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- Insurance News Digest 12-18-2024
Insurance News Digest 12-18-2024
This week Farmers Insurance expands coverage options in California and insurers continue to increase their use of AI tools.
We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
Agentic AI promises to automate tasks beyond generative AI, reshaping efficiency and customer service workflows.
WTW integrates AI tools into RiskAgility FM, enabling faster, more accurate actuarial models.
Insurers use advanced AI to detect fraud while ensuring seamless, customer-friendly claims processes.
Nationwide grows its fire prevention initiative with Whisker Labs, offering Ting sensors to more policyholders.
The rise of dashcams helps insurers combat fraudulent claims and staged accidents more effectively.
MetLife and General Atlantic join forces to launch ChariotRe, a reinsurer with an initial equity investment exceeding $1B.
Gallagher secures AssuredPartners in a $13.5 billion deal, strengthening its foothold in the mid-market space.
Lockton announces a new parametric insurance division, operating across multiple regions to address emerging risks.
Farmers announces plans to re-enter California markets, offering broader property insurance coverage.
AXA UK becomes the sole underwriter for motor insurance products offered by Lloyds Banking Group brands.
Lockton announces a new parametric insurance division, operating across multiple regions to address emerging risks.
Sylvester Mathis steps into the role of CRO at Insurity, driving market opportunities and emerging technologies.
Gallagher restructures its specialty unit leadership with a dual CEO appointment for strategic growth.
BMO Capital Markets expects property catastrophe reinsurance rates to decline by 5–10% in 2025 renewals.
Fitch Ratings forecasts a solid 2025 for Lloyd’s, tempered by concerns about volatility in catastrophe lines.
Elevated yields mean catastrophe bond funds are expected to deliver single- to low double-digit returns in 2025.
QBE Insurance re-enters the cat bond market, seeking $250 million in retrocession through a new issuance.
The Mississippi High Court orders USAA to pay claims, citing bad faith in a Hurricane Katrina insurance dispute.
Electric vehicles face higher repair costs and specialized claims handling, adding complexity for insurers.
Lemonade seeks regulatory approval for significant rate increases in New Jersey, impacting over 9,400 policies.