Natural disasters

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.

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.

(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.

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.

Looking at lessons from past disastrous fires, here are steps that can help reduce fire risk at the home and community level.

Consumer advocate notes that insurance regulators' standard for data collection lags regulators of other types of financial services

The growth in market share comes as the national insurance program has instituted a risk-based pricing regime that's led to some fluctuation in rates.