Insurance startups are eyeing the climate space as historical models struggle to keep up, but experimental underwriting models may not be a silver bullet.
Insurance models have struggled to keep up with the pace of climate-related claims, but there's no clear sailing for new insurance concepts.Traditional insurance coverage for businesses and individuals relies on historical data to predict the likelihood of a qualifying event and adjust the policy accordingly.
Sensible, for example, provides something akin to a guarantee product for consumers via a refund should a severe weather event damage an asset. It's a common model in less mature markets as well, Schultz explained, due to the unreliable nature of historical data.Inflation is taking its toll on the insurance industry broadly, and young startups with lines of credit may not be able to keep up with the more established groups.
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