Natural disasters are occurring more frequently and causing more damage than ever before. 2018 was the fourth costliest year for insured losses, since 1980, at $80 billion. It was among the 10 costliest years in history. 2017 was a record year for insured losses at more than $90 billion. The average loss over this decade is 660% higher than the 1980’s – adjusted for inflation. Despite the growing risk, many families and communities are ill-prepared for today’s disasters, let alone tomorrow’s.
The Resiliency Innovation Challenge was created to explore how the insurance industry can best leverage innovative technology and tools to make individuals, businesses and communities more prepared and better able to manage growing risk. InsureTech Connect (ITC) and the Insurance Information Institute (I.I.I.) have partnered to create this challenge to encourage and promote emerging companies at the forefront of resiliency.