California

The dispute is over a cyber attack from 2014 through 2015 that potentially exposed personal information of patients at UCLA Health.

AIG's decision comes on the heels of both State Farm and Allstate Insurance Co. announcing plans in recent weeks to stop writing new policies in fire-prone California.

(Bloomberg) --California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state.

Climate change has increased wildfire risk in California while hurricane losses in Florida have already seen a number of reinsurers cut exposure, Moody's said.

AI tools can help insurers with historical loss projections more effectively predict the impacts of future catastrophes.

The predictive model is powered by AI analysis based on data from over 1,500 wildfire losses.

California's biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.

Digital Insurance spoke with Troy about how his role at the insurer has changed since he started at the company in 2019.

More news: MassMutual on iPipeline’s iGO and Neptune Flood partners with SIAA.

The industry’s reliance on historical loss data and traditional catastrophe models is limiting its understanding of future climate risks.