Regulation & Compliance
Time-Tested Loss Reserving Methods Challenged: AM Best
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, ...
Viewpoint: Risks for D&O Insurers Exploring the New Frontier of Gen AI
Is the world being overtaken by robots? While the answer to that question is clearly "no" — or at least, "not yet" — it seems that the focus of nearly every industry and business media outlet is ...
Pennsylvania Issues ‘Expectations’ for Carriers Regarding AI Use
Pennsylvania has issued guidance for insurance companies' use of artificial intelligence systems (AIS) based on a model adopted by the National Association of Insurance Commissioners (NAIC). The ...
Georgia’s Latest Effort on Plaintiff Demands Aims to Deter Bad-Faith Claims
Georgia lawmakers have approved two bills that could have a significant impact on windstorm and bad-faith claim losses for property insurers. First, the bad-faith reform legislation. Auto insurers ...
Ahem. Results for the U.S. P/C Industry Improved ‘Slightly’ in 2023
A new report from AM Best reveals that the U.S. property/casualty industry recorded a $21.2 billion net underwriting loss in 2023, slightly improved from a $24.9 billion underwriting loss recorded in ...
Ready or Not, 80% of P/C Insurers Aim to Use AI for Biz Decisions This Year
Two-thirds of property/casualty insurers plan to start using AI in operational decisions this year, according to a survey, which also reveals that nearly all insurers already using AI have been ...
‘AI Washing’ Troubles: SEC Fines Investment Firms, Issues Warnings
The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to "AI washing," or essentially making false claims about their use of artificial ...
CEO of Florida’s Citizens Pushes Back on Lawmaker’s Solvency Questions
The CEO of Citizens Property Insurance Corp. has denied that corporation representatives have been unresponsive to Congressional requests for financial information, in the wake of unsettling comments ...