Property and casualty insurance

The National Association of Insurance Commissioners, comprised of U.S. state insurance regulators, issued a policy bulletin calling for insurers to set governance and risk principles for the use of AI, and take responsibility for third-party data and systems.

Risk analytics essential to equip P&C insurers in California with the capabilities to precisely identify, evaluate and price risk.

Damage from severe thunderstorms — characterized by sudden downpours, fierce winds and hailstones — has been inching up by about 7% annually for 30 years, according to the analysis.

73% of insurance executives expect artificial intelligence to take their jobs, according to report.

Insurers are feeling the effects of the climate crisis but only 8% are currently attacking climate change head-on with strategic and proactive initiatives, according to Capgemini research.

The Senate Budget Committee, which Whitehouse chairs, is requesting information related to maximum claims Citizens Property Insurance Corp., an insurer of last resort, can pay without having to levy assessments on Florida policyholders.

The reinsurer is working on how to use Gen AI to support decision-making without letting it fully automate decisions. PwC and others also see claims and customer service applications for the technology.

Russell Higginbotham, CEO, Reinsurance Solutions at Swiss Re, shares the ways he sees application of technology to data, risk and communication changing the insurance industry.

Nearly 200 women attended the WIL event, which included thought leadership panels, keynotes and roundtable discussions, in Chicago.

By freeing associates to exercise higher-level judgment, Gen AI could make a 'bionic enterprise' possible, Nationwide's CTO says.

Capco predicts a greater emphasis on collaboration between insurers and the DOI to ensure ongoing coverage for policyholders as the DOI will take on additional governance and responsibilities when partnering with insurers to protect insured individuals.

A new report from Forrester examines the risks, innovations and technology landscape for insurance.

Global insurtech funding increased from about $917 million in the second quarter of this year to about $1.1 billion in the third quarter.

The top three companies have combined net premiums written of more than $53 billion.

In a report published Monday, the International Association of Insurance Supervisors outlined key areas where supervisors can help improve the affordability, availability and uptake of insurance against natural disasters.

The first step: every agency needs a disaster plan which outlines a course of action if an event occurs. Owners should identify the most likely disasters and determine key steps to take. Will employees evacuate or stay put? How will they communicate with customers? How can they begin working again?

Nationwide is partnering with Resideo Technologies to offer its thermostats, fire, smoke and water leak detectors, and related home security solutions to its policyholders in a pilot program starting in early 2024, with policy discounts for their use, according to company officials.

In other news: Betterview partners with Near Space Laps and CCC introduces new AI photo analysis.

Strategy executive Michael Mahaffey spoke about how the insurer's digital transformation is an ongoing effort, and the accelerated evolution of technology he sees.

As the insurance industry undergoes digital transformation, it has a unique opportunity to integrate diversity, equity and inclusion into its structure.