Reinsurance News
AI
News and analysis on the use of artificial intelligence (AI) within the insurance and reinsurance industry.
Increasingly, the insurance and reinsurance market is adopting artificial intelligence (AI) to enhance its operations and make them more efficient, as well as in developing innovative new products and operating models for underwriting insurance and reinsurance risks.
ZestyAI’s AI-powered Severe Convective Storm Models secure regulatory approval in Texas
26th July 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. These include Z-HAIL, Z-WIND, and Z-STORM, which along with Z-FIRE, ZestyAI's predictive wildfire risk analytics product, ... Read the full article
Markel and mea announce strategic partnership to enhance underwriting processes
23rd July 2024
Markel, a global specialty insurer, and mea, an AI-driven platform for insurers, have announced a new strategic partnership, leveraging mea’s GenAI solution to enhance its underwriting processes in International Wholesale operations. Martin Henley, CEO at mea platform, said: “We are very excited to embark on this new partnership with Markel and ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
Aspen Data Labs launches to enhance digital and AI capabilities
11th July 2024
Aspen Insurance Holdings Limited, a provider of insurance and reinsurance solutions, has launched Aspen Data Labs, a new platform designed to advance its digital capabilities and enhance its focus on data and artificial intelligence (AI). Aspen Data Labs will facilitate collaboration among employees and partners on data science and AI projects ... Read the full article
Eastern Alliance implements CLARA AI to enhance workers’ comp claims management
11th July 2024
Eastern Alliance Insurance Group, a fully owned subsidiary of ProAssurance Corporation, has chosen the CLARAty.ai platform from CLARA Analytics, a provider of artificial intelligence (AI) technology for optimising insurance claims, to enhance claims management. This platform will help improve medical outcomes for injured workers, increase the accuracy of reserves, and reduce ... Read the full article
AI and climate change top priorities for insurance executives in 2024: IIS
10th July 2024
Artificial Intelligence (AI) and climate change have emerged as the top priorities for insurance executives worldwide, according to a survey by the International Insurance Society (IIS). The ILS 2024 Global Priorities Survey aimed to identify the most critical issues for industry leaders and gather insights to shape the agenda for stakeholders ... Read the full article
Davies names Amber Wilkinson as Group CFO
9th July 2024
Davies, a specialist in professional services and technology, has appointed Amber Wilkinson as its new Group Chief Financial Officer (CFO). Currently serving as CFO at global law firm DLA Piper since 2021, Wilkinson brings extensive experience from over a decade at insurer AXA. She held senior roles including CFO of AXA Health ... Read the full article
Davies secures £1.5 billion refinancing to support growth initiatives
5th July 2024
Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities. This move significantly lowers its interest expenses, extends debt maturity dates, and secures additional credit lines to support its future growth initiatives. The agreement ... Read the full article
AI to have biggest impact in risk modelling & analysis for re/insurers, poll suggests
3rd July 2024
According to a recent poll from Reinsurance News, artificial intelligence (AI) is anticipated to have the least impact in customer service, whilst nearly half of industry respondents believe that AI will have the biggest impact in risk modelling & analysis. Hundreds of people from across the insurance and reinsurance industry responded to ... Read the full article
Allianz Trade and BPL enhance data sharing with API integration via Whitespace
2nd July 2024
Insurer Allianz Trade and credit and political risk insurance broker, BPL, have launched a collaboration to transform the way underwriters and brokers share enquiry data using Application Programming Interface (API) integration through the independent digital trading platform Whitespace, a Verisk business. Christophe White, Global Head, Specialty Credit, Allianz Trade, commented: “I ... Read the full article
Cyber insurance growth to shift to non-US markets by 2030: Howden
1st July 2024
Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article
Karl Canty joins Capco as new partner in US insurance practice
24th June 2024
Capco, the technology and management consultancy, has named Karl Canty as a new partner in its US insurance practice, located in Hartford, CT. Canty will focus on strengthening client relationships, boosting sales, and providing value to insurers, especially to Capco’s prominent Life & Annuities clients. Matthew Hutchins, Partner and Global Head of ... Read the full article
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