INSURANCE
“ I WOULD DEFINITELY PREDICT THE GROWTH OF THIS PREVENTIVE OR PREDICTIVE COVERAGE BEING INTRODUCED AS A SERVICE BY INSURERS ”
GUY ATTAR GEOX
Guy Attar , Chief Business Officer and Co-Founder at GeoX says Earth Observation is being used in a variety of ways to calculate risk in terms of crisis insurance and agricultural insurance . He explains , “ The value earth observation can add to an insurer ’ s offering really cannot be overstated in today ’ s turbulent world of evolving risks . Think about this year so far alone : in the US , there have already been 18 weather or climate-related disaster events with losses exceeding $ 1bn each .
Attar says these catastrophes result in countless claims , in what was traditionally a slow and frustrating process . Assessing extreme damage in person is difficult and often dangerous , and that was before the COVID-19 pandemic stunted physical assessments in a new way .
“ Technology enabling earth observation , such as modern sensors ( cameras ) and AI analytics of images , is truly the way forward in calculating risk : not only during moments of crisis but also before they occur .”
Attar says that suddenly triggered disasters are now too unpredictable and frequent for traditional , retroactive action
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