Have property insurers become too dependent on computerized catastrophe models, and if so, what is the alternative, given the potentially huge exposures they face? Those were some of the provocative questions raised yesterday by one of the pioneers of cat modeling, Karen Clark.
Insurers have stopped thinking about risks independently, according to Ms. Clark, president and chief executive officer of Karen Clark & Company in Boston. You may be more familiar with her as founder of the first cat modeling company, Applied Insurance Research–later known as AIR Worldwide Corp. after its acquisition by the Insurance Services Office in 2002.
Ms. Clark is now a cat guru of sorts. Her consulting firm, according to her Web site, “helps senior executives and boards of directors make sure their companies have in place effective risk management processes that conform to best practices” when it comes to disaster exposures.
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