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When it comes to estimating return periods for the major landfalling hurricanes of 2017, there is much variation among cat risk modelers. KCC estimates a return period of approximately 25 years for a Hurricane Harvey in Texas, 10 years for an Irma in Florida, and 200 years for a repeat of a Maria in Puerto Rico.
In this article, Karen Clark discusses how newer open loss modeling platforms provide more timely and accurate information on hurricanes in real time and how real time loss estimates are important indicators of overall model accuracy.
In introducing Karen Clark & Company’s Severe Convective Storm Reference Model, Ms. Clark explains that while this peril does not pose a solvency threat to most insurers, "claims from severe thunderstorms eat away at earnings each year."
With severe convective storm (SCS) losses trending upward, Karen Clark & Company’s new SCS Reference Model, which includes more than 100 historical events, will help insurers more accurately reproduce SCS losses.
Karen Clark & Company’s new multi-peril Severe Convective Storm Reference Model, licensed as part of the company’s RiskInsight® open loss modeling platform, simulates the hazards of hail vs. tornadoes and straight-line winds, separately.
Karen Clark & Company’s new Severe Convective Storm Reference Model shows average annual losses in the U.S. from this type of peril are approaching $20 billion, higher than hurricanes and earthquakes combined.
In this article, Karen Clark discusses how new open loss modeling platforms are providing accurate estimates of insurer claims and losses in real time as catastrophes are unfolding and why accurate real time loss estimates mean more accurate EP curves.
In an article analyzing Karen Clark & Company’s $500 million estimate for insured losses from Hurricane Nate, Karen explains that while Nate’s losses are much lower than that of Harvey, Irma, or Maria, that it still could cause some companies’ aggregates to erode even further.
In an article examining Karen Clark & Company’s insured loss estimates for Hurricane Nate, Karen explains that Nate was expected to be a higher-category storm, and quickly dissipated once it made landfall.
In an article examining Hurricane Nate, Karen Clark & Company is reference for estimating the insured losses to reach $500 million.
In an article analyzing Karen Clark & Company’s $30 billion insured loss estimate resulting from Hurricane Maria, the figure is compared to those of other estimates within the cat modeling industry.
In an article examining Karen Clark & Company’s loss estimate from Hurricane Maria, the losses are broken down into different categories including residential, commercial, industrial and auto, among others.
In an article evaluating the $30 billion insured loss estimate from Hurricane Maria, the losses are broken down geographically for Puerto Rico, the US Virgin Islands, Dominica, Guadeloupe, among others.
In an article analyzing the insured loss estimate from Karen Clark & Company in regards to Hurricane Maria, the piece details that the majority of the losses came out of Puerto Rico.
In an article evaluating Karen Clark & Company’s $30 billion insured loss estimate, the piece focuses on the geographical breakdown of where the losses came from.
In an article evaluating the Caribbean islands affected by Hurricane Maria, Karen Clark explains that Guadeloupe has estimated insured losses of $119 million.
In an article illustrating the various insured loss estimates and the disparity amongst catastrophe risk modelers, Karen Clark is referenced for her $30 billion insured loss estimate for Hurricane Maria.
In an article analyzing the $30 billion insured loss estimate from Hurricane Maria, Karen Clark explains that Maria was the strongest hurricane to hit Puerto Rico in decades and how it strengthened from a Category 1 to a Category 5 hurricane in only 15 hours.
In an article evaluating Karen Clark & Company’s $30 billion insured loss estimate, the piece notes that Hurricane Maria was similar to the San Felipe II Hurricane that struck Puerto Rico in 1928.
In a bylined article, Karen explains how, despite the significant amount of devastation that it brought with it, Hurricane Andrew proved to ultimately be beneficial for cat modeling technology. Karen focuses on lessons learned following the devastating disaster and how it relates to Canada.
The traditional catastrophe model output does not provide the timely and granular data senior executives want when storms like Irma and Harvey are unfolding...
In an article analyzing both the physical and economic devastation of Hurricane Irma on the state of Florida, Karen Clark speaks with Martha White on why even though Irma was not as powerful as it was once expected, it still caused enormous damage and will cost more in insured losses.
In an article that examines the damage in Florida resulting from Hurricane Irma, Karen Clark & Company is referenced for estimating $18 billion in insured losses.
In an article analyzing the effects that Hurricane Harvey and Irma have had on reinsurers, Karen Clark & Company is referenced for insured loss estimates of $25 billion for Irma and $15 billion for Harvey.
In an article evaluating the severity of Hurricane Irma and the damage it caused, Karen Clark explains her $25 billion insured loss estimate and how she estimates that most of the impacted Caribbean islands had over 50% of destroyed property values.
