"By powering gen AI with an abundance of high-quality data, insurers can improve predictions for pricing risks and catastrophe impacts. Additionally, the technology can be deployed to support humans when there is an inevitable influx of claims that happen after a catastrophe strikes," said Suhas Sethi, Global SVP of insurance at Genpact. (Credit: mast3r/Adobe Stock)
Natural catastrophe insured losses reached a minimum of $20 billion in the first quarter of 2024, according to Gallagher Re. Of the $20 billion estimate, $11 billion was due to severe convective storms, and $10 billion occurred in the U.S. With a record number of storms forecasted in the U.S. in 2024, mitigating these astronomical NAT CAT losses is more imperative than ever. Researchers are investigating if artificial intelligence (AI) can help people in disaster-prone areas and their insurers reduce property damage and fatalities.
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