Climate change

Digital Insurance reached out to several insurance professionals to gain insight into what parametric insurance is, when it's triggered and how access to data plays a role.

The top five metropolitan areas have an average expected loss per capita of $12.65.

AIG has pulled away from writing some business in California, while other insurers have taken similar steps in that state as well as in Florida.

Under the new rules, which are slated to be completed by December 2024, insurers will be able to raise premiums based on current and future risks as long as they agree to provide a certain share of coverage in areas vulnerable to fires. The existing rules only allow them to consider historical data.

The bottom five metropolitan areas have an average expected loss per capita of $760.87.

Insurtechs able to optimize the explosion of better data to accurately model and price risk, will become a vital link in the fight against climate change.

It's averaged about $500 billion a year since 2016. That's equal to about 2% of US gross domestic product, according to Bloomberg Intelligence senior ESG climate analyst Andrew John Stevenson.

Digital Insurance received written responses from Joseph B. Keller, a visiting fellow at the Brookings Institution in Foreign Policy, affiliated with the Strobe Talbott Center for Security, Strategy, and Technology and Artificial Intelligence and Emerging Technology Initiative, about the need to quantify the potential carbon footprint of AI.

Climate modeling and data collection technology is just beginning to catch up to the demand for pinpoint accuracy in property risk assessment.

The path to more effective hurricane preparedness lies in proactive planning, automation, and the efficient utilization of data and analytics.