KCC Releases RiskInsight®–lite
Abridged Version of RiskInsight® Retains Key Functions, Enabling (Re)insurers to Track Hurricane Claims and Losses in Real Time
Boston, MA, September 5, 2017
Catastrophe modeling firm Karen Karen Clark & Company (KCC) today announced the release of RiskInsight®–lite, a new modeling platform that enables (re)insurers to track their claims and losses in real time from live hurricanes as well as estimate their Exceedence Probability (EP) curves, including PMLs and AALs at location-level resolution. RiskInsight–lite's capabilities can be made available to insurers immediately and in time for Hurricane Irma, which is threatening to impact the Caribbean and the U.S. as a major hurricane.
KCC is the only modeling firm that has already estimated and released detailed industry insured losses for Hurricane Harvey, including estimates for the individual hazards of wind, storm surge, and inland flooding. KCC clients use RiskInsight's unique capabilities to estimate their own claims and losses from live hurricanes starting days before landfall.
"RiskInsight is an advanced open loss modeling platform that our clients use to build their own scientific models and to customize the Reference Model components such as the damage functions to accurately reflect their actual claims experience," said Karen Clark, KCC CEO. "However, some companies haven't yet licensed RiskInsight because they don't believe they have the sophistication and/or the resources to fully leverage this powerful new modeling platform. With that in mind, we created RiskInsight–lite to provide only the capabilities of the other cat models plus RiskInsight's unique real time event tracking capabilities."
"KCC clients have been pleased and impressed with RiskInsight's ability to provide accurate real time estimates of how many claims they're likely to experience and average claim severity by location," said Christopher Mossey, KCC Vice President of Client Development. "Boards and senior executives expect their modeling experts to quickly provide reliable information, so we're very pleased to offer RiskInsight's real time capability to more companies as this highly active hurricane season progresses."
KCC notes that we've just entered the month of September—the peak month for hurricane activity—and are already on the "I" storm. Hurricane Katrina formed and made landfall at the end of August so we could be in for another season similar to 2005.