Insurance Regulators Sharpen Focus on AI, Machine Learning to Ensure Fairness

Katie McGrath, Swiss Re Corporate Solutions, and Martin Neuhaus, Munich Re, said non-modeled natural perils, particularly severe convective storms, have increased losses significantly, requiring insurers to adjust pricing and coverage. They were interviewed by AM Best TV at RIMS Riskworld 2024 in San Diego.

James Finucane, senior economist, sigma research, Swiss Re, discusses a new report that shows that strong premium gains, easing claims-cost inflation and higher investment returns are boosting US P&C industry results after a difficult period. 

AM Best Industry Analyst Helen Andersen highlights a new Best's Special Report that finds two thirds of the auto carriers whose ratings were downgraded in 2023 had innovation assessments of Moderate.

Erica Davis, managing director and global co-head of cyber, and Jess Fung, North American cyber analytics lead, both of Guy Carpenter, discuss a new report that examines the evolution of cyber modeling.

Lee Shavel, CEO, Verisk, said practical applications of generative AI include tasks such as summarizing medical files and prioritizing data in commercial property underwriting. Shavel spoke with AM Best TV at the Verisk Insurance Conference 2024, held in Orlando, Florida.

Sarah Rueppel, host of the Agent Survival Guide, discusses her podcast which dispenses industry updates on Medicare Advantage and Part D plans and helps agents stay compliant while offering sales and marketing advice.

Conning CEO Woody Bradford is set to become CEO of Generali Investments. Generali has a majority ownership stake in Conning, while Cathay Life Insurance and Cathay Financial Holdings own a minority stake.

AM Best Senior Industry Analyst Christopher Graham discusses a new Best's Special Report that finds management of emerging risks will be critical to ensuring that carriers are prepared for stresses posed by long-tail lines and their liabilities.  

Thomas Holzheu, chief economist, Swiss Re, discusses the company’s latest natural catastrophe sigma report that shows the types of events that lead to major losses, where those events took place, and the impact on the insurance industry.

Sean Kevelighan, CEO of the Insurance Information Institute, discusses how so called nuclear verdicts, litigation funding and other legal-system abuse drive up claims costs and ultimately lead to higher premiums for consumers.