BOSTON–(BUSINESS WIRE)–CATLAB®—an interactive workshop where risk management decision-makers meet with KCC scientists, engineers, and other experts to discuss the latest modeling advancements and the current market opportunities to leverage those advancements—was hosted in Boston June 6-8. The most important takeaways from this year’s event include:
A precise quantification of how much climate change will increase hurricane, wildfire, and flood losses by 2025, 2030, and 2050
How the recent atmospheric rivers in California will impact the 2023-24 wildfire season
Why the 2022-23 wildfire season was significantly below average in California but above average in other parts of the US
Where and when the next major earthquake is likely to occur
How much excess litigation has occurred in Florida and other states
Current rating agency and regulatory requirements
How to leverage new risk transfer alternatives, including modeled loss (footprint) products
“CATLAB workshops give participants direct access to scientific and engineering experts to answer questions, to explain how the model components are developed to reflect reality and actual insurer experience, and to illustrate how KCC models can be leveraged to capitalize on the current opportunities in the market,” said Karen Clark, KCC CEO. “This year’s event included sessions on closing the protection gaps for earthquake, flood, and wildfire, and new applications of KCC technology, such as peril-specific risk scores and a new underwriting system.”
Attendees offered their own reflections:
“CATLAB goes well beyond model updates. It’s a comprehensive download on the market, scientific community consensus, climate change implications, innovations, etc.”
– Jacqueline Noto, AEGIS Catastrophe Manager
“I’m positively impressed by the quality of the presentations, with passionate speakers using effective visuals and striving to address the what, the how and the why of their subject matter.”
– Urbain Zibo, Arch Reinsurance Ltd. Head of CAT Modeling
“CATLAB gives unique access to the KCC model developers and the client team. It offers deep insights into the models themselves and presents new ways of thinking about catastrophe risk and future climate impacts.”
– Matt Belk, Partner, Managing Director & Chief Actuary at Resolute Global Partners
RiskInsight® and the KCC high resolution reference models are continuously enhanced with the newest technology and scientific advancements. CATLAB Workshops are held annually for KCC client companies and provide unparalleled access to KCC experts in an informal environment. By participating in the workshops alongside the experts who developed the models, (re)insurers gain profound insights into the mechanisms underlying the KCC weather, climate, and catastrophe models and applications.
About Karen Clark & Company
Karen Clark & Company (KCC) provides advanced models, innovative software, and comprehensive consulting services for deeper insight into climate, weather, and catastrophe risk. KCC professionals are globally recognized experts in catastrophe modeling and risk management who work with company executives to enhance business strategies, competitive advantage, and financial results. KCC models cover tropical cyclones, extratropical cyclones, severe convective storms, winter storms, wildfires, floods, and earthquakes in over 80 countries. For more information, please visit www.karenclarkandco.com.
For more information about CATLAB 2023, contact KCC at firstname.lastname@example.org.