From climate change-related catastrophes to social unrest, the insurance industry is experiencing significant claims. Some risks are easier to predict than others, and new data sources could help insurers and customers find ways to turn down the heat.
In this insurance news analysis, abby compton And we’ll talk about new data from satellites that show extreme surface temperatures in cities. Data of this scale and granularity could prove valuable in areas such as: in underwriting and public-private partnerships. The purpose is to prevent illness and death due to heatstroke. A similar use could be made in real estate to reduce the risk of fire.
We also discuss changes occurring across the industry in how carriers address climate change. We have seen movement toward and away from sustainability initiatives. Multiple carriers have recently withdrawn from this service. Net Zero Insurance Alliance, now with relaxed emission reduction requirements. on the other hand, Association of British Insurers We are asking our members to step up their commitment to biodiversity.
Another area of risk that has proven difficult to predict is social unrest and its impact on property owners and businesses.meanwhile Property damage on Bastille Day While things have become predictable in France, last month’s protests were unexpected and escalated quickly. Currently, airlines are paying out insurance claims estimated at between 650 million euros and 1 billion euros.
Accelerating the future of insurance: Modernizing technologies such as AI and cloud-powered data analytics can help insurers achieve profitable growth through both increased revenue and reduced costs.
