How AI helped a California city insure against flood risk
… Floods are the most common and costly natural disaster, but difficult to predict with accuracy. Artificial intelligence has played a significant role in giving insurers the data they needed to design a parametric flood policy that could make sense on both sides. Fremont, which has not had a history of high flood risk, was one of the first jurisdictions to obtain this kind of coverage. As changing weather patterns make it harder for communities to assume they are safe from damaging floods, others could follow.
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