In an article examining the insurance industry’s struggles to procure adjusters following Hurricane Irma, Karen Clark is quoted for her $25 billion insured loss estimate.
In an article analyzing the estimated insured losses resulting from Hurricane Irma, Karen Clark explains what losses are included in the $25 billion total and which are not, such as crop losses.
In an article evaluating Karen Clark & Company’s $25 billion insured loss estimate, Karen speaks with Jenny Staletovich to discuss how she reached that number and shared a chart illustrating what historical hurricanes would cost the insurance industry today.
In an article examining, the insured loss estimates for Hurricane Irma, Karen Clark explains how the total figure of $25 billion gets calculated using storm surge, inland flooding and wind models.
In an article analyzing Karen Clark & Company’s $25 billion insured loss estimate for Hurricane Irma, Karen Clark explains which sectors these estimated insured losses come from.
In an article evaluating Karen Clark & Company’s $25 billion insured loss estimate for Hurricane Irma, the article explains the breakdown for both the US and the Caribbean islands.
In an article evaluating how insurers use catastrophe models to help prepare for natural disasters, Karen Clark speaks with Elliot Kass on the changes in cat models since Hurricane Andrew.
In an article evaluating how much damage Hurricane Irma could cost, Karen Clark & Company is referenced for estimating that Irma could cause over $120 billion of insured damage losses in a worst-case scenario possibility.
In an article examining the vulnerabilities of Tampa, Florida, Karen Clark explains how damages from Hurricane Irma in Tampa could have the potential to reach $175 billion.
In an article analyzing Hurricane Irma’s projected path towards Tampa, Karen Clark & Company’s 2015 report illustrates the vulnerabilities that Tampa has for hurricanes.
In an article evaluating the potential future devastation of Hurricane Irma as well as Tampa being extremely vulnerable, Karen Clark refers to Tampa as a "large funnel" for surges.
In an article analyzing the struggles facing multiple Florida cities, a 2015 Karen Clark & Company report is referenced as estimating potential losses due to flooding in Tampa to be $175 billion.
In an article examining the change in Hurricane Irma’s path from the east coast to the west coast of Florida, Karen Clark & Company’s 2015 report is mentioned for naming Tampa as the most vulnerable city to flash flooding.
In an article evaluating which major cities in Florida could most likely be affected by Hurricane Irma, a 2015 Karen Clark & Company report is referenced that ranks the top most vulnerable cities to hurricanes.
In an article evaluating Tampa’s vulnerability to hurricanes, Karen Clark & Company’s 2015 report estimates that a storm the size of Irma could cause $175 billion of damage to Tampa. The article goes on to describe the potential damages and what makes Tampa and Florida in general so vulnerable to hurricanes.
In an article examining Tampa and what makes the city so vulnerable to hurricanes, a 2015 Karen Clark & Company report illustrates how water from hurricanes can get trapped in the bay causing massive flooding.
In an article analyzing the powerful storm surges to come from Hurricane Irma and the effects of hurricanes in the past to have hit Florida, Karen Clark explains how a repeat of Hurricane Andrew from 1992 would likely cost upwards of $50 billion in insured losses.
In an article evaluating Security First, Karen Clark & Company’s RiskInsight modeling tool is explained as a way to estimate claims.
In an article analyzing the effects of Hurricane Harvey on insurers and what will come from Hurricane Irma, Karen Clark & Company’s $15.4 billion insured loss estimate for Hurricane Harvey is referenced with the potential to grow once Irma hits the US.
In an article that examines Karen Clark’s new modeling platform, RiskInsight-lite, Karen Clark explained how reinsurers can benefit from the new platform. The article also mentions Karen Clark & Company’s loss estimates for Hurricane Harvey and how reinsurers could use the new platform in regards to analyzing potential losses from Hurricane Harvey, even days before landfall.
In an article analyzing the abridged version of RiskInsight, Karen Clark explains how RiskInsight-lite will help reinsurers to be able to examine storms in real time. Karen Clark details how now RiskInsight-lite users can customize the model to be able to reflect their own storm experiences.
Karen Clark & Company has released the RiskInsight-lite model. This modeling platform allows for reinsurers to track claims and losses in real time. The article also mentioned Karen Clark’s estimates for insured losses following Hurricane Harvey.
In an article examining the aftermath of the destruction left behind by Hurricane Harvey, Karen Clark is quoted for her estimated $15 billion total industry-insured loss. The article explains the many combined factors of heavy rain and high winds as the main factors for why the storm was so damaging.
