Karen Clark & Company (KCC), independent experts in catastrophe risk, catastrophe models and catastrophe risk management, recently announced the release of RiskInsight open, global platform for catastrophe risk management.

A solution with an open architecture, RiskInsight delivers built-in mapping and graphing capabilities, allowing the companies to analyze risk concentrations through the knowledge of multiple internal and external experts.

RiskInsight handles different types of event footprints and can superimpose them on detailed policy and location level exposure data. The tool also helps to estimate insured losses using damage functions by construction and occupancy and applying secondary uncertainty through a loss calculator that handles all types of policy conditions.

"Building a proprietary view of risk has become more important than ever after recent model updates and surprise events," said Karen Clark, CEO, KCC. "Companies want a more open platform that enables them to utilize the scientific and engineering expertise of many organizations conducting state-of-the-art research around the world. RiskInsight delivers that platform and enables the most sophisticated companies to efficiently integrate these valuable views into their day-to-day decision making."

Clark’s RiskInsight comes with 100-, 250-, and 500-year wind footprints for U.S. hurricanes developed using the same data and information underlying the catastrophe models. These models provide intuitive and consistent benchmarks for monitoring changes over time and can be readily peer reviewed by outside experts.

"We are heavy model users, but we value alternative approaches and tools that help us come to our own conclusions about our loss potential," said Nicolas Papadopoulo, president and CEO, Arch Reinsurance Ltd. "RiskInsight provides some unique perspectives and information that complement and enhance our internal pricing and management analytics."

"RiskInsight is not a competitor to or a replacement for the catastrophe models," said Glen Daraskevich, SVP, KCC. "On the contrary, RiskInsight helps companies test the model results and choose the output that is most credible for their unique books of business—a best practice we use heavily in our consulting engagements."