Insuring the Uninsurable: How AI Can Help Manage Wildfire Risk

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Insurance Insider

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Insured losses from wildfires have doubled over the last 30 years, reflecting the impact of climate change and the increased risk as more people move to wildfire-prone areas. From 2013 to 2022, wildfires caused $98.87bn in economic losses globally and $69.92bn in insured losses (adjusted to USD 2023), according to Swiss Re. Wildfires are a global peril, resulting in $4 billion of insured losses globally for the first three quarters of 2023, according to Aon. California is the epicenter of wildfire risk, and some major insurers have left the state entirely as a result. But new technologies, including AI, are helping insurers with risk selection and underwriting, and enabling them to underwrite wildfire risk, even in areas that had been thought to be uninsurable. Join Insurance Insider, in partnership with EY, for a free webinar, 11:30 am ET/15:30 GMT on March 27, as we explore how insurers are evolving to manage wildfire risk. Discussion questions: --Overview: What is driving the increase in wildfire losses? --Are there properties that cannot be insured? --How are companies using AI and new technology to manage wildfire risk? --Are there regulatory implications from using AI in risk selection or underwriting? --What are the pitfalls on relying on AI? Panel: Steve Kauderer, Senior Partner, EY Kevin Stein, CEO and Co-founder, Delos Insurance Dave Evans, Senior Property Solutions Manager, Swiss Re Reinsurance Solutions Guenter Kryszon, Chief Underwriting Officer, Markel Specialty Moderator: Meg Green, Senior Editor, Multimedia, Insurance Insider
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