From catastrophic events related to climate change to social unrest, the insurance industry sees big claims. While some risks are more easily predicted than others, new data sources may help insurers and customers find ways to turn down the heat.
This insurance news analysis Monastery Compton And I’ll talk about new data from satellites showing extreme surface temperatures in cities. This scale and granularity of the data is Underwriting and public-private partnerships It aims to prevent fever-related illnesses and death. Similar properties may have similar applications in mitigating fire risk.
It also covers the shifts that are taking place across the industry in how careers deal with climate change. We have seen movements towards and away from sustainability initiatives. Recently, multiple carriers have left Net-Zero Insurance Allianceand is currently relaxing emission reduction requirements. meanwhile, British Insurance Company Association We are urging our members to strengthen our commitment to biodiversity.
Another area of risk that has proven difficult to predict is social unrest and impact on property owners and businesses. meanwhile Property damages on the day of Bastille It became predictable in France, and the previous month’s protests were unexpected and escalated quickly. Currently, carriers are paying bills estimated to range from 650 million to 1 billion euros.
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Facilitate the future of insurance: Technology modernizations such as AI and cloud fuel data analytics can help insurers achieve profitable growth, both with revenue growth and cost-reducing.
