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ldoherty

Industry welcomes new government plans to deal with flood premium pressure

Industry reaction: Welcome but overdue

Commenting on the announcement, Erin Sims, financial services senior analyst at RSM UK, said the investment was overdue:
“More investment in flood defences is long overdue, as the industry grapples with increasing cost pressures, and weather-related claims payouts hit a record of over £200 million earlier this year (source: ABI),” she said. “Flooding causes untold misery for impacted homeowners and businesses, and puts enormous pressure on insurers, so any preventative measures are welcome.”

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How could AI transform the insurance industry?

Definitions check: what is Agentic AI?

Khan gave a useful definition that explained the difference between GenAI and Agentic AI. “I would define Generative AI as a class of artificial intelligence models capable of creating new content, such as text, images, audio, video, code, etc, by learning patterns from existing data,” he said.

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Lloyds, Chubb vs the man who was once the world’s richest

Ronald O. Perelman, the financier once ranked among America’s wealthiest men, took the witness stand in a New York State Supreme Court courtroom this week, describing how five of his most prized paintings lost their visual brilliance following a fire at his East Hampton estate in 2018. The case, now in its third week before Justice Joel M. Cohen, pits Perelman against insurance powerhouses including affiliates of Lloyd’s of London, Chubb Ltd., and American International Group Inc.

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Majority of Fortune 500 firms fall short in hyper-personalising job sites – report

  • Did not have a chatbot on the career site that provides job recommendations (83%)
  • Did not show recently viewed jobs (83%)
  • Did not automatically detect the candidate’s location and suggest relevant jobs nearby (76%)
  • Did not articulate the employer value proposition throughout the candidate journey in a way that was easy to find (74%)
  • Did not feature a lot of relevant, quality content that conveys the employer brand (73%)
  • Did not use a passwordless job cart or favourites function that allows candidates to save job searches (68%)
  • Did not use video content featuring employee testimonials showcasing company culture (31%)

“There is a clear divide between companies experimenting with AI and those truly harnessing its power to accelerate talent acquisition processes and transform candidate engagement through hyper-personalisation,” said John Harrington, Senior Director, Product Marketing at Phenom, in a statement.

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Lockton reports US$4bn in revenue for FY25

“Lockton is, first and foremost, a growth company, and consistent double-digit organic growth continues to set us apart from our competition,” said Lockton. “As broker consolidation accelerates, Lockton’s independence, performance, and consistent commitment to our clients and associates continue to fuel growth and attract best-in-class talent.” 

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Israel announces extended conflict as flights cancelled, rerouted and Marine carriers on guard

Flight disruptions and premium volatility 

Following the escalation, Iranian, Iraqi, and Jordanian airspace was shuttered, and Israel’s Ben Gurion airport ceased operations entirely. Eurocontrol has reported the disruption of nearly 2,000 European flights, with 650 cancellations within a single day. Insurers now face increased liabilities linked to aviation war risk covers, while airlines are re-routing via Saudi and Turkish airspace, incurring significant cost escalations. 

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Insurance industry reacts as Lords report slams regulatory approach

The FCA, for its part, pointed to recent efforts to cut back on bureaucracy and increase efficiency. A spokesperson noted the regulator has reduced data reporting requirements, removed outdated supervisory materials, created a private market framework for securities, simplified insurance regulations, and is advancing reforms aimed at clarifying redress processes for firms and consumers.

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