Climate change

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.

The convergence of more frequent weather events that affect more people plus higher customer expectations make now a great time to get ready to communicate with the masses.

Both commercial and homeowner insureds may have to turn to parametric insurance to cover losses as carriers leave markets and force states to cover the burden.

Blazes raged through more than 2,000 acres of wildland in recent months in his county deep in the woods of Oregon, where a wet climate once made forest fires unthinkable. That's an increasingly common scene around the world — from Canada to Greece, global warming has helped fuel larger and more destructive blazes, pushing firefighting services to the brink.

(Bloomberg) --California's insurance commissioner announced a new regulatory plan backed by the industry that would allow insurers to factor future climate risks into their pricing and require them to offer more coverage in fire-prone areas.

Climate change presents uncertainty for insurance companies but also creates opportunities for technological innovation

First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.

The lawsuit requests the creation of an abatement fund to finance climate mitigation efforts, an injunction to protect California's natural resources, damages and penalties.

Reeling from four hurricanes in 2020 and 2021 that caused $23 billion in damage, the state is undergoing an insurance calamity that is harming its economy and even reducing its population.

This year, in the spirit of innovation, Accenture used generative artificial intelligence to help distill and uncover trends, feeding submissions securely into its gen AI model.

The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.

A California homeowner called out CSAA for taking aerial photographs of his backyard, then revoking his homeowners policy due to "clutter." Experts say such images are personally identifiable information protected by state privacy laws.

The storm is slamming housing markets already beset by some of the nation's highest property insurance premiums.