Property and casualty insurance

Releasing an ESG report prepares you to address potential risks hidden in operations.

The National Association of Insurance Commissioners has issued guidance to insurance companies about existing laws and governance requirements they need to follow as they develop and use AI models. Experts say it's a good first step.

In other news: Nationwide launches digital platform Pet HealthZone and Bain Capital Insurance closes its 1.15B inaugural private equity fund.

As of March 27, 2023, the top five insurance companies had an average workers' comp market share of 5.55% and a combined marketshare of 27.76%.

Consumers preferred to share data using smart devices in the home: 45% said they are happy to share information via Amazon Alexa, Google Home and the like. A little over a third of consumers (36%) said they were willing to share data through wearables or fitness health tests.

In other news: Embroker names new CEO and Swiss Re announced global head of property and casualty solutions.

Coterie Insurance, a small business insurance underwriter, is seeking to expand its ability to provide instant quotes and coverage with AI-powered data technology.

Digital Insurance's State of Insurance 2023 report also reveals that underwriting technology and staffing difficulties are top of mind for insurers.

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.