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Latest From Karen Clark
The traditional catastrophe model output does not provide the timely and granular data senior executives want when storms like Irma and Harvey are unfolding
While insurers are beginning to make use of the advanced, open platform features of new hurricane risk models, there is scepticism about their ability to understand the models well enough to be able to customise model assumptions
Hurricane Katrina uncovered many of the limitations of the traditional catastrophe models and provided the impetus for experts to think about how catastrophe modelling could be advanced and improved
While there is no perfect risk modelling solution, with an open platform underwriters can construct a robust model that is fully transparent, which they understand and are in control of the important assumptions
How catastrophe risk assessment based on characteristic events provide more consistent metrics for measuring and monitoring risk over time.
As a result of undersampling the models can miss areas of exposure, which can lead to large losses.