Climate change

AIG's decision comes on the heels of both State Farm and Allstate Insurance Co. announcing plans in recent weeks to stop writing new policies in fire-prone California.

(Bloomberg) --California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state.

The technologies safeguard insurers' ability to understand historical data and remotely apply those insights to risk modeling and underwriting.

New technologies have the capability to provide an analysis of potential exposures.

The political attacks are interfering with insurers' independent efforts to price climate risk, which will harm policyholders, main street investors and local economies, a GFANZ spokesperson told Bloomberg last week. 

The company pointed to growing "catastrophe exposure" and substantial increases in construction costs for its decision.

The company's partnership with Planet Labs PBC will use satellite data insights to protect agricultural stakeholders in drought risk periods.

Swiss Re said its withdrawal doesn't reflect a lesser commitment to climate policies.

The average annual property insurance payment in the state is $4,231, nearly triple the national rate of $1,544, according to the Insurance Information Institute, an industry association.

The company addresses wildfire risk through its software system that protects properties through satellite connectivity.

It's no surprise that neither traditional nor digital insurers want to miss out on the opportunity ESG provides.

Consider developing a concierge FNOL team to handle increased demand.

AVP Bret Martin talks about how digital transformation is changing risk management.

The partnership with Arbol utilizes the power of blockchain and DLT in risk management, parametric insurance and reinsurance.

The nonprofit will work with the New York State Energy Research and Development Authority to fund innovators for insurance products that tackle climate-related risks.

Digital Insurance interviewed Angel Conlin, chief insurance officer at Kin, to discuss the company's solutions and involvement in areas prone to extreme weather.

By moving beyond legacy territorial ratings, every property can be rated fairly according to its actual exposure to loss.

Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations.

For example, a smart contract-enabled parametric insurance product could be designed to automatically pay out to farmers in the event of a drought.

Personal insurance shouldn't be a mystery.