A new initiative called CIRCAD, a partnership between Duke University, the University of Georgia, and NASA, aims to address the growing challenges in the insurance industry due to extreme weather events. Funded by the National Science Foundation, CIRCAD will develop data, tools, and decision frameworks to help manage climate risk more effectively. This collaboration includes major insurance companies like American Family Insurance, Aon, Liberty Mutual, USAA, and WTW, who are seeking solutions to the increasing difficulty in providing coverage amidst rising costs and market instability. AI
IMPACT This initiative highlights the growing need for advanced data and decision-making tools to manage climate-related risks, potentially driving demand for AI-powered risk assessment and mitigation solutions in the insurance sector.
RANK_REASON Formation of a new, multi-stakeholder center (universities, government agency, industry) to address a significant societal challenge (insurance risk from extreme weather). [lever_c_demoted from significant: ic=1 ai=0.4]
- American Family Insurance
- Aon
- Center for Innovation in Risk, Catastrophes, and Decisions (CIRCAD)
- Duke University
- Gilbert Gaul
- Insurance Institute for Business & Home Safety
- NASA
- National Science Foundation
- University of Georgia
- WTW
- Zac Taylor
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