Karen Clark & Company (KCC) has introduced RiskInsight open, a global catastrophe risk management platform to enable insurance and reinsurance firms to build their proprietary views of risk.
KCC CEO Karen Clark said, "Companies want a more open platform that enables them to utilize the scientific and engineering expertise of many organizations conducting advanced research around the world."
"RiskInsight delivers that platform and enables the most sophisticated companies to efficiently integrate these valuable views into their day-to-day decision making."
Delivering built-in mapping and graphing capabilities to analyze global exposures of companies and risk concentrations, RiskInsight handles different types of event footprints and can superimpose them on detailed policy and location level exposure data.
Incorporated with default 100, 250 and 500-year wind footprints for US hurricanes along with damage functions by construction, occupancy, year built, and region, information provided by RiskInsight is more intuitive and actionable by senior executives and boards of directors.
The tool also helps to estimate insured losses using damage functions by construction and occupancy and applying secondary uncertainty through a loss calculator that handles all types of policy conditions.