Modeling and pricing are the biggest challenges facing the insurance industry today, said Christopher Donelan, CEO, Global Reinsurance, Sompo International.
Better regulatory clarity and nat cat capacity restrictions are boosting the development of parametric insurance in Latin America, according to experts.
AI is transforming the insurance industry, affecting claims, fraud detection, underwriting, and more. Insurers must balance AI's potential with data accuracy, ethics, and human expertise.
The marine insurance industry faces myriad challenges including geopolitical tensions, uncertain macroeconomic conditions, ESG issues and a shortage of talent. Inland marine insurers are being further impacted by increased reinsurance costs and severe weather conditions, and as a result are increasingly turning to technology to improve the underwriting process.
