Two-thirds of property/casualty insurers plan to start using AI in operational decisions this year, according to a survey, which also reveals that nearly all insurers already using AI have been tripped up by bias challenges. The Ethical AI in Insurance …
A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing …
Even though Berkshire Hathaway’s latest annual report featured Warren Buffett’s forecast that the days of “eye-popping performance” for the giant conglomerate are over, readers focused on property/casualty insurance saw numbers that jumped off the pages. Among them were: A 2023 …
Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market players. Profitability challenges in the …
Federal or state court? How will attribution science impact climate litigation? The questions aren’t the only ones of interest to insurers and reinsurers wanting to understand the potential for mass climate liability claims in the years ahead. Another key question: …
Although a U.S. Supreme Court decision put an end to climate lawsuits alleging violations of the federal common law of public nuisance, a second round of state actions may get further, researchers said recently. There are two major categories of …
A rising amount of litigation tied to the environmental and health impacts of greenhouse gas emissions prompted a question from the leader of a liability risk analytics company recently: “Is it about climate liability or the liability climate?” Robert Reville, …
Workers’ compensation insurers aren’t getting the large aggregate volumes of COVID-related claims projected during the early months of the pandemic, but different data sources give varying readouts on developments for individual U.S. states and classes of workers. In fact, while …
Analysts for Standard & Poor’s Global Ratings shared a view that U.S. underwriting losses from COVID-19 would fall in the $15-$30 billion range. However, risk officers speaking at a rating agency conference last week said the estimate is light. S&P …
Although new competitors are entering the U.S. property insurance market and alternative capacity is moving into the reinsurance space, neither trend has yet to move the needle on primary insurance pricing, executives said at the Advisen Property Insights Conference. Speaking …