Property and casualty insurance

Since 2020, the number of properties it insures has tripled to almost 1.4 million. Citizens estimates it may add another 300,000 by the end of the year

Total global insured losses from natural catastrophes were about $50 billion from January through June.

Carriers are building a talent pipeline through university programs and mentorships with partnered universities.

In other news: NEXT launches commercial excess liability and liquor liability coverages.

There were more than 40 funding events in the insurtech sector in July, according to a review by Digital Insurance.

CSAA used AI-powered aerial image analysis in a decision to not renew a homeowner's insurance policy in Northern California.

Analytics and agent-to-broker communications are becoming more popular applications for cloud data management. Marketing and automation applications haven't yet reached that kind of critical mass. Google and Amazon discuss their cloud services approaches.

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.

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.