Natural Disasters, AI and Insurance Risk Assessment

Hurricane Ian made its way across Florida in late September 2022, causing tens of billions in estimated insurance losses due to wind and flood damage. Now, half a year later after the disaster, homeowners are still picking up the pieces and rebuilding with the payouts that have been slowly coming out from insurance policies. However, many have had the unexpected shock to learn that flooding was not a part of their homeowners insurance. Here we explain natural disasters, AI and insurance risk assessment. This event and many like it are stark reminders to both individuals and businesses that checking in with their insurance company to review insurance policies is something that needs to happen regularly, not because something may have gone unnoticed, but because things change.