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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