Karen Clark Named to Forbes 2025 '50 Over 50' List Recognizing Innovation and Global Impact
A leading global authority on catastrophe risk assessment and management, Ms. Clark founded the first catastrophe modeling company in 1987 (AIR, acquired by ISO/Verisk in 2002) and is widely credited with creating the catastrophe modeling industry. The probabilistic catastrophe modeling techniques and innovative technologies Ms. Clark pioneered decades ago revolutionized the way insurers, reinsurers, and other financial institutions assess and manage extreme event risk.
'It's a tremendous honor to be recognized among such an inspiring group of women,' said Ms. Clark. 'From the start, my goal has been to build credible models that are able to accurately quantify the evolving risk landscape, first for tropical cyclones and earthquakes and more recently for wildfires, winter storms, floods, and severe convective storms. This recognition underscores the importance of continuing to innovate in the face of climate change and escalating global threats.'
In its profile of Ms. Clark, Forbes highlighted her groundbreaking work helping businesses and policymakers in more than 50 countries assess hurricane, earthquake, wildfire, and other catastrophe risks. In the U.S. alone, KCC models are used to map more than $100 trillion in total risk exposure, helping insurers and reinsurers more effectively evaluate probabilities of insured losses.
Under Ms. Clark's leadership, KCC has advanced catastrophe modeling to a new level of accuracy and transparency. KCC developed the first open loss modeling platform, RiskInsight ®, as well as advanced tools for real-time event tracking and exposure management. All of KCC's atmospheric peril models are climate-conditioned to incorporate past and future impacts of global warming.
Ms. Clark has received numerous accolades throughout her career. The honors include the Katie School of Insurance and Financial Services, Hall of Fame Innovation and Leadership Award in 2018, the International Insurance Society's John S. Bickley Founder's Award in 2019, and an award certificate for the 2007 Nobel Peace Prize bestowed on the Intergovernmental Panel on Climate Change (IPCC) for her contributions to the work of the IPCC since its inception.
Ms. Clark has been named the 14 th most influential person in the insurance industry over the past 30 years by Reactions magazine and the 6 th most influential Living Legend by National Underwriter.
The full Forbes 50 Over 50 list is available here.
Ms. Clark's inclusion in the Forbes 50 Over 50 list reflects not only her pioneering legacy but also KCC's continued role in delivering the industry's most scientifically advanced, transparent, and climate-informed models. From helping clients quantify trillions of dollars in U.S. risk exposure to enabling better decision-making in real time, KCC remains at the forefront of weather, climate, and catastrophe risk innovation.
About Karen Clark & Company
Karen Clark & Company (KCC) provides advanced models, innovative software, and comprehensive consulting services for deeper insight into climate, weather, and catastrophe risk. KCC professionals are globally recognized experts in catastrophe modeling and risk management who work with company executives to enhance business strategies, competitive advantage, and financial results. KCC models cover tropical cyclones, extratropical cyclones, severe convective storms, winter storms, wildfires, floods, and earthquakes in over 50 countries. For more information, please visit www.karenclarkandco.com.
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Boston Globe
10 hours ago
- Boston Globe
Companies are pouring billions into AI. It has yet to pay off.
AI technology has been racing ahead with chatbots such as ChatGPT, fueled by a high-stakes arms race among tech giants and superrich startups and prompting an expectation that everything from back-office accounting to customer service will be revolutionized. But the payoff for businesses outside the tech sector is lagging behind, plagued by issues including an irritating tendency by chatbots to make stuff up. Advertisement That means that businesses will have to continue to invest billions to avoid falling behind — but it could be years before the technology delivers an economywide payoff, as companies gradually figure out what works best. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Call it the 'the gen. AI paradox,' as McKinsey did in its research report. Investments in generative AI by businesses are expected to increase 94 percent this year to $61.9 billion, according to IDC, a technology research firm. But the percentage of companies abandoning most of their AI pilot projects soared to 42 percent by the end of 2024, up from 17 percent the previous year, according to a survey of more than 1,000 technology and business managers by S&P Global, a data and analytics firm. Advertisement Projects failed not only because of technical hurdles, but often because of 'human factors' like employee and customer resistance or lack of skills, said Alexander Johnston, a senior analyst at S&P Global. Gartner, a research and advisory firm that charts technological 'hype cycles,' predicts that AI is sliding toward a stage it calls 'the trough of disillusionment.' The low point is expected next year, before the technology eventually becomes a proven productivity tool, said John-David Lovelock, the chief forecaster at Gartner. 