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.
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
IQUW partners with mea to boost underwriting efficiency with AI-driven platform
12th November 2024
Property and specialty insurer and reinsurer IQUW has formed a strategic partnership with mea, an AI-powered processing platform for re/insurers, to enhance underwriting efficiency across its operations. This collaboration aims to improve IQUW’s productivity and service quality, aligning with its commitment to delivering smooth broker experiences. Currently active within IQUW’s Directors and ... Read the full article
AI adoption in insurance grows amid rising extreme weather risks: ZestyAI
8th November 2024
As losses from extreme weather increase, insurers are rapidly adopting AI risk assessment models, with one in four now using AI for convective storms and 18% for wildfires, according to a recent survey by ZestyAI. ZestyAI’s survey, which collected responses from 200 senior insurance leaders, explores how the industry is responding ... Read the full article
Insurance Europe calls for European Commission to scrap AI Liability Directive
8th November 2024
In a bid to prevent legal confusion and the discouraging of innovation, Insurance Europe has urged the European Commission (EC) to withdraw its proposed Artificial Intelligence Liability Directive (AILD). While appreciating the EC’s commitment to promoting compensation for AI-related damages, the federation expresses concerns that the current proposal may lead to ... Read the full article
AI-focused InsurTechs lead funding surge in Q3’24 with $897.4m raised: Gallagher Re
7th November 2024
Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial intelligence, resulting in an average deal size of $34.9 million for AI-driven InsurTech ventures. The ... Read the full article
Loadsure partners with Google Cloud to launch AI-powered claims verification system
7th November 2024
Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately. Traditionally, insurance claims processing has been labour-intensive and time-consuming, often requiring manual document verification and data entry, which can cause settlement delays and frustration for ... Read the full article
Urgent need for insurers to move beyond legacy systems: Earnix
5th November 2024
For insurers to remain competitive and responsive to market demands, they must move beyond legacy systems and leverage new and emerging technologies, yet many still rely on outdated systems, with nearly half of insurers (49%) acknowledging they are behind schedule, according to Earnix’s 2024 Industry Trends Report. The report highlights that ... Read the full article
We expect a stable 1.4 renewal as demand for re/insurance continues to rise in Japan: Swiss Re’s Dodo
5th November 2024
Global reinsurance giant Swiss Re continues to see increased demand for property insurance and reinsurance protection in Japan amid elevated large natural catastrophe threats and the impact of inflation, and with little sign of a significant influx of capital heading into 2025, the expectation is for a stable April 1st ... Read the full article
Reinsurance News Monte Carlo Executive Roundtable
29th October 2024
The Reinsurance News Monte Carlo Executive Rendezvous Roundtable took place at the 66th edition of RVS in September 2024 and featured insightful discussions on the reinsurance market as we head towards the key January 2025 renewals. In partnership with BMS Re and PwC, the 2024 Reinsurance News ... Read the full article
Data and tech will distinguish top performers, says Zurich’s Signorelli
29th October 2024
During re/insurance broker Aon’s Profitable Growth Panel, Sierra Signorelli, CEO of Commercial Insurance at Zurich, emphasised that the use of data and technology is really going to distinguish top performers in the coming years. She noted that leveraging advancements in data and technology enables better decision-making, facilitates more informed conversations about ... Read the full article
Donegal Insurance Group partners with ZestyAI for property risk assessment solution
25th October 2024
Donegal Insurance Group has partnered with ZestyAI, a climate and property risk analytics solutions provider, to utilise its new AI-powered solution to enhance property risk assessment by accurately determining roof age across the US. Through the project, Donegal will utilise ZestyAI’s Roof Age solution to fill in the missing roof age ... Read the full article
BCG reveals 74% of companies face challenges in unlocking AI value
24th October 2024
Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technologies. However, realising AI's full potential remains challenging. The report indicates that only 26% of companies have developed ... Read the full article
Qantev raises €30M led by Blossom Capital to drive AI innovation and global growth
23rd October 2024
Qantev, an AI-powered platform transforming the way health and life insurers manage claims, reduce costs, and enhance services, has secured €30 million in a new funding round led by Blossom Capital, a European venture capital firm, with participation from existing investors Elaia, Omnes, and RAISE Venture. With this fresh capital, Qantev ... Read the full article
DGTAL becomes first insurance-focused AI firm to adopt AI Agents
18th October 2024
DGTAL, a provider of generative AI (GenAI) solutions designed specifically for the insurance sector, has become the first insurance-focused AI company to use AI Agents as a core element of its technology platform, marking the company's most significant technological upgrade to date. Unlike AI solutions so far, which provide a single ... Read the full article
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