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- Insurance News Digest 10-23-2024
Insurance News Digest 10-23-2024
After two hurricanes in a row, the insurance industry looks for better flood risk management solutions
Enjoy your weekly digest of the most important news in insurance - built specifically for people like you who work with insurers. Use the digest as your super power to find new opportunities, avoid risks, be an industry expert, and generate leads.
Insurance leaders are rapidly deploying AI, yet concerns about ethics and readiness remain. Providers can play a role in helping firms navigate these challenges.
As AI transforms underwriting, the industry is facing a growing talent gap, offering opportunities for training and AI implementation consultants.
Intelligent automation can enhance insurance workflows and decision-making, but scaling it effectively remains a challenge. Technology consultants and automation solution providers can capitalize on this trend.
Dutch insurtech Onesurance has raised funding to enhance its AI-driven insurance solutions. Businesses with AI expertise or interested in expansion into European markets should take note of this development.
VOOM has launched a new insurance product for e-bike and bicycle owners, building on its successful motorcycle coverage. The offering provides flexible, comprehensive insurance designed to meet the specific needs of cyclists.
Catastrophe modeling for Hurricane Milton suggests an impact on 2025 property rates, and catastrophe bond issuance is expected to increase.
Two weeks after Hurricane Milton's landfall in Florida, insurance claims are still increasing, with the total reaching 221,000. Service providers should be prepared for ongoing demand for claim processing, repairs, and restoration.
A growing protection gap in US flood insurance highlights emerging opportunities for insurance providers to offer tailored solutions in high-risk areas.
Florida's legal battles over managed repair clauses in homeowner policies persist. Providers involved in repair services or technology for claim management should monitor these legal shifts.
Florida's new rule on public adjusters, issued after recent hurricanes, is changing the regulatory landscape, impacting claims processes and service providers.
A detailed state-by-state analysis shows the loss data driving higher homeowner premiums, offering insights for service providers supporting risk management and claims.
State-sponsored residual property markets have doubled in policy count since 2018. Businesses offering underwriting, claim processing, or related services should consider opportunities in these expanding markets.
Embedded insurance is creating excitement, but insurers are struggling with implementation. Service providers helping with technology integration or operational support can find opportunities.
Beazley has introduced a $50M cyber and financial institution consortium to address growing demand for complex risk coverage, opening opportunities for technology and service providers.
Global insured catastrophe losses for 2024 have reached $108B, driven by hurricanes like Milton, with implications for reinsurance and risk management strategies.
Crawford & Co. has launched Turvi, a SaaS solution for P&C claims management, streamlining claims processing and providing growth opportunities for service providers.
While 90% of insurers have allocated budgets for generative AI, only 10% can fully comply with current regulations. This gap offers opportunities for consulting and compliance support.
The SEC plans to increase oversight of financial firms using AI, particularly in risk management and advisory roles. Firms offering compliance or risk assessment technology could see increased demand.
Insurtech firm DGTAL is integrating AI agents into its platform, positioning itself as a leader in AI-driven insurance solutions. This innovation could reshape customer engagement and claim processing.
Insurers are increasingly investing in generative AI to enhance customer satisfaction and cut costs, yet full regulatory compliance remains a challenge.