Global catastrophe risk modeller, Karen Clark & Company (KCC), has announced the launch of RiskInsight Version 4.13, the latest update to the RiskInsight open loss modeling platform, that gives insurers and reinsurers the ability to track claims and losses in real-time from live hurricanes.
This latest iteration introduces major improvements in software performance, along with an extension of powerful applications, KCC noted.
“Version 4.13 increases RiskInsight’s speed and efficiency by reducing the RAM requirements for analysing large databases,” said Marshall Pagano, KCC Director of Client Services.
Notably, this release introduces the LiveEvent Runner and Shareable Interactive Maps features, further augmenting RiskInsight’s capabilities, Pagano added.
KCC’s updated US Hurricane Model, released in tandem with RiskInsight 4.13, has garnered approval and certification in Florida. This model stands out for explicitly factoring in the impacts of climate change along the Gulf and East Coasts, as well as excess litigation in Florida, KCC noted.
“KCC’s unparalleled LiveEvents already provide insurers with daily high-resolution hail and tornado wind footprints for estimating their claims and losses in real time,” continued Pagano.
“The new LiveEvent Runner automatically generates client-customised reports of claims and loss estimates, along with industry losses for events as they are unfolding.”
The newly introduced Shareable Interactive Maps feature builds on RiskInsight’s existing mapping capabilities. It empowers (re)insurers to visualise hazard, exposure, and loss details through high-resolution interactive maps.
Now, RiskInsight experts can easily share these maps across their organisations, providing leaders with crucial information in a visual and efficient format, according to KCC.
Other notable highlights of this release include GIS exports and an integrated analysis template based on the certified KCC Hurricane Model Version 4.0 for rate filings.
Additionally, new database fields and construction codes specifically tailored for solar and wind farms have been incorporated, bolstering risk analysis for the rapidly expanding renewable energy sector.
Karen Clark, KCC’s CEO, emphasised, “RiskInsight is the most comprehensive loss modeling platform on the market, with many powerful built-in applications.”
“With the 4.13 update, the valuable and insightful information RiskInsight provides can be efficiently and seamlessly disseminated throughout our clients’ organisations.”
