Technology like Nearmap’s allows insurers to receive data on damage faster — and pay out claims more quickly. (Credit: Artranq/Adobe Stock)
Hours after last year’s hurricanes and this year’s LA wildfires, Nearmap had planes in the air surveying the damage.
The images captured showed destroyed buildings and ripped-up roofs. Out of 7,546,481 properties analyzed following the hurricanes, 484,107 had some level of damage, while 98,443 had major damage, and 5,193 properties were destroyed. In LA, of the 41,116 buildings analyzed, 12,574 had major damage or were destroyed.
Even at that level of destruction, Nearmap was able to process the images in under three hours, add AI-driven insights and send the data to its insurer clients within one to two days.
“I’ve never seen the need and dependence on this kind of technology be so important as it was with these events,” said David Tobias, general manager of insurance at Nearmap, in an interview with PropertyCasualty360.com.
Following a disaster, roads can be inaccessible, power lines might be down and adjusters’ schedules fill quickly. According to the National Association of Insurance Commissioners, it typically takes at least 18 to 24 months to repair or rebuild a home and replace possessions after a disaster.
Technology like Nearmap’s allows insurers to receive data on damage faster — and pay out claims more quickly, Tobias said.
“When you look at an event like Hurricane Helene or Hurricane Milton, every contractor is going to be busy for the next three years,” he said. “The faster an insurer can start putting money into an insured’s account, the faster they can get repairs scheduled and start getting back to normal.”
In 2024, there were 27 weather and climate disasters that caused at least $1 billion in damages each, according to NOAA. The total cost of these disasters was about $182.7 billion.
Catastrophes have started occurring in areas that weren’t typically prone to catastrophes, Tobias said, and they’re happening outside of their normal seasons. The shift is going to require insurers to adopt a new approach.
“Nobody was expecting a major wildfire catastrophe in January,” he said. “Every region is a catastrophe region now, and we really need to think about it that way, unfortunately, so we can be there for the insureds.”
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