Is the federal crop insurance program keeping up with climate change?

Crop insurance - A person touching wheat

Few changes have been made in the program despite rising risks associated with global warming. Risk has always been a part of farming, particularly due to its dependence on the weather in any given season or year, and crop insurance has become a key part of the survival of many farms across the United States. That said, risks associated with weather have been changing, but the program has altered very little. The massive federal crop insurance program has helped farmers to ensure their businesses survive in times of flooding, drought,…

Read More

Insurance and Technology: The Rise of Insurtech

insurtech insurance technology

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

Read More

Insurance industry reform call by Hillary Clinton at COP28 climate panel

Insurance industry - The word Reform

The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…

Read More

California examines new home insurance pricing strategy for wildfire crisis

Home insurance - Price Strategy

The state plans to allow insurers to take climate change into consideration when setting their rates. California intends to let home insurance companies factor climate change into the way they calculate their rates, according to the chief regulator for the state. The goal is to help prevent the loss of insurers from the state due to the rising risk of wildfires. Wildfires, mudslides and other natural disasters associated with climate change have become increasingly commonplace and severe in the state. This has wreaked havoc on the coverage industry, which is…

Read More

Insurance industry climate needs spur new NOAA and NSF research center

Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

Read More