RiskInsight, a new modeling platform by KCC, enables reinsurers to track their claims and losses from live hurricanes in real time.

RiskInsight, a new modeling platform by KCC, enables reinsurers to track their claims and losses from live hurricanes in real time.

It took the devastation from the 1992 storm for the insurance industry to embrace catastrophe modeling. Since then, new techniques have been developed to give a better idea of an insurer's loss potential.

It took the devastation from the 1992 storm for the insurance industry to embrace catastrophe modeling. Since then, new techniques have been developed to give a better idea of an insurer's loss potential.

Since differences in catastrophe-model estimates essentially result from differences in frequency and severity assumptions, modeling pioneer Karen Clark proposes that rating agencies use “benchmark” 100-year catastrophes to gauge cat risks for rated companies, rather than PMLs that can vary widely depending on the modeler and the version of the model...