Harnessing Generative AI for Flood Insurance Risk Evaluation and Mitigation
Floods are the most common natural disaster worldwide. A flood is demarcated as an overflow of water that submerges land that is usually dry. Flash flooding befalls when heavy rainfall over a short period hits areas with inadequate drainage. Other causes of flood events comprise high tides, storm surges, river overflow, and snow melt. Each year, floods extinguish assets worth billions of dollars. In the last five years alone, monetary losses caused by floods worldwide were estimated at 299 billion U.S.
