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There are exciting companies in the P&C space developing the aerial imagery analytics capabilities needed to make the preventive coverage dream a reality. (Photo: trekkerimages/stock.adobe.com) There are exciting companies in the P&C space developing the aerial imagery analytics capabilities needed to make the preventive coverage dream a reality. (Photo: trekkerimages/stock.adobe.com)

Any forward-thinking insurer should have climate risk at the forefront of their mind as they enter 2022. Unfortunately, if 2021 was anything to go by, the threat posed by unpredictable and suddenly triggered weather events will only increase: Annual U.S. severe weather insured losses for 2021 have already surpassed $20 billion so far. And as floods, hurricanes and wildfires wreak havoc on infrastructure, systems are becoming overwhelmed, and the U.S. is struggling to cope.

In the past, insurers would market services after severe weather events occurred. Now U.S. carriers are busier than ever predicting and pricing the risk these catastrophes prevent. But these incidents are more volatile and frequent, and insurers must take advantage of every innovation possible to keep pace with the risks.

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