|[August 25, 2014]
A.M.BestTV: Risk Model Expert Karen Clark Explains "Characteristic Events"
OLDWICK, N.J. --(Business Wire)--
In this A.M.BestTV episode, Karen Clark, principal at Karen
Clark & Company, explains why insurers and risk managers should look
beyond traditional loss analysis and consider identifiable
characteristics of catastrophe events.
Clark discusses a tool companies are incorporating into their risk
modeling, called Characteristic Events. This metric uses the same data
underlying in catastrophe models, but "the probabilities are based on
the hazard": the methodology is specifically created to represent
characteristics of an event for targeted regions for a selected time
frame. "The event doesn't stay the same; the probability of that event
stays the same," said Clark. "So the CE methodology does something that
PML (probable maximum loss) approach does not do: to clearly identify
where a company has exposure concentrations and where they have hot
Click here to view the video program: www.ambest.com/v.asp?v=clark814.
A full-length interview with Clark is also available at www.ambest.com/v.asp?v=clark814a.
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