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Whether that type of revolutionary change occurs, and how soon, depends on the real-world testing ground of many businesses. 'The raw technological horsepower is terrific, but it's not going to determine how quickly AI transforms the economy,' said Andrew McAfee, a principal research scientist and co-director of the Massachusetts Institute of Technology's Initiative on the Digital Economy. Advertisement Still, some businesses are finding ways to incorporate AI — although in most cases the technology is still a long way from replacing workers. One company where AI's promise and flaws are playing out is USAA, which provides insurance and banking services to members of the military and their families. After several pilot projects, some of which it closed down, the company introduced an AI assistant to help its 16,000 customer service workers provide correct answers to specific questions. USAA is tracking its AI investments, but does not yet have a calculation of the financial payoff, if any, for the call center software. But the response from its workers, the company said, has been overwhelmingly positive. While it has software apps for answering customer questions online, its call centers field an average of 200,000 calls a day. 'Those are moments that matter,' said Ramnik Bajaj, the company's chief data analytics and AI officer. 'They want a human voice at the other end of the phone.' That's similar to an AI app developed more than a year ago for fieldworkers at Johnson Controls, a large supplier of building equipment, software, and services. The company fed its operating and service manuals for its machines into an AI program that has been trained to generate a problem summary, suggest repairs and deliver it all to the technician's tablet computer. In testing, the app has trimmed 10 to 15 minutes off a repair call of an hour or more — a useful efficiency gain, but hardly a workplace transformation on its own. Fewer than 2,000 of the company's 25,000 field service workers have access to the AI helper, although the company is planning an expansion. Advertisement 'It's still pretty early days, but the idea is that over time everyone will use it,' said Vijay Sankaran, the chief digital and information officer at Johnson Controls. The long-term vision is that companies will use AI to improve multiple systems, including sales, procurement, manufacturing, customer service, and finance, he said. 'That's the game changer,' said Sankaran, who predicts that shift will take at least five years. Two years ago, JPMorgan Chase, the nation's largest bank, blocked access to ChatGPT from its computers because of potential security risks. Only a few hundred data scientists and engineers were allowed to experiment with AI. Today, about 200,000 of the bank's employees have access to a general-purpose AI assistant — essentially a business chatbot — from their work computers for tasks such as retrieving data, answering business questions, and writing reports. The assistant, tailored for JPMorgan's use, taps into ChatGPT and other AI tools, while ensuring data security for confidential bank and customer information. Roughly half of the workers use it regularly and report spending up to four hours less a week on basic office tasks, the company said. The bank's wealth advisers are also employing a more specialized AI assistant, which uses bank, market, and customer data to provide wealthy clients with investment research and advice. The bank says it retrieves information and helps advisers make investment recommendations nearly twice as fast as they could before, increasing sales. Lori Beer, the global chief information officer at JPMorgan, oversees a worldwide technology staff of 60,000. Has she shut down AI projects? Probably hundreds in total, she said. Advertisement But many of the shelved prototypes, she said, developed concepts and code that were folded into other, continuing projects. 'We're absolutely shutting things down,' Beer said. 'We're not afraid to shut things down. We don't think it's a bad thing. I think it's a smart thing.' McAfee, the MIT research scientist, agreed. 'It's not surprising that early AI efforts are falling short,' said McAfee, who is a founder of Workhelix, an AI-consulting firm. 'Innovation is a process of failing fairly regularly.' This article originally appeared in
Newsweek
11 hours ago
- Newsweek
Student Loan Update: Major Change Likely To Impact Career Decisions
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A provision in President Donald Trump's One Big Beautiful Bill has barred federal student loans for degree programs whose graduates did not meet new earnings thresholds. It also has imposed new lifetime borrowing caps for graduate and professional students, a move that analysts and educators said could change which fields students choose to pursue. Why It Matters Federal student loans have been a primary financing channel for millions of students, and tightening eligibility based on post-graduation earnings could narrow program access and influence career paths. Nearly 6,000 institutions provide federal loans and 30 percent to 40 percent of undergraduates borrow federally each year, representing roughly 7 million students who rely on federal loans, according to Forbes. Graduates, faculty, and family gather in