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The insurance industry is facing challenges in accurately assessing and pricing natural catastrophe risks. However, the use of AI and machine learning technology is providing hope for increased speed and accuracy in underwriting and fraud reduction. Insurance leaders are optimistic about the potential of AI, but underwriters still lack trust and are concerned about complexity and data integrity. Engaging underwriters early on and continually assessing progress can help overcome these challenges. Only a small percentage of insurers currently have advanced predictive modeling capabilities, highlighting the need for updated models to account for the changing landscape of natural catastrophes.
