The property and casualty (P&C) insurance industry has always been about protecting people and property against the unexpected. But in 2024, U.S. insured catastrophe losses reached $113 billion—nearly double the 25-year average of $58 billion.
For many carriers, the gap between collected premiums and total payouts, including operating costs, continues to widen, underscoring the growing financial strain of climate-driven risks. At ZestyAI, we can’t control the forces of nature, but we’re helping insurers adapt.
From Franklin’s Fire Policies to AI-Powered Resilience
The concept of insurance dates back to the Middle Ages, when merchants sought protection from unpredictable events like storms and piracy. Over time, the practice evolved into today’s property and casualty insurance, safeguarding homes, businesses, and communities.
In the United States, Benjamin Franklin advanced the industry by founding the nation’s first fire insurance company in 1752. By refusing to insure fire-prone buildings, his company not only mitigated risk but also set new safety standards. This principle of risk reduction has guided the industry ever since.
Today, ZestyAI is building on that foundation with AI-driven risk models that help insurers address modern challenges. While the tools have changed, the mission remains the same: to protect people, property, and the future.
Modern Tools for Today’s Challenges
At ZestyAI, we’re helping insurers address modern challenges with solutions designed to fit seamlessly into their workflows. Our AI-driven platform combines high-resolution aerial imagery, proprietary data, and advanced modeling to provide a clearer, more reliable view of risk.
Unlike broad, traditional approaches, we focus on delivering actionable insights at the property level, helping insurers:
- Modernize outdated processes without overhauling their systems,
- Improve underwriting precision,
- Optimize inspections and resources, and
- Strengthen their portfolios.
A key example of this is our work in wildfire risk modeling. ZestyAI’s proprietary wildfire loss database—built using data from 1,500 events over the last 20 years—helps insurers predict property-specific risks with precision. By understanding wildfire risk at this granular level, insurers can proactively reduce losses, guide mitigation strategies, and protect their customers with greater confidence.
Discover how ZestyAI’s regulator-approved solutions set new standards for accuracy, compliance, and fairness in insurance.