Today’s low-orbiting satellite technology is so ubiquitous and so precise that it can deliver information about roof types on buildings in particular geographic areas. The satellite images can discern flat roofs and pitched roofs, and can even help make an assessment of what condition they are in. 

At data analytics and risk assessment firm Verisk, the information can be assessed through machine learning and artificial intelligence (AI) techniques that also combine up to 50 years of climate data, not only on temperature but also on hail, wind speed and barometric pressure.

“The result is catastrophe modelling that aggregates hundreds of thousands of data points and uses AI training algorithms to create a multitude of potential scenarios,” says Verisk’s executive vice president and managing director for the EMEA and APAC regions Dr Milan Simic.

“For reinsurers this means more insight than ever, as they price risk and consider their appetites and capacity.”  

Simic says Verisk looks at what happened in the past but aims to create models that are fit for what the company calls the near-present climate.

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