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2018

October 12, 2018

What’s Happening: Devastation in Florida, flooding elsewhere

Associated Press

Producing top wind speeds of 155 mph, Hurricane Michael made landfall with enough power to completely destroy homes and cause weeklong power outages. Boston-based Karen Clark & Company, a risk-modeling firm that produces models for catastrophes, estimates that Hurricane Michael caused about $8 billion in insured losses, including wind and storm surge damage to residential, commercial and industrial properties and automobiles.

October 12, 2018

Before and After Aerial Maps Show the Miles of Destruction Left by Hurricane Michael

TIME

In its estimate of $8 billion in insured losses, KCC said that nearly half of the losses occurred in Florida’s Bay and Gulf counties as a result of damage to commercial and residential property.

October 12, 2018

Hurricane Michael insured losses estimated at $8bn

Intelligent Insurer

Reaching peak intensity of 155 mph just before landfall, Karen Clark and Company noted that Michael is the strongest hurricane to impact the Florida Panhandle in recorded history. Residential structures impacted by the Category 4 winds sustained heavy damage. Once the roofs are blown off, single family homes will fail due to the loss of structural integrity, KCC noted.

October 11, 2018

Hurricane Michael May Cost Insurers $8 Billion

Bloomberg

Risk modeling firm, Karen Clark & Company, estimates that Hurricane Michael, which ripped through Florida’s Panhandle region, will cost $8 billion in damages to homes, commercial properties, industrial buildings, and automobiles.

October 11, 2018

Michael Blasts Deadly Path Across Several Southern States

The Wall Street Journal

Hurricane Michael, which made landfall in the Florida Gulf Coast on Thursday, October 11, has been characterized as one of the most powerful hurricanes to ever hit the U.S. The severity of the storm contributes to the KCC estimate of $8 billion in insured property losses.

October 11, 2018

Hurricane Michael insured loss to be close to $8bn: Karen Clark & Co.

Artemis

Using its high-resolution US Hurricane Reference Model to derive the loss estimate of close to $8 billion, KCC’s figure is high enough to suggest that reinsurance interests will take a reasonable share of the losses from Hurricane Michael, including a share for collateralized reinsurers and ILS funds.

September 18, 2018

Karen Clark & Co. Estimates $2.5B in Insured Losses from Hurricane Florence

Insurance Journal

KCC estimates private insured losses to residential, commercial, and industrial properties and cars from Hurricane Florence at $2.5 billion. That figure does not include NFIP losses.

September 17, 2018

KCC releases $2.5bn insured loss estimate for Hurricane Florence

Reinsurance News

In its Flash Estimate of insured losses from Hurricane Florence, Karen Clark & Company explains that “a combination of increased wind shear, land interaction with the US coast, and an upwelling effect caused Florence to weaken prior to making landfall.” As a result, Florence came ashore near Wrightsville Beach, North Carolina as a Category 1 storm.

September 17, 2018

Insured losses from Florence estimated at $2.5B: Karen Clark

Business Insurance

Karen Clark & Company’s estimate of insured losses from Hurricane Florence is based on the firm’s high-resolution US Hurricane Reference Model and incorporates privately insured wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties and automobiles.

September 17, 2018

Hurricane Florence loss only $2.5bn (ex-NFIP), says Karen Clark & Co.

Artemis

According to Karen Clark, the estimated insured market loss from Hurricane Florence is expected to be close to $2.5 billion.

September 13, 2018

Hurricane Florence Threat Still ‘Catastrophic,’ Forecasters Warn

The Wall Street Journal

As Hurricane Florence swept through North Carolina, bringing storm surge and heavy rain, modeling firm Karen Clark & Company assessed the total property at risk at almost $2 trillion. That figure includes homes, commercial buildings, industrial buildings and automobiles.

September 11, 2018

Karen Clark: Global Warming May Be Increasing Storm Severity

A.M. Best TV

While it’s difficult to link any specific event to global warming, Karen Clark explained the likely impacts to AM Best TV at this year’s Monte Carlo Rendez-Vous de Septembre.

September 10, 2018

‘Open models’ and real-time cat data valuable to traders

Intelligent Insurer

In this interview with Intelligent Insurer at this year’s Monte Carlo Rendez-Vous de September, Karen Clark explains why open models and real-time cat data are valuable to traders.

September 9, 2018

Cat models must be better: Clark

Intelligent Insurer

In an interview at this year’s Monte Carlo Rendez-Vous de Septembre Karen Clark explains how the cat models can be better.

September 6, 2018

$125m insured losses expected from tropical storm Gordon: KCC

Reinsurance News

Karen Clark & Co estimates that the insured losses from Tropical Storm Gordon will be a result of the sustained 70 mph winds the storm brought to the Alabama/Mississippi border when it made landfall on September 4.

September 6, 2018

Tropical storm Gordon industry loss said only $125m by Karen Clark & Co.

Artemis

Utilizing its high-resolution US Hurricane Reference Model, Karen Clark & Company estimates $125 million in insured losses to residential, commercial, and industrial properties resulting from Tropical Storm Gordon.

