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In an article containing commentary from professionals regarding risks the insurance industry faces in 2017, Karen Clark comments that the industry is still not prepared for a storm as intense as 1992's Hurricane Andrew striking Downtown Miami or a similar urban area.
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.
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.
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.
Newer, open hurricane models are addressing three "wishes" for the insurance industry, offering less volatile loss estimates, higher visibility into the key assumptions driving losses, and more intutitive and actionable risk metrics. Traditionally, users have interacted with the models to manage hurricane risk, but thanks to these newer platforms, users now have the opportunity to customize and gain more insight into loss potential.
Karen Clark discusses changes to catastrophe modeling, including demand from insurers and reinsurers for platforms that allow more sources and customization of models to reflect the individual organization's view of risk.
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.
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.
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.
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.
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.
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.
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.
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.
Karen Clark calls for the insurance industry to embrace open platforms and to move away from overreliance on traditional models. Here, Ms. Clark discusses the emergence of open modeling platforms, the development of Karen Clark & Company's RiskInsight and the future of modeling.
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.
Karen Clark & Co. deepens its expertise with the addition of Nozar Kishi and Christopher Mossey to the firm's senior management team. Dr. Kishi joins as Vice President, Model Development, and will lead several modeling initiatives including the Japan typhoon and earthquake Reference Models. Mr. Mossey joins as Vice President, Client Development and will work with major insurers and reinsurers to leverage the firm's RiskInsight open platform and comprehensive catastrophe management toolkit.
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.
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