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.
Poll suggests re/insurers to prioritise AI and machine learning in 2025
7th February 2025
As the re/insurance market progresses into 2025, the industry is prioritising innovation to stay ahead, with a high percentage (55%) focusing on AI and machine, a recent Reinsurance News poll has revealed. This emphasis on AI and machine learning reflects the growing recognition of its transformative potential in areas such ... Read the full article
Concirrus AI-driven technology achieves near 100% submission accuracy
6th February 2025
Concirrus, an AI insurtech company, has surpassed industry standard in submission ingestion, combined with instant rating and quoting capabilities, with its new innovative technology that aims to transform specialty underwriting. The new technology improves quote-to-bind ratios by combining unparalleled accuracy with near-instant quoting capabilities, Concirrus explained. This represents a fundamental shift in ... Read the full article
Cowbell launches new unit to support US businesses against AI-driven threats
5th February 2025
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has launched the Cowbell Resiliency Services (CRS) unit to complement its existing risk management program. The unit was created in response to a rise in the frequency, severity, and diversity of cyber threats. Simultaneously, the unit also aims to tackle sophisticated ... Read the full article
CatX launches AI-powered parametric platform
5th February 2025
CatX, the digital marketplace connecting re/insurers and brokers with alternative capital, has launched Catamaran Parametric, a new AI-powered platform designed to simplify parametric protection. The platform leverages artificial intelligence (AI) to guide users through a comprehensive risk management process, transforming a traditionally manual, time-consuming task into an intuitive, data-driven experience. Catamaran Parametric ... Read the full article
AI opportunities for insurance industry are real and meaningful, says Aon CEO Case
31st January 2025
In an interview with CNBC at Davos 2025, Greg Case, CEO of Aon, emphasised that the opportunities presented by artificial intelligence (AI) are “real and meaningful” for the insurance and reinsurance industry. During the interview, Case also acknowledged the significant challenges posed by volatility, noting that these can be overcome through ... Read the full article
Solvency, reserving and risk management are key focuses for Bermudian life insurers in 2025: BILTIR CEO
24th January 2025
Suzanne Williams-Charles, Chief Executive Officer (CEO) of Bermuda International Long Term Insurers and Reinsurers (BILTIR), has stated that key expectations for 2025 across Bermuda is for long term insurers, specifically, to continue to maintain strong solvency, have strong reserving, as well as having a key focus on risk management on ... Read the full article
Generali & MIT collaborate to research AI-based applications
24th January 2025
Italian insurer Generali has launched a research collaboration with the Massachusetts Institute of Technology (MIT) to explore practical applications of Artificial Intelligence (AI) and how it can provide competitive advantages to the insurance industry. From January 2025, Generali and its various business units will work with three MIT research teams to ... Read the full article
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
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