Content from Karen Clark
Karen Clark, the president of Karen Clark & Company, is internationally recognized as the founder of the first catastrophe modeling firm and as the expert in the field of catastrophe risk assessment and management. Reach Karen at info90410@karenclarkandco.com.
Big Data Analytics: Mining Your Catastrophe Claims Data for Competitive Advantage
Big data for catastrophes sounds like an oxymoron. It's precisely because of the lack of historical data that actuaries have left catastrophe modeling and loss estimation to external third parties ...
Why Convective Storm Models Are Unreliable
In the United States, severe convective storms (SCS)—also known as severe thunderstorms, which can include tornadoes, hail and strong localized wind gusts—cause average annual insured losses of ...
Earthquakes for CEOs: Understanding the Most Recent USGS Report
Every six years the U.S. Geological Survey (USGS) produces an updated set of seismic hazard maps for the United States. These National Hazard Maps show the estimated probabilities of different levels ...
Why Build Your Own Cat Model?
Insurers are using the new open loss modeling platforms to build their own catastrophe models for three main reasons: clarity, control and cost. Catastrophe models have become extremely important ...
How to Build Your Own Catastrophe Model
Given the complexity of catastrophe models, at first it might seem impossible for you to build your own. This was certainly the case 10-20 years ago. But technology has changed since the ...
Hurricane Katrina’s Legacy
Hurricane Katrina was a deadly storm that caused a large loss to the insurance industry—but not so large that it shouldn't have been anticipated by the catastrophe models. In the months after this ...
What Boards Would Like to Know About Catastrophe Losses
As the founder of AIR, one of the top two modeling companies, and its CEO for 20 years, I spent much of my career informing insurers and reinsurers about catastrophe models and extolling the virtues ...
Why Open Platforms Are the Logical Next Step for Catastrophe Risk Models
The first generation of catastrophe modeling technology, based on proprietary "black box" models produced by a few vendors, is 25 years old. It's now generally known that despite significant ...