From catastrophic events related to climate change to social unrest, the insurance industry is facing major losses. While some risks are easier to predict than others, new data sources can help insurers and customers find ways to contain the crisis.
In this insurance news analysis: Compton Abbey and I’m talking about new data from satellites showing extreme land surface temperatures in cities. This volume and granularity of data could prove valuable Underwriting and in public-private partnerships The goal is to prevent heat-related illnesses and deaths. It could have a similar application in real estate to reduce the risk of fire.
We also discuss the changes taking place across the industry in the way carriers address climate change. We have seen movements towards and away from sustainability initiatives. Several airlines have recently withdrawn from the Net Zero Insurance Alliancewhich has now relaxed emissions reduction requirements. Now it is Association of British Insurers calls on members to strengthen their commitment to biodiversity.
Another area of risk that is proving difficult to predict is social unrest and its impact on property owners and businesses. While Property damage on Bastille Day While the protests in France have become predictable, the previous month’s protest activity was unpredictable and escalated quickly. The transport companies there are now paying damages claims estimated at between 650 million and one billion euros.
Drive the future of insurance: Modernizing technology, such as AI and cloud-based data analytics, is helping insurers achieve profitable growth, both through increased revenue and cost reductions.
