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When my partner, Vivek Basrur, and I started Karen Clark & Co. (KCC), we had no intention of building catastrophe models again. In fact, that's the one thing we said we wouldn't do. But after a ...
U.S. hurricane is the peril most likely to cause the largest insured catastrophe losses and therefore financial impairment for insurance companies that are not adequately prepared. To date, rating ...
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 ...
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 ...
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 ...
Karen Clark & Co. (KCC) released a new U.S. Earthquake Reference Model as part of its RiskInsight open loss modeling platform. The model is based on the latest 2014 U.S. Geological Survey (USGS) ...
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 ...
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 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 ...
Karen Clark scored a bonafide first when she launched catastrophe modeling company Applied Insurance Research (AIR) in 1987. With a focus on computer simulations, it was the only operation of its ...
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