New technologies

Recent technology and data management developments have caused substantial changes in the evaluation of risk and how this can be applied to resilience management, leading to a re-assessment of previously uninsurable risks. This has also directly resulted in the development of new products and a renewed interest in existing products, such as parametric insurance.

New spatial decision tools and web apps for conservation and development planning have been developed with the aim of reducing the environmental impact and risk for commercial development. Similarly, they have rolled out the use of Artificial Intelligence (AI) to forecast the evolving risk to coastlines and magnify conservation and climate adaptation solutions. As technology and data science continue to evolve, AI capabilities enable huge advances in data-driven decision support tools, exposing the value of possible solutions to key decision makers across governments, global insurance entities, special interest groups, and the private sector.

The developing science of attribution, combined with new technology and data developments, is supporting new risk modelling approaches and resulting in new opportunities for insurers, reducing vulnerability and exposure to present climate variability and associated extremes – all of which is critical for building resilience to future climate change.

I believe that the opportunities for technology to enhance our collective response to resilience and climate change are both significant and fascinating.

Find out more from our Resilience Expert:

Nigel Brook