Data architecture

The models at the time overestimated the strength of the levees. They also underestimated the exposure of commercial properties.

Climate risk models, which are widely used in the insurance industry, don't typically make detailed projections for extreme heat.

Catastrophe risk information from government bodies and academic institutions would make it possible to insure more homeowners based on more granular assessment, according to insurance industry professionals.

Why next-gen risk models are the key to market resilience.

The future of insurance AI is open

Even the most-sophisticated scientific models fail to capture all the risk factors or properly account for the increasing impact of climate change.

The unstructured data challenge in insurance is massive, but so are the opportunities for companies that effectively harness the information.

Bloomberg Green found in an exclusive analysis that risk models often disagree with each other on fundamental assessments of vulnerability.

Applying AI to insurance claims processing improves its predictive analytics, use of predictive models and control of costs.

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.