Tag: insurance
- 5Help property insurers price climate risk and verify claims using satellite imagingContext: Climate change poses significant risk to insurers of residential and commercial properties, with some already withdrawing from regions hard-hit by wildfires, flooding and extreme weather events (1, 2). Problem: Assessing a property's level of exposure to extreme weather and climate change is difficult and time-consuming. So is the process of verifying and assessing claims, as the site of a landslide, severe flood or wildfire can remain inaccessible for weeks after the event. Solution: Leverage recent developments in satellite imaging (eg: SAR) and computer vision to help property insurers price climate risk and verify claims. Sources: 1: https://www.theguardian.com/us-news/2023/may/27/state-farm-home-insurance-california-wildfires 2: https://www.theguardian.com/us-news/2023/jul/12/florida-farmers-insurance-climate-crisis