front of the statue of John Harvard in Harvard Yard on May 28, 2025, at Harvard University in Cambridge, Massachusetts. Graduates, faculty, and family gather in front of the statue of John Harvard in Harvard Yard on May 28, 2025, at Harvard University in Cambridge, To Know The law, signed last month, requires undergraduate programs to show graduates' median earnings exceeded state median earnings for 24- to 35-year-olds with a high school diploma, and it required graduate and certificate programs to exceed the state median earnings for bachelor's degree holders in the state. "Sounds reasonable, right? Here's the problem: It completely ignores the market reality that many essential careers pay poorly not because they lack value, but because they're undercompensated," Michael Ryan, a finance expert and the founder of told Newsweek. "This creates a feedback loop. Fewer people can afford to study education or social work, so we get teacher shortages, which will drive up demand, which eventually increases wages. But only after years of crisis." The legislation also sets new borrowing caps for graduate students, including a $100,000 lifetime cap for graduate loans and a $200,000 lifetime cap for professional degree borrowers, and it phased out Grad PLUS for new borrowers starting July 1, 2026. Early childhood education leaders warned that the earnings threshold could shut off loan access for many early-childhood programs and deter prospective teachers amid staffing shortages in child care, according to PBS NewsHour. Medical and other professional students also face an elevated risk of funding gaps because many graduate professional degrees already exceeded the new federal caps. CNBC reported that average medical school costs often exceed federal caps, leading to a potential deterrent effect for future doctors. "We're essentially telling 22-year-olds to optimize for immediate earnings rather than long-term career satisfaction or societal contribution. That's a recipe for a workforce full of regrets," Ryan said. "The unintended consequence? Students from wealthy families can still pursue these careers without federal loans, while working-class kids get funneled exclusively into STEM and business. We're not making education more efficient, we're making it more elitist." Academic research also shows that student debt shaped career choices in fields with lower and more variable pay. A 2023 peer‑reviewed analysis found that "student loan debt reduces the probability of arts graduates working in related fields by over 25 percent and working as artists by over 30 percent." What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "There is a long-held belief that any degree in any major will set you on the path of financial success, and over the past 30 years we have seen that is no longer true. However, that does not mean a broad subject education is not valuable, nor does it mean holders of that diploma cannot pay back their loans. But student loans have become hyper-politicized, and a liberal education diploma holder has become the scapegoat." Michael Ryan, a finance expert and the founder of told Newsweek: "This earnings threshold rule sounds good on paper, but it's creating a two-tiered education system where only 'profitable' degrees get federal backing. We're about to price out teachers, social workers, and counselors. you know, the very people we desperately need." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "This is the problem when businesspeople run the government: Value gets measured purely in profit and cost, not in how an industry pushes the economy forward. I don't think this will rock the overall job market—people chasing higher pay will flock to the industries making the most money right now. The bigger concern? Industries at the top today can become tomorrow's laggards in just a few years." What Happens Next Implementation steps and timelines will determine immediate effects. Grad PLUS is scheduled to be phased out for new borrowers starting July 1, 2026, and the new caps and earnings-based loan eligibility are also set to take effect for future enrollment periods. "We'll have to wait and see what the actual effects are, but it does feel as if this policy risks steering students toward higher-paying fields at the expense of broader educational diversity and purpose, which has pros and cons," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
Forbes
11 hours ago
- Forbes
Labor Day Mattress Sales: These 28 Editor-Tested Beds Are On Sale Now
Although the holiday weekend is still a few weeks away, many Labor Day mattress sales are already live. Of the hundreds of best-selling models our mattress and sleep team has tested firsthand, more than a dozen are heavily discounted—including the Helix Midnight Luxe, our pick for the best mattress overall, and the Nectar Premier, our favorite memory foam mattress. Many 2025 Labor Day mattress sales are already live. Here are the best deals on Forbes Vetted tested ... More beds. Illustration: Forbes / Image: Retailer Mattress brands tend to host near-constant sales throughout the year, and it's not uncommon for them to kick off holiday events early. If you want to find the best price possible, you may want to hold off adding a mattress to your cart until Labor Day officially rolls around. But if you're looking for a solid deal on a bed that'll arrive ASAP, here's our curated list of best