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.
Relm launches new insurance solutions for AI liability
17th January 2025
Insurance solutions provider Relm has launched three Artificial Intelligence (AI) liability solutions to address emerging risks in the AI ecosystem. These solutions aim to provide comprehensive coverage for businesses creating and adopting AI technology, as well as for those utilising AI in more peripheral capacities. "The rapid advancement and widespread adoption of ... Read the full article
Atrium starts extended trial of Novee’s Gen AI underwriting tool for PV&T submissions
16th January 2025
Atrium Underwriters Limited, the Lloyd’s specialty insurer, is conducting an extended pilot of Novee's Gen AI underwriting tool, which is built on a promising proof of concept to automate the pre-underwriting of Political Violence & Terrorism (PV&T) submissions. The initiative aims to underscore Atrium's commitment to leveraging advanced technologies to enhance ... Read the full article
CyberCube predicts AI will amplify cyber attacks in 2025
15th January 2025
CyberCube, a provider of cyber risk analytics for the insurance sector, has released its 2025 Predictions Report, which suggests that artificial intelligence (AI) agents will give cybercriminals greater leverage to scale widespread attacks. The report highlights key trends and challenges shaping the cyber sector in the year ahead. Yvette Essen, Head ... Read the full article
Xceedance appoints Brandon Nuttall as Chief Digital & AI Officer
10th January 2025
Xceedance, a global provider of technology and digital solutions, has announced the appointment of Brandon Nuttall as Chief Digital & AI Officer. In his new role, Nuttall will collaborate with clients to leverage Generative AI in designing, building, and delivering insurance products that better resonate with end users. He will focus ... Read the full article
DXC launches AI Impact to address insurers’ most pressing challenges
8th January 2025
DXC Technology, a global technology services provider, has launched AI Impact, an initiative designed to help customers across industries innovate securely and achieve real business outcomes through artificial intelligence (AI). DXC supports global companies in managing mission-critical systems and operations while modernising IT, optimising data architectures, and ensuring security and scalability ... Read the full article
CCC to acquire EvolutionIQ to enhance AI-powered claims management
23rd December 2024
CCC Intelligent Solutions (CCC), a cloud platform provider powering the P&C insurance economy, has signed a definitive agreement to acquire EvolutionIQ, an AI-powered platform for disability and injury claims management. Under the agreement, EvolutionIQ’s founders and team will join CCC, leveraging its operational resources and extensive customer network to expand into ... Read the full article
Reinsurance pricing to remain mostly flat through 2025: Deutsche Bank
19th December 2024
Deutsche Bank has released its 2025 outlook for European and UK P&C insurers, highlighting the increasing importance of efficiency in the face of evolving P&C market dynamics. The report notes that primary insurers have outperformed reinsurers in 2024 in terms of relative share price performance, particularly given reserving issues at SCOR. Heading ... Read the full article
WTW enhances RiskAgility FM with AI capabilities for L&H insurers
18th December 2024
Global insurance brokerage WTW has introduced new artificial intelligence (AI) capabilities to its RiskAgility Financial Modeller (RiskAgility FM), a financial modelling and reporting software technology for life and health (L&H) insurers. Life and health insurers face growing challenges, including managing increasingly complex products and regulations, while ensuring their models accurately reflect ... Read the full article
Insurance data leaders see AI adoption as crucial for staying competitive: Ataccama
11th December 2024
Nearly half (46%) of insurance data leaders fear that failing to adopt artificial intelligence (AI) will leave them at a competitive disadvantage, according to a report by Ataccama. The report revealed that while 74% of organisations have implemented some AI-based solutions, only 27% have integrated them company-wide, despite recognising their benefits. Key ... Read the full article
Businesses must ensure they take a considered approach when they implement AI: Beazley’s Cox
9th December 2024
Despite the excitement surrounding artificial intelligence's (AI) potential, businesses should take stock and ensure that they are taking a considered approach as they implement the technology into their systems, says Adrian Cox, Chief Executive Officer (CEO) of Beazley, the specialist insurer. "AI and how it can transform business has dominated conversation ... Read the full article
AXA joins the Stanford HAI Corporate Affiliate Program
5th December 2024
Global insurance group AXA has become a new member of the Stanford Institute for Human-Centered AI (HAI) Corporate Affiliate Program. Through collaboration with Stanford faculty, the program aims to promote responsible artificial intelligence development and implementation by exploring research, policy, and educational opportunities within the insurance sector. James Landay, HAI Co-director, said: ... Read the full article
GenAI can open doors for malicious cyber actors to exploit capabilities
27th November 2024
Generative AI (GenAI) presents many ways for organisations to revolutionise their respective industries by enhancing business functions, however, the technology may also open doors for malicious actors to exploit capabilities for cyber attacks, according to a new report from Guy Carpenter, the reinsurance broking arm of Marsh McLennan, and CyberCube, ... Read the full article
Understanding, calculating & underwriting systemic risk is cyber’s biggest challenge today: Coalition
27th November 2024
As cyber continues to remain one of the biggest lines of business across the re/insurance industry, there are a number of challenges that the cyber market is currently facing, in light of the recent number of data breaches and major cyber events that the industry has seen throughout the past ... Read the full article
McGill and Partners, TMK, and Convex launch AI trade disruption facility
26th November 2024
Independent global specialty insurance and reinsurance broker McGill and Partners, has announced the launch of a new AI- powered trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of $95 million, led by TMK. Leveraging the artificial intelligence technology from Altana, this solution has been ... Read the full article
AI’s role in tackling inefficiencies in insurance data processing: Roots Automation
25th November 2024
Roots Automation’s recent whitepaper highlights how artificial intelligence (AI) can help insurers address the costly inefficiencies of processing unstructured data, ultimately improving underwriting and claims operations. The whitepaper underscores the significant losses insurers face due to inefficient underwriting and claims. In 2023, Property and Casualty underwriting losses surpassed $21 billion, according ... Read the full article
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