Homes destroyed by the Palisades Fire in the Pacific Palisades area of Los Angeles, California, US, on Wednesday, Jan. 15, 2025. Los Angeles is bracing for critical wildfire conditions again as dry winds scour Southern California, creating the risk of more blazes in the wake of a disaster that has killed at least 25 people, driven thousands from their homes and touched off political infighting. (Jill Connelly/Bloomberg)
(Bloomberg) — Insurers are betting on a suite of new AI-driven techniques to better predict surging losses from climate-driven weather catastrophes ranging from unprecedented wildfires to hurricanes and floods.
Less than three months into the year, natural disasters are already causing major economic disruption around the world, including recent fires across Los Angeles, an economy-denting cyclone in Australia, floods in Jakarta and a giant storm that left dozens dead in the U.S. Annual insured catastrophe losses of $150 billion have become “the new normal,” according to a recent report by broker Gallagher Re.
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