Insights on climate change risk and tools insurers are using

May 13, 2024 4:47 PM

A palm tree on a beach, in a heavy storm

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Climate technology, like predictive analytics, is essential for insurers as they manage the risks associated with climate change.

Recent reports from The Geneva Association including a survey of insurance C-level executives finds that early engagement of re/insurers in climate tech projects is critical to improving project risk assessment and securing financing.

The National Association of Insurance Commissioners (NAIC) issued a call for property market data from insurers to gather information on the impact of climate change on insurance.

Digital Insurance gathered several stories to highlight what technology tools insurers are using to better understand the risks associated with the climate crisis.

ZestyAI launches AI roof age solution

ZestyAI launched Roof Age, which uses a combination of verified building permits and verified aerial imagery from satellites and aircraft, not drones.

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Chubb finds value in IoT technology to prevent losses

Michael Shashoua speaks with Hemant Sarma, senior vice president and global digital Internet of Things lead at Chubb, about bringing an IoT technology into its corporate fold, and how it reduces risks and lowers premiums.

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WIL: AXA XL's Michele Sansone focuses on commercial property & risk

Michele Sansone, president of AXA XL's North America commercial property insurance business, is responsible for directing property underwriting activities.

Sansone manages a gross written premium book of over $800 million in commercial property business, which is no small feat in the face of escalating challenges posed by extreme weather events, rising inflation and the ever-evolving landscape of the property insurance market.

Read the profile here.

Meet the insurtech: Centinel

Soton Rosanwo, founder and CEO of insurtech, Centinel Insurance, first noticed a way to leverage data and decentralized technology to cover what would normally be hard-to-insure risk.

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What is parametric insurance?

Parametric insurance isn't new but with an increasing number of global catastrophes more insurers and consumers are looking for policies that can provide immediate disaster response.

Digital Insurance reached out to several insurance professionals about what parametric insurance is and how access to data plays a role.

Kin Insurance Q&A: The role of insurance, tech in climate change

Angel Conlin, chief insurance and compliance officer of Kin Insurance, shares about Kin's technology solutions to increase accessibility. Plus, the role insurance plays in protecting homeowners against extreme weather events.

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Meet the insurtech: Faura

Faura offers climate and property risk analytics for MGAs, carriers and agencies to reduce natural disaster risk exposures.

Meet the insurtech: Oka, The Carbon Insurance Company

Oka, The Carbon Insurance Company underwrites and insures carbon credit offset. Oka which translates to "home" in Tupi-Guarani, is paving the way for insurance in the carbon credit market through its data-driven technology and mission for transparency and stability.

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Weather and Climate Change Risk