September 5, 2018

Gordon insured losses estimated at $125 million

Business Insurance

Expected to intensify to a Category 1 hurricane due to warm sea surface temperatures and relatively-low wind shear over the Gulf, Gordon instead made landfall as a tropical storm, resulting in an estimate of $125 million in insured losses, according to Karen Clark & Company.

August 13, 2018

How Insurers and Reinsurers Can Proactively Manage Weather-Related Claims

Carrier Management

Advanced weather forecasting and detection technologies are now enabling insurers to know in advance where there’s likely to be high wind, hail and even tornadoes. Karen Clark discusses how sophisticated modeling technology enables insurers to translate these weather forecasts into precise estimates of claims and insured losses.

June 18, 2018

Lessons From the 2017 Atlantic Hurricane Season: Open Models, Real-Time Tracking Are Valuable Tools

Carrier Management

Open models and tools to track hurricanes in real time can help boost modeling accuracy and aid the claims process after storms, according to a new Karen Clark & Company analysis of the 2017 Atlantic hurricane season and its aftermath.

June 12, 2018

Texas hailstorm industry loss could reach $1bn: Karen Clark & Co.

Artemis

According to catastrophe risk modeling firm Karen Clark & Company, the June 6 Texas hailstorm could be one of the largest single convective storm loss events of the year thus far.

June 12, 2018

Texas hailstorm insured damage estimated at $1 billion

Business Insurance

Karen Clark & Company expects losses for the insurance and reinsurance industry to be as much as $1 billion from the hailstorm that impacted Dallas, Tarrant and Denton counties in Texas, as well as other regions, on June 6. KCC said the majority of damage would be to residential and commercial roofs, windows, skylights and solar panels, as well as to automobiles, with the greatest losses in Texas.

June 11, 2018

Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark

Reinsurance News

In an interview with Reinsurance News, Karen Clark explains that the biggest surprise of the 2017 hurricane season was the wide ranges and disparity in the modelled loss estimates for hurricanes Harvey, Irma and Maria issued by the major modeling firms.

June 5, 2018

2017 Hurricane Season Review and Analysis

Insurance Journal

A recent white paper from Karen Clark & Company highlights the value of open models and advanced tools that allow insurers to track hurricanes in real time and to leverage their detailed claims data.

May 30, 2018

Alberto industry loss likely minimal, KCC estimates $50m

Artemis

Karen Clark & Company estimates minimal impact from Subtropical Storm Alberto in the United States, with insured losses close to $50 million.

May 30, 2018

Insured losses from Alberto could reach $50m

Royal Gazette

Based on the KCC High Resolution US Hurricane Model, Karen Clark & Company estimated insured losses in the U.S. from Subtropical Storm Alberto at close to $50 million. Modelled estimates include losses to residential, commercial and industrial properties and vehicles.

May 24, 2018

$2.5bn losses expected from U.S. Ring of Fire weather system, KCC says

Reinsurance News

A KCC report describes the severe convective storms that hit several U.S. states from May 11 to May 16 as characterized by a lack of strong upper level winds, noting that due to a limited number of rotating supercells, most of the damage was caused by hail and high winds rather than tornadoes.

May 22, 2018

"Ring of Fire" severe convective storms to drive $2.5bn insured loss: KCC

Artemis

According to a KCC report, the greatest levels of damage from the May "Ring of Fire" series of severe convective storms were reported in states across the Midwest, Northeast, and Mid-Atlantic. KCC estimates that as many as 12 states will see insured losses surpassing $100 million each.

May 22, 2018

May storms cause $2.5 billion in insured damages: Report

Business Insurance

A report from Karen Clark & Company states that most of the U.S. severe convective storm activity in mid-May was along an arc from Texas to Kansas, through the Ohio Valley to the Mid-Atlantic states, which meteorologists refer to as a "ring of fire."

May 14, 2018

Model behaviour: learning the lessons from last year’s hurricanes

Insurance Day

‘The model damage functions by necessity are ‘average’ and apply to the typical company, but no insurer is average, so another way to make the models more accurate is to enable customization based on actual claims experience," says Karen Clark.

April 13, 2018

Expected annual severe convective storm losses higher than hurricanes & earthquakes combined: KCC

Reinsurance News

KCC analyses of insurer claims data have revealed that PCS defined catastrophes capture only a portion of insurer losses from severe convective storms. KCC’s new model provides insurers with estimates of their total SCS losses for underwriting and pricing purposes.

April 10, 2018

Annual convective storm expected losses near $25bn: Karen Clark & Co

Artemis

New research from Karen Clark & Company shows annual expected insured losses from severe convective storms in the United States is approaching $25 billion, higher than hurricane and earthquake perils combined.

February 16, 2018

Building Smarter Cat Models: Why They Need an Upgrade

Carrier Management

Drawing an analogy to the capabilities of today’s smartphones, Karen Clark discusses how insurers now have options to upgrade from traditional landline-type cat models, which may lack real-time information, visualization and exposure management tools, to smarter application-rich modeling platforms.

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