Business leaders are increasingly concerned about technology becoming obsolete due to rapid innovations like AI, while focus on cyber risk is declining, despite escalating cyber threats.

The U.S. property and casualty insurance sector posted a $3.8 billion underwriting gain in H1 2024, rebounding from a $24 billion loss last year, driven by premium growth and improved catastrophe losses.

Property insurance rates in the US have dropped for the first time since 2017, driven by insurers’ return to profitability following lower catastrophe-related losses and stronger market conditions.

Insurance professionals are grappling with AI integration and outdated pricing technology, as revealed by hyperexponential’s "State of Pricing 2024" report, highlighting concerns about skills gaps and future roles.

As AI transforms the property and casualty insurance industry, insurers are uniquely positioned to guide ethical standards, balancing innovation and risk management while collaborating with regulators.

The 2024 Global Claims Fraud Survey from RGA reveals persistent fraud challenges, with 74% of insurers reporting steady or rising fraud cases, emphasizing the need for enhanced detection and prevention measures.

A UPS driver was awarded $237.6 million in a racial discrimination lawsuit after a jury found he was subjected to a hostile work environment and unjustly fired. UPS plans to appeal the decision.

Software is helping injured workers track their recovery, shifting the focus in workers’ compensation from cost containment to achieving faster, better outcomes that benefit both employees and employers.

Cyber attacks on U.S. utilities have surged nearly 70 percent this year, exposing vulnerabilities in outdated software and expanding infrastructure. Experts warn a large-scale attack could cripple essential services.

A Florida home inspector is accused of using identical stock photos in over 200 inspections, costing Citizens Property Insurance Corp. thousands in fraudulent premiums and reinspection costs.

AI-enabled digital twins are revolutionizing how property and casualty insurers assess risk and protect policyholders from climate-related damages, offering enhanced accuracy and predictive capabilities.

Insurance fraud experts warn about exaggerated or false water damage claims, often linked to home renovations and fake sewage leaks, aimed at inflating insurance payouts.

Hurricane Francine made landfall in Louisiana as a Category 2 storm, with CoreLogic estimating insured losses at up to $1.5 billion, impacting residential and commercial properties across the Gulf Coast.

Employers and claims professionals must prioritize injury prevention, safety culture, and risk management strategies to control workers’ compensation claims and costs across various industries.

Automation is essential for underwriters to meet growing industry demands for advanced risk assessment, enabling faster, more accurate decisions through data-centric processes and AI.