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"We must maintain downward pressure on prices while making insurance as affordable as possible without compromising the sustainability of the product, which requires a focus on prevention and early detection," says a top actuarial official at Spain's MAPFRE insurance group.
That's why the company is teaming up with Spanish startup Lobelia Earth to use the "Internet of Things" to predict future weather events, such as droughts and floods, using machine learning and artificial intelligence, reports Ars Technica.
The idea is to automatically assess and quantify 14 commonly used extreme climate indicators, such as heat waves, floods, and droughts, and then use the data to predict future risks.
"Instead of relying solely on historical data, there's a call to transition towards scenario analysis, integrating historical data with climate patterns and trends to gain a comprehensive longitudinal perspective," says MAPFRE's head of actuarial office.
In fact, climate change is already having an impact on the insurance industry, with insurance claims rising due to droughts and floods, per a Geneva Association report.
"Weather-related incidents, such as floods or droughts, incur higher costs in terms of compensation, prompting insurers to reevaluate their risk models and coverage policies," says MAPFRE.
"This situation underscores the necessity Read the Entire Article
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A customized collection of grant news from foundations and the federal government from around the Web.
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Boost for Prison Entrepreneurship Program Extending its Reach in the Northwest UK
Entrepreneurs Unlocked, a Bolton-based social enterprise, has received National Lottery funding to expand its mentoring program to 200 prison inmates in the Northwest.
