As extreme weather events become more common in the face of human-caused climate change, disaster insurance is more important than ever.
A startup called Near Space Labs is using artificial intelligence-powered balloons to help speed up the claim process, Axios reported.
With the difficulties some face in coverage, and with hurricane season coming soon in the United States, this innovation could be a game-changer for many in the aftermath of a natural disaster.
After disaster strikes, Near Space's balloons and cameras can be utilized to survey an area for damage and collect data. The balloons reach the stratosphere, above where airplanes typically fly, and can safely and quickly gather the information necessary to complete an insurance claim.
Founded in Brooklyn in 2017, Near Space has raised over $40 million in funding, according to Axios. One robot equipped with Near Space's technology can capture data so well that it would take more than 800,000 drones to do the same.
With the increased threat of flooding, supercharged storms, and wildfires, insurance has become more difficult to navigate. Many insurers are reconsidering their offerings in the face of more frequent natural disaster payouts.
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While there are strong cases to be made about the environmental burden AI can cause, including the high energy demand for supercomputing centers, many AI and machine learning models can be beneficial for climate scientists. Some models can predict flooding and help protect communities. Similarly, AI technology has been developed to detect wildfires.
When an extreme weather event like a hurricane hits a community, there is a substantial loss of life and property. The state of North Carolina estimates that Hurricane Helene caused over 100 deaths and $59.6 billion in damage. Vulnerable populations who are displaced face additional hardship in the aftermath.
Hurricanes damage more than human communities; they can destroy habitats as well. For example, in the aftermath of Hurricane Helene, waterways were completely overtaken, and the species that lived in them were moved from their original homes. Some of these aquatic creatures are still vulnerable a year after the storm hit.
If humanity continues to burn dirty energy sources like coal and natural gas, we will have to continuously adapt to the dangers of a warming planet and changing climate.
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"There's no climate resilience without financial resilience," Rema Matevosyan, Near Space's co-founder and CEO, told Axios. "Financial resilience is insurance in the face of catastrophes."
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