[ad_1]
As Earth Day approaches, the world is being reminded of our shared environmental, social and governance interests, as well as the need to invest in a sustainable future for ourselves and future generations. For the insurance industry, this is a daily reality.
In this month’s Insurance News Analysis, Abby Compton and I discuss how insurers continue to build resilience in a changing risk landscape. One innovative example is the new smart contract solution from the Lemonade Foundation. It is designed to scale insurance to help subsistence farmers, who are often uninsured, mitigate climate change-related risks such as hurricanes, frost or floods.
Globally, 75% of flood risks remain uninsured, even as flood losses increase. Rolling out a new model of FEMA’s National Flood Insurance Program could be the catalyst for belated talk by agents about underinsured property.
The Society of Accident Actuaries seeks to eliminate historical racial disparities in the industry. They are looking for alternative data sources for underwriters to help overcome unintended racial bias. Abby and I discuss the enormous value of such data and how it relates to AI decisions.
We also talk about why work compensation claims remain below pre-pandemic levels and what the acquisition of Berkshire Hathaway Allegheny Insurance signals for the industry.
Watch other videos about insurance news.
Get the latest insurance industry insights, news and research straight to your inbox.
Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
Disclaimer: This document refers to trademarks owned by third parties. All such third party marks are the property of their respective owners. No sponsorship, endorsement or endorsement of this content by the owners of such marks is intended, expressed or implied.
[ad_2]
