Rising losses in the property and casualty insurance sector can partly be attributed to the increasing frequency and intensity of large natural disasters, as well as the movement of populations to regions more susceptible to catastrophes.
AI’s capabilities have surged so much that it has the potential in 2023 to dramatically raise the quality of claims handling and underwriting in workers’ compensation.
A bright spot for small business insurers: Customer trust is on the rise. Fifty percent of small business owners trust their carriers more than they did pre-pandemic. That number jumps to 80% when the business owner has filed a claim
Climate risk figured prominently throughout Triple-I’s Joint Industry Forum last week -- from the impact of severe weather events on insurers’ loss ratios to its significance in terms of changing risk profiles and to Florida homeowners’ insurance crisis.
What is the impact of artificial intelligence in insurance? Well, there are a lot of use cases for artificial intelligence in everyday life, but what about AI in insurance? The effects of artificial intelligence in business heavily include insurance.
Insurance is a data-driven industry, and underwriting is its heart. It’s an uncomfortable fact, then, that data from the only longitudinal study of North American P&C underwriters reveals that many important parts of underwriting seem to be mired in decline.
September 16, 2022 Insurance Thought Leadership Underwriting
The CPCU Society has a goal of being an inclusive global community that welcomes and empowers all individuals, ideas and voices. One way to reach this goal includes expanding its global community through outreach and initiatives designed to retain and grow membership around the world.
For the savvy insurance professional, there’s nothing quite like getting together with like-minded individuals and discussing some of the latest innovations and nuances going on in the industry. And lucky for us all, in-person events are growing in number after the last two years of uncertainty.
Severe convective storms are among the most common, most damaging natural catastrophes in the United States. In 2021, they resulted in the third-costliest year on record for the U.S. insurance industry, according to Aon, and catastrophe modeling firm RMS says the average annual insured loss from such storms nearly equals that from hurricanes, at around $17 billion.
Loss control strategies had to pivot amid the COVID-19 pandemic, and while many insurance carriers reverted to ‘Old School’ loss control inspections via the phone, some took it even further, industry experts share during a Canadian Underwriter webinar.
Social media data provides insurers with an opportunity to gain insights into a customer’s risk exposure in real time. But it comes with many challenges.
April 12, 2022 Insurance Thought Leadership Underwriting