Ferma welcomes EC plans for AI ethics but concerned about use by insurers

Ferma welcomes EC plans for AI ethics but concerned about use by insurers

Ferma welcomes EC plans for AI ethics but concerned about use by insurers

Ferma has welcomed the fact that proposed EC guidelines on artificial intelligence (AI) ethics will be voluntary, but raised concerns that the use of such technology in the underwriting process could put buyers at a disadvantage and mean some might not be able to obtain cover…

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates insured losses of between $6bn and $9bn for the Camp Fire in northern California, taking its total loss for the state’s two big November wildfires to between $9bn and $13bn. Meanwhile, Aon has said that insured US wildfire losses will exceed $10bn for the second year running. This may force insurers to rethink how they view the risk…

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

The amount of GDP at risk from cyberattack in the world’s largest cities has risen nearly 9% during the past year to $39.7bn, according to the 2019 Global Risk Index from the Centre for Risk Studies at the Cambridge Judge Business School. This has pushed cyber risk up one place in the ranking to sixth…

IoT will drive insurance innovation: Lloyd’s report

IoT will drive insurance innovation: Lloyd’s report

IoT will drive insurance innovation: Lloyd’s report

By nature, risk managers are tuned into new risks from innovative technology, and while the internet of things (IoT) has taken centre stage, a new report from Lloyd’s maps out how it could improve risk management and put pressure on insurers to develop products. The report, written by academics from University College London (UCL) and the PETRAS Internet of Things…

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Data analytics provider Verisk has released a study examining the significant risks and trends that could seriously impact the businesses of insurers and risk managers, from environmental changes and technological developments to their potential effects on humans and society. The report, Insurance Perspectives on Evolving Risks, looks across geographic and disciplinary borders to examine themes ranging from climate- and weather-related…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

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