Predictive solutions powered by artificial intelligence (AI) and machine learning (ML) are helping usher in a new era of “climate risk analytics.” The new models, which are being revolutionized by data analytics solutions, are benefiting everyone from scientists and government agencies to insurers and the people impacted by extreme weather.
According to a recent Scientific American article, climate risk analytics is “the delivery of data-based predictive information about risks associated with wind, floods, fires, droughts and other climate disasters.” All of which are rapidly growing in frequency and severity, creating a sense of urgency for experts to better understand how and why these events are happening.
Not surprisingly, the scientists and researchers are taking advantage of the deluge of data from weather stations, soil and water sensors, tidal gauges, satellites, drones, and even cell phone signals. What’s new is the ability to leverage data integration platforms with supercomputing and AI/ML, which together are helping experts predict the impact of climate disasters better than ever before.
Armed with the ability to access more information and analyze it faster, data scientists are developing new risk models that can pinpoint when and where climate-related disasters will happen. The California-based company, One Concern, is an example of a company leveraging this new approach. The company’s Flood Concern Platform can predict flood risk down to an individual home or high-exposure area like a hospital. By combining ML with new and more dynamic risk models, it’s possible to predict climate-related disasters and their expected impact up to five days before they hit, helping improve disaster preparedness and save lives.
New entrants are also emerging to help companies better manage the business impact of climate change. A recent Wired article covered the topic, highlighting data-driven risk analytics provider, Jupiter Intelligence. The New York-based startup is among a new breed of climate services companies helping business deal with increased risk related to climate disasters, especially those in coastal areas or regions susceptible to drought and fires. Jupiter uses climate-related data in its risk models to help companies manage losses that could result from catastrophes like fires, floods, storms, heat waves, and more.
The time to investigate how climate-related disasters and extreme weather will impact future business is now. As climate change impacts the world around us, we expect data analytics to continue to help in the fight against it—for both the private and public sectors. Keep checking in to get updates on what this could mean for your company here on the APEX of Innovation.