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The company said the reduction was due to years of steady improvements. -
Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Much was learned after the fires, but it could take years before that data influences models.
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The research team presents the May cat heatmap.
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It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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This is up from last year’s $1bn protection for its Florida treaty.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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Van Bakel said that AI can help triage thousands of disaster claims.
