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Catastrophe risk modeler Karen Clark & Co. has launched an updated version of its loss modeling platform for various perils.
RiskInsight Version 4.3 includes enhancements to its interactive dashboards, custom model building tools and job manager, Boston-based Karen Clark & Co. said May 9 in a statement.
The interactive loss dashboards now automatically display exceedance probability curves by peril and combined historical event losses, and the characteristic event losses for all return periods. Version 4.3 supports custom models for all peril types, including flood and severe convective storm, along with expanded event catalog creation capabilities, while the job manager makes it easier to set up complex analyses and distribute these across multiple processors, according to the statement.
RiskInsight Version 4.3 makes it possible to track tornado and severe convective storm, or SCS, events in real time. For one localized tornado or an outbreak of tornadoes and hailstorms, RiskInsight users can immediately assess how much exposure they have in the affected area and estimate their likely losses, according to the statement.
“There has long been skepticism around the vendor SCS models,” Glen Daraskevich, Karen Clark senior vice president, said in the statement. “As a result, many companies have started to develop their own proprietary models for this peril. The V4.3 platform makes it highly efficient to get these custom models into production to be used for pricing and underwriting as well as portfolio management and optimization.”
Data analytics have become a crucial part of the insurance and risk management industry as experts work to predict and prevent losses.