In an article analyzing how insurers will handle the billions of dollars in losses from Hurricane Harvey, Karen Clark speaks with Matthew Lerner about how the biggest loss that insurers will face is due to flooding.
In an article evaluating the destruction caused by Hurricane Harvey, Karen Clark estimates wind-driven insured losses in the low billions.
In an article discussing the insured loss estimate of Hurricane Harvey, Karen Clark explains how KCC’s modelling depicts the majority of the losses coming from inland flooding.
In an article evaluating the destruction of Houston and other areas affected by Hurricane Harvey, Karen Clark discusses how the record rainfall and slow movement led to the devastation. Karen goes onto further explain how the storm’s presence over the Gulf of Mexico provided Harvey with a surplus source of water.
In an article that explains the losses and severity of Hurricane Harvey, Karen Clark is quoted for her estimate of $15 billion in insured losses.
In an article examining the damage from Hurricane Harvey, Karen explains how her catastrophe model estimates that the insured losses from Hurricane Harvey have the potential to reach $15 billion.
In an article evaluating the loss estimates for Hurricane Harvey, Karen Clark explains that insurers are encountering up to $15.4 billion in losses, mainly from inland flooding.
In an article evaluating the estimated losses of Hurricane Harvey, Karen Clark explains that the bulk of insured loss will come from inland flooding.
In an article examining the aftermath of Hurricane Harvey, Karen Clark explains how the estimated $15.4 billion in insured losses can be broken down by wind, storm surge, and inland flood losses.
In an article analyzing the devastation of Hurricane Harvey, Karen Clark explains how insured losses could reach upwards of $15 Billion.
In an article analyzing the improvements insurance companies have made since Hurricane Andrew (1992), Karen Clark explains how she believes technological capabilities within the catastrophe modeling field have evolved. Karen also provides her thoughts on the damages that would potentially take place if a hurricane with a similar impact struck today.
In an article examining how Florida’s insurance industry has altered over the past quarter-century since Hurricane Andrew struck, Karen Clark explains how catastrophe models were in the very early stages and not widely used by the industry prior to the disastrous event.
Catastrophe modeling has taken off since the tragic damage left behind by Hurricane Andrew when it struck 25 years ago. Here, Karen Clark explains that while models themselves have not changed fundamentally, the quality of the exposure data has altered drastically.
To mark the 25th anniversary of Hurricane Andrew, Karen Clark participates in a Q&A feature with Reactions. Karen reflects on the wake of the storm’s impact and discusses how catastrophe modeling has since played a pivotal role is estimating potential damages.
To honor the 25th anniversary of Hurricane Andrew, Karen Clark provides her insights on how Miami would be affected if a storm with the same caliber hit the area today. In the article, Ms. Clark states that she believes losses would likely exceed $200bn, almost twice what the insurance industry is suitably prepared for. Ms. Clark goes on to further describe and support how today’s catastrophe models are well established as the global standard methodology for catastrophe risk assessment.
In an article evaluating the long-term impact that Hurricane Andrew has had on South Florida since it made landfall 25 years ago, Karen Clark explains how the approach that companies were using at the time to estimate their catastrophic loss potential was not sufficient. Karen also discusses how insurance companies are now placing a larger focus on exposure growth when developing their catastrophe models.
In this video interview, Karen Clark sits down with John Weber of A.M. Best to discuss her passion for and entry into the catastrophe modeling sector and how the insurance industry has come to embrace these models.
In an article regarding the process of reauthorizing the National Flood Insurance Program (NFIP), Karen Clark provides her views on how technological advancements have helped generate enhanced flood models. The article highlights and references "Increasing Concentrations of Property Values and Catastrophe Risk in the US", a 2015 KCC report.
In this Q&A feature article, Karen Clark discusses the increasing adoption of open loss modeling platforms and how these platforms are helping improve the accuracy of loss estimates. Ms. Clark also explains how every major hurricane event "tends to be a surprise," and how insurers can better prepare for these eventualities.
In an article regarding the new generation of catastrophe models, Karen Clark explains how the future of cat models lies within open-loss modelling platforms, which follow the same fundamental structure as the traditional models, but instead have all the components visible and accessible to the model user.
In this article, Karen Clark discusses the keys to successful innovation in the catastrophe modeling space. Ms. Clark explains how an unwavering vision, an expert, efficient and highly motivated team to implement that vision, and a supportive group of early adopters, came together to reinvent the catastrophe model.
Rating agencies are revising how they incorporate catastrophe loss information into their rating methodologies. Karen Clark discusses these changes and how they could impact reinsurance purchasing and the ILS market.
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