MAY 2025 – How Insurance Companies Quantify Natural Disaster Risk in a Changing World
Institute of Computing for Climate Science (ICCS) 
Speakers: Dr Ruth Petrie & Dr Patrick Ball, INIGO Insurance
In 2024, economic losses from natural disasters reached $368 billion. $145 billion of these losses, or approximately 40%, were recouped by those affected through insurance mechanisms, improving the resilience of communities and aiding recovery (Aon, 2025). The largest monetary losses in 2024 were caused by hurricanes Milton and Helene which killed 278 people and generated $110 and $37.5 billion economic and insured losses, respectively. Inigo has partnered with Institute of Computing for Climate to create InSPiRe – Inigo Storm Prediction and Impact Research. This project aims to leverage the latest developments in climate science and AI to better predict present-day and future hurricane risk. In this talk, we will describe how insurers use catastrophe models to estimate the likelihood, severity and impact of natural disasters. We will also provide examples of how the insurance industry collaborates with academics to improve the understanding and modelling of these phenomena.
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