London - Karen Clark, considered the founder of modern day catastrophe risk modeling, has received the Review Worldwide Reinsurance Awards' Lifetime Achievement award for outstanding long-term contributions to the reinsurance industry.
The Worldwide Reinsurance Awards judging panel, which is made up of CEOs and senior executives from within the industry, selected Clark after reviewing nominations from around the world. The judges, who presented the award to Clark at a ceremony this week in London, referred to Clark as "the founder of modern day modeling," who "put modeling on the map."
Clark, founder and vice chair of Boston-based risk management firm AIR Worldwide, is considered by many as an internationally recognized expert in the field of catastrophe risk modeling. In 1987, Clark pioneered the probabilistic catastrophe modeling techniques that changed the way insurers, reinsurers and financial institutions manage their catastrophe risk. In addition, she has led the development of technologies that enable companies to identify, quantify and plan for the financial consequences of catastrophic events.
"Karen Clark created an industry when she founded AIR, with a vision to change the way companies assess and manage their catastrophe risk," said S. Ming Lee, president and CEO of AIR Worldwide. "This award is a well deserved recognition of her remarkable achievements over the past 20 years, and the impact she has had on the industry."
In August 2007, Clark launched a new independent firm—Karen Clark & Co.—to help companies better use catastrophe models as sophisticated tools for making important risk management decisions.
Source: AIR Worldwide
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