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.
Almost 60% do not treat AI ethical risks separately: Airmic survey
11th April 2024
Nearly 60% of organisations are not treating ethical risks related to artificial intelligence (AI) separately from other ethical concerns, according to a recent survey conducted by Airmic, a UK association for risk and insurance professionals. In another poll asking whether these organisations believe AI's ethical risks should be treated separately, respondents ... Read the full article
Sayata launches AI-powered platform for enhanced risk assessment
11th April 2024
Sayata, a marketplace for insurance brokers and carriers, has recently launched the Sayata Risk Engine: an AI-powered platform designed to revolutionise risk assessment and underwriting for insurance carriers and MGAs. Asaf Lifshitz, Co-Founder and CEO of Sayata, underscores the collaborative effort behind the Risk Engine's development, stating, "Our team of experts ... Read the full article
US commercial P&C rates decelerate in Q1’24, personal lines steady: MarketScout
5th April 2024
Commercial rates in the US went up 3.9% on all property and casualty placements in the first quarter of 2024, a notable decline compared to the plus 5.6% in Q4 2023, while personal insurance rates held steady at plus 4.75% in the period, according to MarketScout. “January and February posted very ... Read the full article
$50bn opportunity arises for insurers worldwide from GenAI: Bain & Company
2nd April 2024
According to global consultancy Bain & Company, insurance organisations across the globe have a $50 billion financial opportunity from generative AI (GenAI) to harness the technology in ways that could boost their revenues by as much as 20%, as well as cut their costs by up to 15%. In a new ... Read the full article
Swiss Re & Zurich address the risks that GenAI poses for the re/insurance industry
28th March 2024
As AI technology continues to progress further, especially with the rise in Generative AI (GenAI), organisations across the re/insurance sector are experimenting more with the technology and finding new ways to apply it into their workforce. Reinsurance giant Swiss Re's CEO, P&C Re, Urs Baertschi, recently stated that it feels like ... Read the full article
SCOR to use DGTAL’s AI-powered platform DRILLER for disability claims assessment
27th March 2024
The German operations of global reinsurer SCOR has partnered with DGTAL, to launch a pilot using the DRILLER platform and its claims assessment function for the assessment of disability claims starting in April 2024. An AI-powered portfolio tool, DRILLER was designed to develop and display a contextual understanding across a wide ... Read the full article
Coalition adds new Affirmative AI Endorsement to cyber insurance policies
27th March 2024
Active cyber insurance provider Coalition has added a new Affirmative Artificial Intelligence (AI) Endorsement to clarify what is covered by the company's US Surplus and Canada Cyber Insurance policies. According to the announcement, the endorsement expands the definition of a security failure or data breach to include an "AI security event," ... Read the full article
Increasing demand for audit coverage of AI-related risks
25th March 2024
According to a survey conducted by Gartner, the rapid growth and usage of generative artificial intelligence (GenAI) has led to a significant surge in the demand for comprehensive audit coverage of AI-related risks. In August 2023, Gartner surveyed 102 chief audit executives (CAEs) to assess the importance of providing assurance across ... Read the full article
Insurity and OIP Robotics partner to transform data processing through AI
25th March 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance through artificial intelligence (AI). According to the announcement, this partnership is set to bring unparalleled automation efficiency to policy ... Read the full article
AI brings systematic accumulation risk potential towards portfolios: Munich Re’s Berger
21st March 2024
With artificial intelligence (AI) practically impacting all aspects of everyday life, the number of insurance gaps when using AI has staggered in recent years. Reinsurance giant Munich Re highlighted this in a recent whitepaper that showcased how AI exposures within traditional insurance policies possess the ability to become a significant ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Earnix and Sollers Consulting partnership to modernise insurance processes with AI
15th March 2024
Earnix, a provider of AI-based SaaS solutions, has partnered with Sollers Consulting, a software integrator and operational advisor, to deliver cutting-edge solutions across the property and casualty (P&C) insurance market in the UK, US, France, Benelux, Nordics, and DACH. Through this partnership, clients will be able leverage advanced analytics, machine learning, ... Read the full article
Conning reveals surge in AI adoption within insurance industry
13th March 2024
According to the recent executive survey conducted by Conning Insurance Research on artificial intelligence (AI) adoption within the insurance industry, 77% of respondents indicated they are in some stage of incorporating AI into their operations. Manu Mazumdar, Director and Head of Data Analytics, Insurance Technology and Retirement at Conning Insurance Research, ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
More advanced & specialised conversational AI to be developed in the near term: AM Best
11th March 2024
Credit ratings agency AM Best has revealed that it expects to see more advanced and specialised conversational AI developed over the near term to handle more complex situations across the insurance industry. As many are aware, insurers have been very active by adopting AI for customer service via conversational AI, which is ... Read the full article