Asia-Pacific provides climate for insurtech
Smart technology and climate volatility underpin emergent property insurance products and the growing demand for them in the Asia-Pacific region. A new report from the data analytics firm, GlobalData, projects USD $85.6 billion in written property insurance premium across the region by 2023, representing 4.6 per cent compound annual growth from the USD $71.5 billion tally in 2019.
Advancements in the collection of real-time data is accelerating and refining damage assessment and processing of claims. Dubbed insurtech, it includes on-site monitors gathering insight on safety and risk situations, along with the ability to harness drones or satellites to quickly investigate property damage.