Introduction to AI in Insurance The insurance landscape is undergoing a profound transformation, with a staggering 77% of insurance C-suite executives embracing artificial intelligence (AI) within the past year alone. This rapid rise in AI adoption signals a pivotal shift towards technology-driven
The U.S. insurance market is on an impressive growth trajectory, with predictions suggesting it could swell to $2.83 trillion by 2029. This expansion represents a Compound Annual Growth Rate (CAGR) of 6.95%. It's the strength of both the life and non-life insurance sectors that is driving this
Falvey Insurance Group has recognized the changing insurance landscape for various industries and responded by creating an innovative Commercial Output insurance product. This new offering targets the unique challenges faced by sectors such as manufacturing, institutional, industrial, and commerce.
The health of the US commercial insurance sector is reflected through the pattern of policy pricing changes. Recent data from WTW's Commercial Lines Insurance Pricing Survey (CLIPS) for Q4 2023 highlights a significant rise in prices, now exceeding 6%, which marks a clear increase compared to
The property and casualty insurance industry is experiencing a notable surge in home insurance costs, with premiums climbing by approximately 35% in the last two years. Homeowners, especially in states vulnerable to disasters, are feeling the financial pressure as insurance becomes less affordable.
The recent surge in US car insurance rates has added a heavy burden to American finances, harking back to unsettling trends reminiscent of the mid-1970s. Car insurance rates soared by almost 21% in February alone, accounting for half a percentage point of the overall 3.2% inflation rate that month.
