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GREENWICH, Conn.Reinsurance brokerage TigerRisk Partners L.L.C. said it has entered into a partnership with catastrophe modeling and consulting firm Karen Clark & Co. to help insurers assess, price and manage catastrophe risks.
The partnership aims to help insurers develop consistent metrics for evaluating catastrophe risk, according to a joint statement Monday.
The program includes an assessment of how companies capture and collect data, and a review of how firms dissect and validate catastrophe model output.
“Today there is an overreliance on cat models,” said Karen Clark, president and chief executive officer of Boston-based Karen Clark & Co. “There are ways to assess risk independent of catastrophe models and to apply that knowledge to more effective use of the models,” she said.
The Karen Clark partnership with Greenwich, Conn.-based TigerRisk will help organizations “enhance the profitability of their portfolios without model bias,” according to the statement.