Wildfire catastrophe models need improvement: Reinsurer
The world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause.
Swiss Re is working with the Massachusetts Institute of technology to analyze several years of satellite images, the reinsurer said in a recently-released paper, Wildfire in Canada: Fostering Resilience Through Advances in Modelling.
“We don’t have the brain power to do (machine learning) deeply in house,” Balz Grollimund, Swiss Re’s Toronto-based head of treaty underwriting for Canada and the English Caribbean said in an interview Thursday. “So we reach out to partners who can help us with that, and MIT had a group of students who developed a method to look into impacts of various aspects on the wildfire season…
Preparing people for peril
National Disaster Preparedness Day, to be observed tomorrow, is to prepare the people to lessen the impact of both natural and man-made disasters.
As per Climate Risk Index of German Watch, between 2000-2011, nearly 70 million people in Bangladesh were affected by erratic climate disasters, costing the Bangladesh economy Tk50,000 crore, or $6bn.
This means that due to climate disasters, Bangladesh loses about Tk4,000cr or $500m annually.
In fact, owing to climate disaster, Bangladesh’s GDP, on average, is negatively affected by 1.8%.
In general, Bangladesh contributes little to climate change, but it is one of the worst-affected countries due to its geographical location, which is highly prone to natural disasters.
From 1998 to 2017, over 500,000 people died as a direct result of more than 11,500 extreme weather events.
National disaster preparedness day clarifies human mobility — displacement, migration, and planned relocation — in the context of sudden disasters like tropical cyclones, tidal bores, tsunamis, earthquakes, landslides, and volcanic eruptions…