The National Association of Insurance Commissioners Executive Committee and plenary approved a model bulletin on the use of algorithms, predictive models and artificial intelligence by insurers that includes the word “bias,” which trade groups said does not meet the legal standard used by the industry.
Author: Annie George
Supreme Court Weighs Purdue Pharma’s $6 Billion Opioid Settlement
Supreme Court justices wrestled Monday with the uncomfortable bargain struck between most victims of the opioid crisis and the Sackler family, whose Purdue Pharma promoted the addictive painkiller OxyContin: providing timely compensation for survivors in exchange for granting the wealthy family immunity from future civil lawsuits.
AM Best Maintains Negative Outlook on U.S. Personal Lines Insurance Segment
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2024, citing the ongoing deterioration in results for the personal auto and homeowners’ lines of business, along with rising loss costs that are being driven by inflationary pressures.
Swiss Re Institute: Natural Cats Will Likely Cost Insurers $100B or More in 2023
Natural catastrophe insured losses in 2023 should reach or exceed $100 billion for the fourth consecutive year, according to a new Swiss Re Institute Sigma report.
Confie Acquires Acceptance Insurance
Confie, the largest personal lines insurance distribution company in the U.S., announces the acquisition of Acceptance Insurance’s Retail division to its family of brands
Google Reaches $27M Settlement in Case That Sparked Employee Activism in Tech
Google has reached a $27 million settlement with employees who accused the tech giant of unfair labor practices, setting a record for the largest agreement of its kind, according to California state court documents that haven’t been previously reported.
AM Best Maintains Stable Outlook on U.S. Health Insurance Market Segment
AM Best is maintaining its stable outlook on the U.S. health insurance market segment for 2024, noting its continued favorable earnings, the positive impact of interest rates on investment-related financial results, in addition to growth in the Medicare Advantage (MA) business.
Inszone Announces Strategic Investment from Lightyear Capital
Lightyear Capital LLC has entered into a definitive agreement to make a strategic investment in Inszone Insurance Services, LLC, one of the fastest-growing insurance brokerages in the United States. Since its founding in 2002, Inszone has experienced industry-leading growth through a combination of organic initiatives and acquisitions, driven by the company’s fully integrated and data-enabled platform.
To Combat Climate Change, Builders Create Greener—and Tougher—Homes
By incorporating sustainability and resilience into home construction, developers are addressing both a cause of climate change—carbon emissions—and one of its effects—stronger storms.
AM Best Maintains Stable Outlook on U.S. Life/Annuity Insurance Segment
AM Best is maintaining its stable outlook on the U.S. life/annuity market segment for 2024, noting its strong liquidity and capital positions, robust annuity sales and slightly improved new money yields in a benign credit environment.