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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.
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.
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.
On the first anniversary of Supertstorm Sandy, Karen Clark & Company reflects on Sandy's damage and assesses the Northeast's vulnerability for future storms. Using RiskInsight® to examine storm surge, Karen Clark & Company estimates the potential losses for more probable storms.
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.
Nearly one year after Superstorm Sandy, flooding remains a challenge for the insurance industry. Karen Clark & Co. has added a new component to its RiskInsight tool to allow businesses to simulate flood events and examine the loss spikes in order to better asses and proactively manage their risks.
Here, Karen Clark explains different types of floods and contrasts the challenges of modeling storm surge and inland flooding.
Karen Clark discusses the lessons learned from the 1938 Hurricane in this Q&A with Providence Business News.
The insurance industry is changing its view on catastrophe models as the sector looks for more transparency. Karen Clark explains why cat models are not the right tool for solvency and underwriting and how open platform technology, like RiskInsight, offer a better approach.
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.
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.
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.
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.
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.
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.
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.
Following recent extreme flooding events, the Canadian insurance industry is re-assessing their approach to risk management. Given the highly localized nature of precipitation and the possibility for flash flooding to occur anywhere, flooding is more commonly assessed by its post-event flood footprint. As Canada considers the need for overland flooding insurance, Karen Clark helps explain why these severe precipitation events cannot be explicitly modeled and the subsequent losses estimated.
Traditional catastrophe models are not the final answer to risk management, and companies need to build proprietary views of risk to address this disparity. Flexibility, transparency and consistency are driving the new generation of risk models. Karen Clark explains why a shift to these open and customizable platforms will lead from risk modeling to true risk management.
Current catastrophe models leave insurers vulnerable to large losses in tornado zones explains Karen Clark in Insurance Day. Today's models underestimate loss potentials for individual insurance companies due to incomplete data and bias. Here, Karen discusses how the localized nature of tornadoes combined with undersampling impedes the models' ability to fully account for areas of exposure.
Expert forecasters predict there will be more and stronger hurricanes this year compared to last year. Karen Clark comments on Superstorm Sandy, and notes the latest climate change research points to a decrease in the frequency of tropical cyclones but an increase in intensity over time.
In this in-depth article examining catastrophe risk modeling, Karen Clark comments at length on the limitations of traditional vendor models and the new generation of tools to help insurers and reinsurers better understand and more effectively manage catastrophe risk.
This article examines the features and benefits of WindfieldBuilder™, a new tool for creating hurricane tracks and wind speeds that can be licensed as part of KCC's RiskInsight® platform.
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.
An article reports on the launch of Karen Clark & Company’s WindfieldBuilder™ tool for creating hurricane footprints and estimating losses.
This article highlights the benefits of the newly launched WindfieldBuilder™, which allows users to create hurricane tracks and parameters and estimate damage to their exposures in a given region.
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.
An article stemming from the 2013 RIMS Annual Conference & Exhibition in Los Angeles presents Karen Clark's view that the current catastrophe modelling process is flawed, and a new approach is needed. Ms. Clark calls for a more open platform to help companies understand the risk.
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.
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.
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.
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.
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.
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.
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.
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.
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