As business leaders identify the biggest risks worldwide, the insurance industry is responding with technologies like drones that can safely go where claims adjusters cannot.
In this edition of our Insurance News Analysis series, Natalie de Freitas and I talk about the World Economic Forum’s annual risk report. In addition to infectious diseases and livelihood crises, the survey also cited extreme weather events as a top concern. It comes as no surprise since losses from natural catastrophes were up 40 percent last year over the average for this century. last year over the average for this century.
Insurers are responding to elevated risks with innovative solutions. Drones are reducing the need for claims adjusters to work in hazardous post-storm conditions. And AI is helping to identify wildfire risk patterns to help with loss prevention and mitigation.
Market convergences are also bringing insurers into entirely new areas. They won’t be satisfied with finding new ways of playing in their sandbox; they are seeing that their sandbox is changing.
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