Karen Clark & Co., a company specializing in software and consulting for managing catastrophe risk, announced updates to RiskInsight, an open platform for catastrophe risk management. The platform now is a fully probabilistic loss estimation tool capable of generating exceedence probability curves, probable maximum losses and average annual losses. RiskInsight now provides all of the risk metrics of a traditional catastrophe model, plus characteristic event loss estimates.
RiskInsight includes mapping capabilities, exposure analytics, data scoring and an industry database of property exposures that can be used to estimate industry losses and individual company market shares of loss Karen Clark & Co. said. With the new capabilities, RiskInsight is being used for pricing individual policies and portfolios of policies. The platform also is being used by companies to build their own proprietary views of risk required by boards of directors, regulators and rating agencies.
RiskInsight includes intensity footprints for dozens of historical events, so users can conduct detailed “what if” analyses on current exposures, Karen Clark & Co. said. RiskInsight also makes it easy for companies to track hurricanes in real time and superimpose the wind speeds on their exposures to estimate the potential losses. After an event, companies have the data to conduct claims analyses and customize damage functions to reflect the vulnerabilities of the properties in their portfolios.
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