Michael Shashoua is Senior Editor at Digital Insurance. He joined the site in April 2022, after working as a marketing communications writer specializing in financial technology and data management for companies including GoldenSource, FIS, Thomson Reuters, Rimes, Bloomberg, DTCC and Vested. Previous to this, he edited Inside Reference Data at Incisive Media (now Infopro Digital) for five years and deputy edited WatersTechnology at Incisive. He also covered financial technology for Global Investment Technology until 2009. His interests include comedy, podcasting, music, movies and arts and entertainment in general.
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Representatives of the insurance industry called the proposal too speculative and prescriptive, while consumer and environmental advocates say it doesn't go far enough.
November 17 -
Insurers see a lot of promise in applying the new wave of AI technology for claims, underwriting and internal operations and financial functions.
November 16 -
The insurer's 32-page regulatory filing for the increase, implemented in July, claims a 19 cent loss for every dollar in home insurance premiums collected – based on a catastrophe loss estimate given without further details or documentation.
November 11 -
Companies' use of AI is creating a variety of new risks, and their insurers may or may not have specific language in policies defining what is covered and what isn't.
November 5 -
Cedents – insurers transferring cybersecurity coverage risks to reinsurers – have an advantage, according to underwriters and brokers speaking at Zywave's recent cybersecurity conference.
November 3 -
Digital Insurance spoke with Ashok Krishnan, an innovation executive at AXA XL, about AI's impact in underwriting operations.
October 29 -
The increased sophistication that cyber attackers are getting from technology requires more frequent updates to cybersecurity defenses, according to cyber insurance experts.
October 27 -
Executives from Markel and CSAA spoke about applying the technology to analyze demand filings and the risks of settling or litigating.
October 22 -
Hampered by a lack of institutional authority, the Illinois Department of Insurance goes to court to compel State Farm to provide property insurance market data. The insurer says it has already given the regulator data to justify its recent rate increase.
October 20 -
AI delivers value by parsing more information from broker submissions and gathering more data points.
October 19 -
Several insurance and wildfire-related bills were signed into law October 10, including authorization for bonds to finance California's insurer of last resort.
October 14 -
Insurers getting proactive about climate risks are finding that excess and surplus lines are a vehicle for innovation in coverage.
October 12 -
Reed Smith insurance plaintiff attorney Hugh Lumpkin points to 90% of Citizens Property Insurance arbitrations denying claims, with insurer funding judges' salaries.
October 12 -
The federal flood insurance program, which lapsed just before the government shutdown, mostly covered severe repetitive flood risk that the industry cannot cover.
October 9 -
Mercury Insurance, among others, are building climate science teams to better inform their risk and pricing.
October 8 -
Deepa Soni becomes executive VIP and CIO, similar to her previous role at The Hartford.
October 7 -
Digital Insurance spoke with Veronika Torarp of PwC about the need for more climate resilience efforts, and what their benefits can be.
October 7 -
Changes in life insurance products require more than retrofitting legacy technology, insurance technology executives say.
October 5 -
California governor's executive order tasks insurance regulator and other state agencies to make recommendations on mitigating wildfires, insurance affordability and availability, expediting insurance claims and more.
October 1 -
California insurance commissioner Ricardo Lara proposes stricter standards for Consumer Watchdog's compensation in representing home insurance policyholders against insurers' rate increase proposals.
September 29
