Karen Clark & Company updates RiskInsight platform

Karen Clark & Company (KCC), a provider of catastrophe risk management software, has released the RI4 update to the RiskInsight open loss modelling platform.

The update includes enhanced global mapping capabilities, more detailed and interactive underwriter and CEO dashboards, and significantly advanced model-building tools.

In RI4, insurers and reinsurers can build hurricane and earthquake models anywhere in the world by adding custom event catalogues and damage functions appropriate for specific peril regions.

RiskInsight’s model-building tools, HazardMapper and DamageRatesManager, have been enhanced in RI4 to make it easier for model builders to create high resolution probabilistic catastrophe models reflecting their own knowledge, expertise and views of risk.

“External stakeholders, such as rating agencies and regulators, now expect re/insurers to take ownership of the risk and not just rely on third party model output,” said Glen Daraskevich, senior vice president, KCC.

“RI4 is the most efficient platform for companies to fully understand, customise and control their catastrophe model assumptions. Only with the full transparency available in RiskInsight can companies truly verify the credibility of the information driving their loss estimates.”