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Colorado and New York have already passed regulations regarding insurer AI use. -
The agency collects gold standard data and conducts research. Without that, there’s more uncertainty.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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The Democratic senator said increased federal oversight of insurance is not the answer.
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CEO Greenberg cited ‘competing priorities’ in his annual letter to shareholders.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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Four cat modelers have also submitted their tech for regulatory review.
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“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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The commissioner said in a legal bulletin that smoke claims can’t be “summarily denied”.
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The company said it now expects the transaction to close in H2 2025.
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Insurers and distributors must adapt or risk irrelevance.
