Episode 7: Closing the Climate Protection Gap with Science-based Insurance Solutions
STREAM EPISODE 7 HERE
(Total Run Time: 23 minutes)
Protection from accelerating climate risk remains the most pressing challenge facing clients globally, whether it affects assets or liabilities. Traditional climate models that only use past loss experience are not predictive of the future, which inflates premiums and contributes to deteriorating coverage and a growing climate protection gap that leaves over 70% of the world's economic losses from natural catastrophes uninsured. Understory's proprietary hyperlocal climate risk engine prices risk accurately and fairly while utilizing unsurpassed forecasting capabilities to mitigate that risk. This technology enables a mutualized property insurance structure that aligns interests and pioneers the most innovative insurance solution the market has seen since the advent of insurance over 300 years ago. Andrew Robinson, Skyward Specialty CEO, teams up with Alex Kubicek, Understory CEO, to discuss how their partnership enables comprehensive property coverage despite the volatility of climate change. By leveraging a science-based approach through proprietary technology and ground truth, they amplify the effectiveness of underwriting and claims decisions that pave the way for revolutionary risk management solutions in challenging market niches, starting with dealer's open lot coverage.
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