The contract is expected to contribute around $64.6 million (£40 million) to Innovation Group’s revenue over the three-and-a-half year duration.
New legislation would require insurers to submit supporting actuarial evidence for rate increases to the state's Department of Insurance. Insurers lacking justification will be required to provide rebates to consumers.
Digital Insurance interviewed seven of the insurance commissioner candidates about how they would address the state's insurance crisis, AI risks and opportunities, rate increases and climate change issues.
A below-normal hurricane season may be ahead, according to NOAA, but insurers say preparedness remains critical as climate risks and coastal development intensify.
Instead of waiting for claims to confirm damage patterns, carriers can begin identifying likely impact zones earlier.
Artificial intelligence is placing increased demand on insurers to guard against fraud and other forms of risk. Experts are urging an investment in AI literacy and other forms of training to limit exposure, rather than simply deploying more AI internally as the only safeguard.
The counties with the greatest exposure lie along the coasts of Florida, Louisiana, South Carolina and Texas.
