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Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
Insurance companies are often on the losing end of climate change, paying out increasingly exorbitant sums as extreme weather such as tornadoes, floods and fires damage property, agriculture and businesses.
There is likely to be a hard market for short-tail lines — such as real estate and property catastrophes — in global geographies in 2023, after beginning the year with decades of high price increases during the January 2023 reinsurance renewals by S&P Global Ratings, according to a published report .
2022 has been a year of drastic weather events; including wildfires, devastating floods and large-scale storms, such as Hurricane Ian.
Insurance claims organizations are facing unprecedented combined pressures of supply chain and talent shortages, inflation, catastrophe cycles and more.
As we welcome the new year, it’s natural to reflect on the year that passed and look ahead to the challenges and opportunities that lie ahead, and more specifically how new technologies might impact the insurance industry. As always, we must separate the signal from the noise.
With multiple signals to respond to involving economic, business, environmental and social factors, 2023 will demand insurers to respond by strengthening business fundamentals and foundation, while meeting the challenges of a changing market.
Cyberattacks are becoming more sophisticated, but so are insurers. In its 2023 US cyber market outlook, Risk Placement Services (RPS) says that insurance carriers have adapted to underwriting cyber risks even as threat actors raise or change their tactics. Combined with improved cybersecurity practices within organizations, this has led to rate stabilization in the marketplace.
As we close out 2022, the general state of the insurance industry is that change is happening, but it’s not moving rapidly enough. When we look back over many of the predictions from years past, it’s easy to see why.
The past few years have seen a surge of interest in all things insurtech. First, we saw cries of disruption, aggressive fundraising and rapid growth. VCs seeded hundreds of companies to identify opportunities across life and health, and property and casualty. Most of this momentum came to a screeching halt in early 2022.
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