Dubious Storm Model 14 November 2010
Sarasota Herald-Tribune
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.
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Measuring Up the Metrics 1 September 2010
Global Reinsurance
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.
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The Acts of God Algorithm 1 July 2010
Bostonia
This profile examines Karen Clark’s pivotal role as a pioneer, and continuing innovator, in catastrophe risk management.
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Batten Down the Hatches? 28 June 2010
Trading Risk
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.
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Karen Clark & Co.'s Karen Clark, Davidson & Co.'s Drew Powell on Katrina's Impact 18 May 2010
AM Best
In this BestDay Audio podcast, Karen Clark discusses how Hurricane Katrina impacted catastrophe modeling and how insurers assess risk since the storm.
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Opinion: Prisoners of Models of Our Own Design 1 May 2010
Risk & Insurance
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
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Cat Modeler’s Review Highlights Necessity To Integrate Models Throughout Operations 21 December 2009
BestWeek
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.
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Where Are They Now? 7 December 2009
Business Insurance
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.
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Understanding Uncertainty 1 November 2009
Reactions
In this article, Karen Clark comments on the inherent limits of catastrophe models and cautions against overreliance on the models.
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Cat Modeler Karen Clark on Over-Reliance by Insurers 17 August 2009
AM Best
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).
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Cat Modeling Pioneer: Don’t Rely Too Much on Cat Models 10 August 2009
AM Best
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.
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Perspectives: Why Model Behavior Doesn’t Always Make Sense 10 August 2009
AM Best
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.
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Have Near-term Cat Risk Models Failed? 1 June 2009
Reactions
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.
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A Review of the Performance of Near Term Hurricane Models 1 June 2009
Risk Management
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
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Overshadowed but Active Hurricane Season Was Anticipated by the Industry 8 December 2008
AM Best
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.
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Get a Hold of Your Property, People 1 December 2008
Risk & Insurance
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.
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Why The Next Big Northeast Hurricane Will Surprise 1 December 2008
Catastrophe Risk Management
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.
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The Hurricane of ’38 Remembered 21 September 2008
Worcester Telegram & Gazette
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.
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Birth Mother of CAT Modeling Spins On 15 September 2008
Risk & Insurance
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.
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GR Top 40: The Most Influential Women 1 September 2008
Global Reinsurance
Karen Clark is named the most influential woman in the reinsurance sector for her notable accomplishments in this male-dominated industry.
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Modeling Rests on Data 4 August 2008
Business Insurance
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.
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Shore Bets 21 July 2008
Banker & Tradesman
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.
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Hurricane Preparedness Is Key To Surviving a Katrina 11 July 2008
Providence Journal
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.
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Thinking Outside the Black Box 20 June 2008
The Review
This article by Karen Clark discusses ways that companies can mitigate risk by applying benchmarking analyses that test the credibility of model output.
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Nobel Peace Prize Winners Honor Catastrophe Model Pioneer Clark 22 May 2008
Insurance Journal
Insurance Journal, Insurance Journal announces that Karen Clark received an award certificate for the 2007 Nobel Peace Prize bestowed on the Intergovernmental Panel on Climate Change (IPCC).
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From the Archive: An Interview With Karen Clark 23 April 2008
Insurance Day
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.
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European Insurance Forum Examines Industry Changes 9 April 2008
Insurance Journal
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.
2007
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Catastrophe Modeling Pioneer Clark Advises on Insurers’ Best Practices 6 November 2007
Insurance Journal
This article announces that Karen Clark & Co. will provide reviews of internal catastrophe risk assessment to help companies conform to best practices.
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Cat Modeling Pioneer Clark Honored by Reinsurance Industry 7 September 2007
Insurance Journal
This article details Karen Clark’s receipt of The Review Worldwide Reinsurance Awards’ Lifetime Achievement award for her outstanding contributions to the reinsurance industry.