We knew that products that were in the market didn’t answer our clients’ questions. What are the correlated risks from tropical cyclone, inland flood and storm surge? Then what are the correlated risks around the globe? Is there clustering of events due to climate? And so that made us start the company with a premise that we need to build global correlations first and then build local regional continental risk models.
Introduction
KatRisk is a catastrophe modelling company providing global inland flood, storm surge and windstorm loss assessments for some of the largest insurers, reinsurers and brokers in the world.
Taking a macrocosm approach, the company’s models offer an open software architecture, allowing users to better understand correlated risks and to make modifications to suit specific needs.
Matthew Grant caught up with Dag Lohmann and Brandon Katz on the company’s development such as taking on strategic investment from TA Associates, and the challenges that come with modelling correlated risks such as tornadoes, tornadoes, straight-line winds and more.
Key Talking Points
- The journey to strategic investment
- Innovating catastrophe modelling with advanced technology
- Client collaboration and transparency: a core ethos
- Leveraging high-resolution models for underwriting and risk assessment
- The future of catastrophe modelling and climate reporting
- Looking ahead: expansion and new developments
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This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Define how correlation has changed the methods catastrophe modelling is conducted
- Identify the different types of government bodies that work alongside catastrophe modellers and why
- Summarise why catastrophe modelling tornados is difficult and why granularity of data can help
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