Climate change

Sessions held throughout Dig-In 2023 with panelists from insurers such as New York Life, Arch Insurance and CSAA Insurance Group discussed the importance of technology in insurance and how to use data effectively.

There are now at least 18  direct air capture plants operating worldwide, according to the International Energy Agency, and more are coming online.

The MGA market in the P&C insurance industry is experiencing significant changes, driven by trends such as growth in the excess and surplus space, prioritizing speed to response over speed to market, and the emergence of parametric insurance.

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.

The technologies safeguard insurers' ability to understand historical data and remotely apply those insights to risk modeling and underwriting.

New technologies have the capability to provide an analysis of potential exposures.

The political attacks are interfering with insurers' independent efforts to price climate risk, which will harm policyholders, main street investors and local economies, a GFANZ spokesperson told Bloomberg last week. 

The company pointed to growing "catastrophe exposure" and substantial increases in construction costs for its decision.

The company's partnership with Planet Labs PBC will use satellite data insights to protect agricultural stakeholders in drought risk periods.