By L.S. Howard A majority of global insurers are actively endorsing the application of AI chatbots and generative AI in claims resolution processes, underwriting and customer fulfilment, according to a survey conducted by Gallagher Bassett, the claims-services provider and subsidiary of Arthur J. Gallagher & Co. The survey found that insurers in 2024 are placing
By Chad Hemenway According to industry rating agency AM Best, there are enough positive factors to give the cyber insurance market a “stable” outlook despite a stall in premium growth. Analysts at AM Best issued a segment outlook and report in late June, and said the cyber market in 2023 was essentially flat following a
Nick Tye is the founder and CEO of Carbon Underwriting. His leadership approach fosters a culture of collaboration and innovation, developing an environment where creativity thrives. Laser focused on merging technology and expertise to drive results, Nick’s role at Carbon is the culmination of over two decades in insurance, marked by leveraging his actuarial background
BATON ROUGE, La. (BRPROUD) — On This Week in Louisiana Politics, Louisiana lawmakers are trying to drill down the main reasons why auto insurance rates are so much higher than in other states. The state Speaker of the House wants to find an agreement to put together a package of bills. A new law is
JACKSON, Miss. (WJTV) – A nonprofit representing health insurance companies asserts that recent legislation regulating reimbursements for ambulance services is unconstitutional. The Mississippi Association of Health Plans (MAHP) sued to block the Mississippi Insurance Department (MID) from enforcing House Bill 1489. Among other things, it mandates insurance companies to provide payment to ambulance services for certain
Image via iStock. The impact of climate change is raising the cost of home insurance premiums. The average Delaware County homeowner paid a lower premium last year, $1,969, to insure their homes than the average U.S. households paid, which was $2,530. Delaware County insurance premiums cost about .6 percent of a typical home’s value.
Albertans pay some of the highest auto insurance premiums in the country — but some insurers say the business isn’t profitable here. When Zenith Insurance decided to pack up shop last summer, Premier Danielle Smith was skeptical any other auto insurers would follow. “I’ll believe it when I see it,” she said in a press conference
Happy Insurance Nerd Day! Yes, it’s a thing. While it may be important, there probably are not very many insurance nerds out there – except for me and a few others in Gulf and Franklin counties! Recently I have been working on a variety of insurance cases. The first is for a married couple around
Louisiana homeowners will no longer have the assurance of holding onto their longtime property insurance policies after a damaging storm. And they could start seeing increases in premiums and deductibles since the state’s insurance commissioner convinced lawmakers to deregulate Louisiana’s insurance industry. In the past, most Louisianans who purchased homeowners’ insurance could not be denied
The year’s first five months showed an increase in the insurance business by 12.1%, compared to January-May 2023, part of which is fueled by the increase in premiums, as well as the growth in sales for residential and business insurance after the catastrophic advent of Storm Daniel last September. Total premiums amounted to 2.3 billion