Labor Day mattress sales on models our editors have personally tested and approved. Our editors have tested over 200 beds, and many of our favorites are discounted ahead of Labor Day. See them below at a glance. Best Mattress Overall: Helix Midnight Luxe (Queen): Now $1,751, Was $2,399 (27% Off With Code FORBES27 Starting Aug. 15) Helix Midnight Luxe (Queen): Now $1,751, Was $2,399 (27% Off With Code Starting Aug. 15) Best Cooling Mattress For Couples: DreamCloud Luxe Hybrid (Queen): Now $1,399, Was $2,464 (43% Off) DreamCloud Luxe Hybrid (Queen): Now $1,399, Was $2,464 (43% Off) Best Mattress For Couples: Bear Elite Hybrid (Queen): $1,456, Was $2,427 (40% Off With Code FORBES40 ) Bear Elite Hybrid (Queen): $1,456, Was $2,427 (40% Off With Code ) Best Memory Foam Mattress: Nectar Premier (Queen): Now $949, Was $2,282 (58% Off) Nectar Premier (Queen): Now $949, Was $2,282 (58% Off) Best Hybrid Mattress: Leesa Sapira Chill Hybrid (Queen): Now $1,648, Was $2,264 (27% Off With Code FORBES50 ) Leesa Sapira Chill Hybrid (Queen): Now $1,648, Was $2,264 (27% Off With Code ) Best Cooling Mattress For Snoring: Sleep Number i8 Smart Bed (Queen): Now $2,999, Was $3,999 (25% Off) Sleep Number i8 Smart Bed (Queen): Now $2,999, Was $3,999 (25% Off) Best Firm Mattress: Plank Firm Mattress (Queen): Now $999, Was $1,332 (25% Off With Code SCHOOL25 ) Plank Firm Mattress (Queen): Now $999, Was $1,332 (25% Off With Code ) Best Cooling Mattress: Brooklyn Bedding Aurora (Queen): Now $1,699, Was $2,265 (25% Off With Code SCHOOL25 ) Brooklyn Bedding Aurora (Queen): Now $1,699, Was $2,265 (25% Off With Code ) Best Soft Memory Foam Mattress: Amerisleep AS5 (Queen): Now $1,549, Was $2,349 (26% Off With Code LD2025 ) Amerisleep AS5 (Queen): Now $1,549, Was $2,349 (26% Off With Code ) Best Value Mattress For Heavy People: Helix Plus (Queen): Now $1,094, Was $1,499 (27% Off With Code FORBES27 Starting Aug. 15) Helix Plus (Queen): Now $1,094, Was $1,499 (27% Off With Code Starting Aug. 15) Best Pillow Top Mattress: The WinkBed (Queen): Now $1,499, Was $1,799 (17% Off) The WinkBed (Queen): Now $1,499, Was $1,799 (17% Off) Best Mattress For Side-Sleeping Couples: Nolah Evolution 15-Inch Mattress (Queen): Now $1,439, Was $2,127 (32% Off With Code FORBES50OFF ) Nolah Evolution 15-Inch Mattress (Queen): Now $1,439, Was $2,127 (32% Off With Code ) Best Luxury Organic Mattress: PlushBeds Botanical Bliss (Queen): Now $1,849, Was $3,349 (45% Off) If you're looking for some guidance as to which mattress is right for you, we've highlighted the defining features of some of our favorite mattresses below. We named the Helix Luxe our favorite mattress overall this year after it received top marks across the board during our testing. Between its lofty 13.5-inch height, cozy pillow top and superior motion isolation, the mattress is a true crowd-pleaser. More Deal Information: Helix offered 30% off over a holiday weekend earlier this year, but this 27% discount matches the best offer we've seen from the brand since then. This luxurious hybrid mattress is ideal for couples who predominantly sleep on their sides or backs. (Heavier sleepers or folks who tend to sleep on their stomach may want to seek out a firmer bed.) It has a plush Euro top our testers loved, and cooling properties throughout that keep you cozy and cool through the night. More Deal Information: This model was available for $1,299 over Memorial Day, so it may be worth waiting for the official Labor Day weekend for a potential drop. This Bear mattress comes in soft, medium, and firm variations and offers excellent motion isolation and edge support, all factors that led our sleep editors to name it the best mattress for couples . If you tend to sleep hot, consider adding the Celliant-infused cover for an additional $195—the material can help regulate your body temperature during the night. More Deal Information: This matches the best price we've seen for the Bear Elite Hybrid model. Nectar updated its collection of mattresses earlier this year, with the Nectar Premier now sporting a more supportive and high-quality design. It still embodies the traditional memory foam feel many sleepers look for, but with added responsiveness, and its thick foams do an excellent job of isolating motion. Pro tip: We recommend upgrading to the hybrid model if you're an especially hot sleeper. More Deal Information: Nectar has increased the original price of this mattress two times in 2025, but we've yet to see it drop any further in price. Sleep Number's i8 model is packed with features to help hot (and noisy) sleepers. The entire mattress, from the cover to the foam, is designed to pull heat away from the body and allow for better ventilation. It also offers customizable firmness levels for each side of the bed. It can also adjust to your needs as you sleep and connect to a companion app to track your sleeping habits. More Deal Information: This bed was on sale for $2,799 over Memorial Day, so we recommend holding out in case there is an additional drop closer to the holiday weekend. If you're searching for the best soft mattress, we recommend the Amerisleep AS5. It was one of the softest beds we tested, and using code LD2025 will save you $800 on this model. We found that this model cradles your body nicely and offers excellent pressure relief for side sleepers' hips and shoulders. However, the design doesn't deliver great edge support, and