Karen Clark & Co., independent experts in catastrophe risk, catastrophe models and catastrophe risk management, announced the introduction of a new service, “Thinking Outside the Black Box” Catastrophe Management Operational Review. The review provides a comprehensive examination of a company’s use of catastrophe models, and the integration of catastrophe loss analytics into risk management operations.

Catastrophe models have become an essential component of the risk management process of most insurers. Many companies, however, don’t fully understand the uncertainty inherent in the models, or how to best utilize the models in light of this uncertainty. The catastrophe management operational review helps insurers develop better and more holistic risk assessment and risk management processes. It addresses all essential components of sound catastrophe management including data management, catastrophe modeling, underwriting, pricing and risk management.

Among other benefits, the review is designed to help insurers determine whether they:

• Accurately collect information pertaining to the exposure associated with new business
• Utilize appropriate and robust analytic tools as applied to their book of business
• Effectively use underwriting processes to accept business and control aggregate exposure
• Properly reflect catastrophe exposure in the development of rate indications and rating plans
• Appropriately reflect catastrophe exposure in determining target levels of profitability

This article can also be found at Insurance Networking News.

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