Climate change

Digital Insurance reached out to insurance professionals about property and casualty trends to expect next year.

Insurers Chubb and QBE North America, as well as reinsurer Swiss Re, seek to educate insureds on how to mitigate risks of natural catastrophe damage.

Risk analytics essential to equip P&C insurers in California with the capabilities to precisely identify, evaluate and price risk.

Damage from severe thunderstorms — characterized by sudden downpours, fierce winds and hailstones — has been inching up by about 7% annually for 30 years, according to the analysis.

Insurers are feeling the effects of the climate crisis but only 8% are currently attacking climate change head-on with strategic and proactive initiatives, according to Capgemini research.

The Senate Budget Committee, which Whitehouse chairs, is requesting information related to maximum claims Citizens Property Insurance Corp., an insurer of last resort, can pay without having to levy assessments on Florida policyholders.

As insurers start to pull out from markets battered by the fallout of climate change, governments are increasingly at risk of having to foot the bill, according to the Bank for International Settlements.

Capco predicts a greater emphasis on collaboration between insurers and the DOI to ensure ongoing coverage for policyholders as the DOI will take on additional governance and responsibilities when partnering with insurers to protect insured individuals.

In a report published Monday, the International Association of Insurance Supervisors outlined key areas where supervisors can help improve the affordability, availability and uptake of insurance against natural disasters.

Climate change is driving an increasing reliance on electric vehicles and the means to charge them.

The first step: every agency needs a disaster plan which outlines a course of action if an event occurs. Owners should identify the most likely disasters and determine key steps to take. Will employees evacuate or stay put? How will they communicate with customers? How can they begin working again?

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.