our hot-sleeping tester noted a slight heat buildup. More Deal Information: Although Amerisleep regularly hosts sales for $500 off its beds, this is a rare chance to save up to $1,000, depending on the model. While many mattresses are designed to support 230 to 250 pounds per side, the Helix Plus supports 1,000 pounds total. That—combined with its pressure-relieving foam, ample edge support and price tag—secured its place as our best value mattress for heavy people. More Deal Information: This 27% deal is a regular offer for Forbes Vetted readers. Although it's one of the best prices we've seen for the brand, Helix offered 30% off earlier this year, so it may be worth waiting for an additional discount. Anyone looking for a particularly luxurious organic mattress should check out the cushy Botanical Bliss from PlushBeds. It comes with a 100-night trial and a lifetime warranty, and the mattress is certified by a variety of third-party organizations that back its overall quality and sustainability. More Deal Information: This discount has been live since Memorial Day, but it has yet to drop any further in price. Plush yet supportive, this classic mattress is our favorite pillow top design . It offers plenty of pressure relief and excellent edge support, plus comes capped with a cozy Euro pillow top. We found the bed to be slightly firmer than advertised, so keep that in mind as you select between its three firmness levels (luxury firm, firm and plus). More Deal Information: The WinkBed is frequently on sale, but it rarely drops further in price outside exclusive promotions with select publications. The Plank Firm is our top pick if you're looking for a firm bed . The mattress has a flippable design that offers two firmness levels in one, and hot sleepers can add a cooling cover for $150. In our tests, we rated the bed highly for its back support and its ability to keep spinal alignment neutral. More Deal Information: This is a relatively common offer from Plank. If you're willing to wait, we may see larger discounts closer to the holiday weekend. At 15 inches tall, the Nolah Evolution has a luxurious construction and stellar support. It comes in plush, luxury firm and firm options, so you can choose the best firmness level for your sleeping position. All models feature a cushy Euro topper, cooling materials and zoned coils that offer targeted support for different areas of your body. More Deal Information: The brand typically offers 35% off over holiday weekends. If you're interested in the extra savings, you may want to wait until Labor Day to shop. Hybrid mattresses are popular because they're an accommodating blend of memory foam and innerspring mattresses. The Leesa Sapira Chill Hybrid has four layers of memory foam to provide pressure relief and a layer of zoned coils for bounce and support. This results in an on-top-of-the-bed, gentle hugging feel. You can also choose from plush, medium-firm or firm for your preferred comfort level. More Deal Information: Leesa offered 30% off select beds over July 4th, so you may be able to secure an additional discount if you're willing to wait. In our guide to the best mattresses , we rated this pick as the best cooling mattress. It has copper and gel-infused foams, plus 8 inches of airflow-promoting coils. After months of testing, we found that this mattress regulates temperature exceptionally well and prevents heat buildup. More Deal Information: Brooklyn Bedding offered 30% off this model over the July 4th holiday. If you don't need a bed right away, it may be worth waiting for an additional drop. Forbes Vetted's mattress and sleep buying guides are based on expert medical advice, hundreds of hours of research and extensive firsthand testing. Jordan Thomas, co-author of this story, is Forbes Vetted's assistant deals editor. She has over six years of experience writing in the e-commerce space, and was previously a deals writer at Wirecutter. She routinely researches deals and savings events—including mattress sales—to find the best offers available. Bridget Chapman, co-author of this story, is Forbes Vetted's senior mattress and sleep editor. She's tested hundreds of mattresses and sleep products over the past three years and has a sleep science coach certification. What Month Has The Best Deals On Mattresses? In general, most holiday weekends offer similar mattress sales. (That includes Labor Day weekend.) That said, Black Friday and Cyber Monday typically bring about the absolute lowest prices of the year. If you don't mind waiting, you can often save an extra 5 to 10% around those holidays. How Do I Know Which Mattress Is Right For Me? The right mattress for you depends on a variety of factors, including your sleep style and your budget. Certain mattresses are designed to accommodate specific sleep positions, and some materials cost more than others. If you're looking for a middle-of-the-road option that can appeal to many people, our sleep editors named the Helix Midnight Luxe the best mattress overall after testing over 200 models. Is Labor Day The Best Time To Buy A Mattress? Labor Day is one of the best times of the year to buy a new mattress. Many top-rated mattress brands mark down their best-selling models over the holiday weekend (and most extend their sales beyond the holiday as well). After Labor Day, you likely won't see discounts as steep until Black Friday and Cyber Monday.
