Property and casualty insurance

Property and casualty players have struggled to maintain profitability as they deal with a greater frequency and severity of accidents, combined with higher costs to repair or replace damaged vehicles, as well as heightened costs linked to extreme weather events.

In other news: Chewy expands pet insurance nationwide and Tokio Marine launches a market intelligence platform.

As climate change continues to worsen extreme weather, damaging homes and wreaking havoc on crops, the need for more responsive insurance policies is growing.

Local embedded and microinsurance models could provide immediate assistance to vulnerable low-income communities at risk of extreme climate events.

Jim Ryan, who joined State Farm as an innovation executive at the start of 2023, spoke with Digital Insurance about his ideas for how to innovate technology and operations at the carrier, how telematics will continue to change auto coverage, and how tech advances can reduce risk.

Biodiversity — including pollinating bees, marine life, rainforests and agricultural soil — is declining at an unprecedented rate as a result of exploitation, land-use change, pollution and extreme weather.

The Connecticut insurer has banned employees from using OpenAI's public ChatGPT system, but its chief information officer's team is experimenting with at least three use cases for large language models internally, and she has much more on her tech roadmap.

There were more than 30 funding events in the insurtech sector between June 1 and June 30, 2023, according to a review by Digital Insurance.

Predictive models are a tool to address a business problem, not a solution.

Jeff Diem founded the insurtech to fix a problem he encountered as a residential damage contracting estimator: wildly divergent estimates of damage repair costs from contractors and insurance companies.