Utilizing AI to mitigate the impact of catastrophic claims

Around the globe, the past two to three years have been incredibly difficult for insurers and their policyholders. In 2023, Europe was hit with more than €13.4 billion in damage caused by flooding and other weather/climate related events. There were nearly 30 confirmed weather/climate disasters in the United States in 2024 that each caused $1 billion or more in damages. And experts estimate that the LA wildfires from January 2025 will be responsible for more than $250 billion in damages and other economic impacts. These catastrophic events are traumatic for the policyholders involved and expensive for the carriers who insure them.