Reinsurance News
Artificial intelligence in insurance and reinsurance news
Read all of our news on the growing use of artificial intelligence technologies in the insurance and reinsurance industry.
Artificial intelligence (AI) promises to enhance risk modelling and data analytics capabilities for insurers and reinsurers, while also offering new ways to deliver insurance and reinsurance products and support customers as well.
In addition to the use of artificial intelligence (AI) to enhance underwriting and operations, insurance and reinsurance market participants are also increasingly focusing on product development to provide risk transfer protection to support the AI and tech data centre build-out, seeing this as a significant and growing opportunity.
P&C insurers to deploy AI-powered multimodal technologies to combat fraud: Deloitte
27th June 2025
By implementing AI-driven technologies across the claims life cycle and integrating real-time analysis from multiple modalities, property and casualty (P&C) insurers could reduce fraudulent claims and save between $80 billion and $160 billion by 2032, according to Deloitte’s FSI Predictions 2025 report. After tax evasion, insurance fraud remains the second-most costly ... Read the full article
Global executives overestimate their cyber resilience: Beazley
26th June 2025
While more global executives cite cyber risk as their greatest threat this year compared to 2024, 83% say they feel prepared to counter it—up from 74% last year—potentially indicating a false sense of security, as many organisations still lack the sustained vigilance needed for true resilience, according to Beazley’s latest ... Read the full article
Accenture invests in Reserv to drive growth in claims ecosystem
26th June 2025
Professional services firm Accenture has invested in Reserv, an insurance claims processing company that complements deep claims expertise with AI-driven solutions through Accenture Ventures, with the terms of the transaction undisclosed. The investment will enable the pair to collaborate on claims solutions which are more accurate and efficient, helping underwriters and ... Read the full article
Concirrus launches AI underwriting platform in US specialty market
13th June 2025
Concirrus, a provider of AI-driven insurance solutions, has expanded its presence in the US specialty market with the launch of its new AI underwriting platform. The company revealed it has deployed the platform with “one of the world’s top ten specialty insurers.” Building on earlier successes in North America, the agreement ... Read the full article
Untapped potential of AI in the insurance sector: Genpact
11th June 2025
Despite 69% of insurance companies having adopted AI, only 36% of US customers report improved digital experiences, highlighting the industry’s ongoing challenge to effectively scale AI to enhance customer experience and drive growth, according to a report by Genpact, in collaboration with Amazon Web Services (AWS). The research is based on ... Read the full article
Xceedance’s MIS invests in DigsFact to advance AI-powered property inspections
11th June 2025
Millennium Information Services (MIS), a provider of property inspection solutions for the insurance industry, has made a strategic investment in DigsFact, an artificial intelligence (AI) company specialising in real-time virtual inspections and automation, aiming to advance property inspections. MIS was acquired by global technology and digital solutions provider Xceedance late ... Read the full article
Markel partners with Insurate to enter middle-market workers comp. sector
6th June 2025
Markel Insurance, the insurance arm of Markel Group Inc., has entered into a strategic collaboration with Insurate, an insurtech specialising in the middle-market workers' compensation sector. Markel explained that, after careful market analysis and due diligence, it identified Insurate as the right market entry partner, recognising its combination of deep industry ... Read the full article
Markel to accelerate underwriter insights with mea AI platform expansion to Canada
28th May 2025
Insurer and reinsurer Markel is expanding mea Platform’s generative AI (GenAI) solution to Canada, where it will be applied across Markel Canada’s underwriting operations to automate the extraction of unstructured data from submission-related documents. This move follows the successful deployment of the solution within Markel’s London Wholesale operations. The re/insurer initiallyRead the full article
Insurance Europe urges greater clarity on EIOPA’s AI Opinion
21st May 2025
Insurance Europe supports the European Insurance and Occupational Pensions Authority (EIOPA)’s draft AI Opinion for providing clarity on applying existing insurance legislation to AI systems; however, it warns that the current draft may unintentionally introduce new requirements, lack proportionality, and create confusion due to overlapping regulations. While Insurance Europe agrees with ... Read the full article
AI & machine learning potential untapped in actuarial and risk management, LMA finds
15th May 2025
According to a recent survey by the Lloyd’s Market Association (LMA), the full potential of artificial intelligence (AI) and machine learning (ML) in actuarial and risk management remains untapped, with significant progress still needed in their adoption and utilisation. The LMA's survey, conducted in partnership with Barnett Waddingham, found that scepticism ... Read the full article
ZestyAI’s Severe Convective Storm suite receives approval in Ohio
6th May 2025
ZestyAI, a provider of AI-driven insurance risk analytics, has announced that its Severe Convective Storm suite, which includes Z-HAIL™, Z-WIND™, and Z-STORM™, has received regulatory approval from the Ohio Department of Insurance. With the addition of Ohio, the suite is now approved for use in 16 states. Ohio has experienced 36 billion-dollar ... Read the full article
WTW launches AI-driven monitoring tool, Radar Vision
1st May 2025
WTW, an advisory, broking, and solutions firm, has launched Radar Vision, an AI-driven performance monitoring tool built specifically for insurers that provides early actionable insights for pricing, portfolio management, underwriting, and claims, allowing rapid response to emerging trends. The global insurance industry's turbulent conditions have continued for a few years, with ... Read the full article
Earnix to acquire GenAI platform Zelros
29th April 2025
Earnix, the artificial intelligence (AI) platform for insurance, has signed a definitive agreement to acquire Zelros, a generative AI player for insurers and banks. Through combining Earnix’s advanced predictive AI platform with Zelros’s GenAI recommendations engine, the move aims to bring predictive, generative, and agentic AI across risk decisioning, personalisation, and ... Read the full article
Over one-third of London market firms actively using AI: LMA
28th April 2025
A recent survey by the Lloyd’s Market Association (LMA) found that 40% of London market firms are actively using AI tools in some areas or have even widely integrated them into their workflows; however, AI adoption still faces significant barriers. The LMA recently hosted a seminar on the use of AI ... Read the full article
Chaucer and Armilla launch new AI liability insurance product
23rd April 2025
Chaucer Group, a global specialty insurance and reinsurance group, has partnered with Armilla AI, a provider of specialised insurance and risk management solutions for AI, to launch a new standalone third-party liability (TPL) insurance product. The new product addresses the evolving risks of mechanical underperformance in AI systems and models, along ... Read the full article
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