On January 16, 2025, RainbirdGEO CEO Choi Yong-sang attended the international seminar “The Impacts of Climate Change Becoming a Reality: Advancing Climate Risk Management Systems in the Insurance Industry,” jointly hosted by the Korea Insurance Research Institute and Pohang University of Science and Technology (POSTECH). He delivered a presentation on “Advancing Climate Risk Management Systems Using AI Models.“
During the seminar, Ewha Womans University, the Korea Insurance Research Institute, Korean Re, Korea University, POSTECH, and Tsinghua University in China signed a six-party Memorandum of Understanding (MOU) for international joint research on climate risk management.
Highlighting the limitations of current climate risk models, Choi stated, “With climate change introducing various variables, the uncertainty in predictions is maximized, making it challenging to accurately identify the relationship between climate factors and financial losses.” He also pointed out that existing damage data is primarily based on public sources, limiting the ability to accurately estimate climate risks.
Choi emphasized the necessity of more refined data collection and advanced AI-driven analysis to address the uncertainties of climate risk. He underscored the importance of industry-academia collaboration in achieving these goals.
