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Life insurers are among Japan's biggest institutional investors, with a combined portfolio of about 380 trillion yen ($2.7 trillion), according to the association.

In other news: Embroker names new CEO and Swiss Re announced global head of property and casualty solutions.

Coterie Insurance, a small business insurance underwriter, is seeking to expand its ability to provide instant quotes and coverage with AI-powered data technology.

The move comes as incumbent truckmakers face the task of developing battery trucks that require fast-charging points with energy needs akin to small towns, and complex fuel-cell technology.

Both transactions are at an early stage and may not lead to a sale, said the people, who asked for anonymity to discuss the private information.

Digital Insurance's State of Insurance 2023 report also reveals that underwriting technology and staffing difficulties are top of mind for insurers.

Officials are assessing the damage wrought by the worst floods to hit the state since Hurricane Irene. Since then, the state has spent millions to climate-proof infrastructure.

The managing director of Arjuna Capital led a successful shareholder activist campaign in 2018 that led to dozens of large companies reporting their true gender pay gap numbers. Now she is pursuing companies who are moving too fast with advanced AI.

The carrier and the payroll services provider are working together to increase the flexibility of workers comp underwriting, based on more up-to-date data.

Roots Automation, Cowbell Insurance and Capitola are among the younger companies that have started using GPT technologies.