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MGU-Carrier Relationships and AI
The NAIC's model bulletin on carriers' use of Artificial Intelligence Systems, adopted in December 2023, specifically sets out expectations that insurers will describe ...
Definitions, Definitions: Advanced AI vs. AI
The definitions of artificial intelligence and machine learning used in the NAIC Surveys on Automobile and Homeowners over the last few years differ from the definitions ...
NAIC’s AI Model Bulletin in Brief
Introducing the idea that regulators encourage the use of innovation and AI Systems while recognizing that such systems present unique risks, such as the "potential for ...
What’s in New York’s Latest AI Circular?
A month-and-a-half after the NAIC adopted a model bulletin on carriers' use of Artificial Intelligence Systems, the New York Department of Financial Services issued a ...
Ground Up or Top Down? Tips on Building a Data-Driven Insurer
When Matt O'Malley and Steve Stabilito, underwriting leaders from AXA XL, described a ground-up process for transforming their teams into data-driven businesses recently, ...
Calculating Targeted California Returns on Surplus
The National Association of Insurance Commissioners (NAIC) 2022 Report on Profitability by Line and by State provides a comparison of the rates of return on net worth for the last 10 years (through ...Permitted After-Tax Returns for California Insurers (2012-2021)
Since reinsurance costs are ultimately a substitute for direct costs of capital, we can better understand the ratemaking process in California by understanding how companies are allowed to ...Loss Trends for Severe Convective Storms
Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of ...
Insurers Have Their Say
California's growing availability crisis is poised to get worse unless changes to ratemaking beyond the introduction of forward-looking catastrophe modeling take ...