A modeling expert said insurers who evaluate their exposure to hurricanes must look beyond catastrophe models and use other underwriting processes in order to truly assess their catastrophe risk.
Karen Clark, founder of the first catastrophe modeling firm and currently president and chief executive officer of Karen Clark & Company in Boston, reiterated statements she made earlier this year that catastrophe models are great tools but should not be overemphasized.
Ms. Clark said the industry has gone from all underwriting and no models 20 years ago, to virtually the opposite today, and she stressed that neither one of those extremes is an optimal approach to insuring against catastrophes.
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