Karen Clark
👤 SpeakerAppearances Over Time
Podcast Appearances
So Andrew made landfall at 5 a.m.
And we're running the model to see what the losses could be.
And we're getting these big numbers.
And I was a little nervous about it, but we faxed out to our clients at 9 a.m.
that the losses could exceed $13 billion.
And the phone started ringing.
And again, this is British.
They're like, I'll bet you five quid it won't be more than $5 billion.
Six months later, the industry has tabulated the losses.
That was the turning point.
And then the whole industry became believers in the model, I would say, six months after Hurricane Andrew.
No, but more than that, we got a lot of signups.
That was better than apologies.
And probably they weren't thinking cow.
We've really been underestimating this risk and we need to charge a lot more for it.