What Happened
Satellite Data May Improve Accuracy of Climate Disaster Assessments
The insurance industry is turning to satellite data to improve the accuracy of climate risk analysis, as loss ratios for crop and windstorm/flood insurance continue to rise. Companies like AXA Climate and Swiss Re are using satellite data to assess exposure to risks such as droughts and floods, and to determine insurance payouts. The Korea Aerospace Administration has also launched a satellite to capture images of the Korean Peninsula, which may provide valuable data for insurers. According to The Asia Business Daily, the use of satellite data may help insurers reduce costs and enhance risk management capabilities, delivering greater societal benefits. This development was reported by The Asia Business Daily.