A new report by Arturo, a property intelligence company offering AI-based solutions to insurers, has emphasised the urgent need for predictive data and science-based measures to mitigate the growing risks of hailstorms on homes in Colorado, one of the most hail-prone states in the US.
Arturo has published its report as hail season starts in the state and it highlights the challenges of predicting hailstorms. For hail in particular, it has always been challenging to predict exactly when and where it will occur, or even what size the hail will be.
This challenge is becoming more complex with climate change impacting the frequency and severity of these events in the state responsible for the second highest volume of hail-related claims, analysts noted.
As it sheds light on the increasing impact of hailstorms on homes in the region, the report also offers guidance to homeowners, insurers, and contractors on how to mitigate these risks amidst a changing climate.
“As we head into hail season, Arturo’s latest report focusing on Colorado’s residential vulnerability serves as an example of the growing threat of storms everywhere, and emphasises the urgent need for predictive data- and science-based measures to mitigate risks. As climate change continues to impact the frequency and severity of these events, stakeholders must collaborate to protect properties and communities,” said Marty Smuin, CEO of Arturo.
Arturo’s innovative technology is able to utilise artificial intelligence models with aerial imagery, satellite-derived weather data, public records, and post-disaster imagery to analyse property vulnerability to weather-related events.
“When combined with policy data, satellite-derived weather data, public records data, post-disaster imagery, and more, Arturo serves as the connective tissue that unites policyholders, insurers, and contractors, so that these historically siloed parties can work in partnership to mitigate risk, price appropriately, prepare for inclement weather, and recover quickly,” Arturo stated.
The report highlighted that, among homeowners’ insurance claims, wind and hail represent the largest percentage of losses and are simultaneously the most frequent claim type.
Among the key findings, it revealed that metal roofs, which are more durable against hail, represent only 1.36% of roofs in Colorado, concluding that this is a potential area for improvement.
Additionally, the report also found that currently, 1,894 homes in Colorado have tarps on them, underscoring the urgent need for proactive maintenance.
Another key finding from Arturo’s report was the high percentage of homes with tree overlap (45.68%) in Colorado, and noted that this is also an issue that could increase the risk of property damage during storms.
Regarding its home accessory analysis, the report found that a substantial number of homes have skylights (12.10%), a point of vulnerability; solar panels (7%), that can shatter from large hail or be critically damaged from lightning strikes; and cars parked outside (1 in 5 homes), making them more susceptible to hail damage.
Despite the growing impact of hailstorms in the region, Arturo believes that by working together all stakeholders – insurance companies, contractors, and policyholders – “can be smarter at protecting homes.”
“By using and relying upon an agreed set of source truth, insurance companies can work with policyholders to educate them on how to make simple but powerful choices – like trimming trees – to reduce their risk and premium,” said Arturo.
“And if a roof does get damaged in a storm, by working from a shared understanding of the climate risk in an area, and precisely how much damage there is to a roof, contractors can work with insurers and homeowners to recommend whether it makes sense to repair or replace — and they can help pick a roof type that will truly stand the test of time.
It concluded: “And even in a changing climate, where the frequency of hail may be shifting but the size is increasing, property owners can rely upon their trusted partners to make smarter choices, backed by AI and science, on how to best protect the biggest and most important asset they have in their lives: their homes.”
