The Future of Insurance Is Happening Without Insurance Firms

"Big data has turned weather into a big business. The Weather Company (TWC), which was bought by IBM in 2016, serves governments, media channels and 40% of the world’s airlines. But many property insurers, whose fortunes rely on forecasting climate-induced losses, are still learning how to use the information, says Leon Brown of TWC. Their cluelessness is symptomatic of a problem for all insurance lines, including casualty, life and health. Reinsurance firms (which insure the insurers) and Asian insurance champions are almost the only innovators in an industry that is moving at a glacial pace."

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