For the Defense

AI Question: Leading AI Platforms Respond to Question About Nuclear Verdicts: Nuclear verdicts are one of the insurance industry’s most pressing problems. Three artificial intelligence large language models offer their takes on what the industry can do to reduce their likelihood.

AM Best TV & Audio: AM Best: Despite Headwinds, US Health Insurance Sector Expected To Thrive in 2024: Also, professionals discuss how AI integration can bring about new D&O exposures and explore the economy’s impact on builders’ liability insurance.

AM Best Webinars: Panelists Discuss Growth, Other Recent Developments in Delegated Underwriting Authority Enterprise Sector: Professionals also explore the U.S. medical professional liability insurance market and examine secondary perils impacts and mitigation strategies.

Artificial Intelligence: Connecticut Issues Bulletin on AI Use in Insurance: The bulletin, No. MC-25, sets out guidelines for insurers’ governance of the development, acquisition and use of certain AI technologies and systems, according to the state’s department of insurance.

At Large: All In On AI: Blend Tech With People To Drive Value: Artificial intelligence is a game changer in insurance. The industry needs to get on board or be left behind.

Best’s Rankings: Members of the International Group of P&I Clubs – 2024 Edition: Ranked by 2022 gross premiums written.

Book Store: Authors: Price, Inaccessibility Challenge Escalating Need for Disaster Insurance: As disaster insurance becomes increasingly unaffordable or more difficult to find, protection gap entities help maintain coverage and improve financial and physical resilience to disaster.

Corporate Changes: Names Changes, Mergers and State Action: Empire HealthChoice HMO, Clarno Mutual and Transverse Insurance are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.

Cyber: AM Best: Cyber Insurance Could Outpace D&O Coverage in Premium Volume: Christopher Graham, senior industry analyst, AM Best, said cyber may surpass directors and officers insurance in premium volume due to its rapid growth and changing market demands. He spoke at the PLUS Cyber Symposium.

Executive Changes: Lockton Executive Chairman Returns to CEO Role as Company Welcomes a New Executive Vice President-Operations: Markel names chief operating officer, Kemper appoints permanent CFO and Axis Capital hires global CIO.

For the Defense: For the Defense: Insurers’ Cost-Cutting Mindset Strains Relationship With Defense Counsel: Insurance defense attorney members of Best’s Insurance Professional Resources who responded to an exclusive Best’s Review survey say they remain committed to the insurance industry but warn that counsel-insurer relationships are under stress because of a penny-wise, pound-foolish litigation approach adopted by some insurers. Meanwhile, an increasingly well-funded plaintiffs bar continues to rack up nuclear verdicts.

For the Defense: Survey: State of the Insurance Defense Counsel Survey Says: : Forty-five insurance defense attorneys responded to a Best’s Review poll about the most significant issues confronting the profession and its relationship with insurers. The 16-question survey covered such topics as economics, legal climate and tone of attorney-client relationships. Some of the results follow.

From the Editor’s Desk: Litigation, Insurers and Their Outside Counsel: Insurance defense attorneys responded to an exclusive Best’s Review survey about the state of the relationship between insurers and their outside counsel. The May issue also examines the insurance media sector and includes a ranking of the largest P&I clubs and coverage of the bridge disaster in Baltimore.

Industry Updates: Missouri Legislation To Let Farm Bureau Sell Health Insurance Exempt From Affordable Care Act Standards: The bill would allow the Missouri Farm Bureau to offer personalized policies, providing preventive care, hospitalization and emergency services, to its members. A GAO report cautions about potential consumer risks of plans.

Industry Updates: Tokio Marine HCC Executive: Ransomware Losses Extend Beyond the Actual Ransom To Include Recovery Costs: Ransomware costs can include extortion payments, lost income, recovery and potential litigation, said Jacob Ingerslev, senior vice president, Tokio Marine HCC.

Insurance Media: Podcast Aims To Help Agents With Insuring Seniors: Sarah Rueppel hosts the Agent Survival Guide Podcast, which dispenses industry updates on Medicare Advantage and Part D prescription plans and helps agents stay compliant while offering sales and marketing advice.

Insurance Mediasphere: Insurance Professionals Find New Routes To Get Their Messages Out: As traditional media relegates insurance beat reporting to the past, insurers use podcasts, blogs, social media and trades to disseminate their work.

Issues & Answers: ISSUES & ANSWERS: Cyber Developments: An industry leader discusses how cyber insurance is evolving with technological threats shaping the landscape.

Legal System Abuse: Munich Re, APCIA Execs: Insurers Look To Quell Ad-Driven Legal Abuse: As nuclear and thermonuclear verdicts continue to escalate, so will risk for insurers and the cost for the victims and policyholders, industry leaders say.

Life Insurance: Swiss Re Imprint Looks To Mine Gold in Closing Life Insurance Gap: IptiQ works in partnership with call centers, independent agents and brokerage organizations—and even life insurers—to extract existing customer data. The aim of that effort is to find any gaps that exist and target solutions for closing them.

Litigated Claims: Prime CEO: Tide of Litigated Claims, Like Bad Divorces, Enrich Lawyers: Insurers should fight back and not always give in to unreasonable settlements that are a prime factor in the rising tide of litigated claims, according to Rick Lindsey, Prime Insurance Co. chairman, president and chief executive officer.

Protection and Indemnity Clubs: Container Ship Owner, Manager Seek Legal Shield Against Baltimore Disaster Claims: The petitioners said they claim exoneration from liability for any and all losses or damage from the event and from any claims for damages that have been or may be filed.

Risk Adviser: Small Businesses Face Workers’ Comp Challenges; Many Underutilize Carrier Resources: Insurance agents play a role in advising small businesses and guiding them to mitigate workers’ compensation losses and improve employee health and safety.

State Rate Filings: Bill Ending Louisiana Three-Year Rule Passes House Vote: The bill would give carriers authority to not renew up to 5% of their policies and carriers would be able to ask the insurance commissioner’s office to allow for greater numbers of non-renewals, according to a legislative digest.

State Rate Filings: Louisiana Homeowners Multiperil Approved Rate Filings by Overall Effect With Increases of 15% or Greater: Based on an effective date beginning on April 1, 2023, through April 1, 2024.

The Last Word: Coverage Conundrum: Lack of Affordable Homeowners Insurance Can Overburden the American Dream: Data show that, for some, affording homeowners insurance has become a growing difficulty. Residents in rural areas and certain cities are more likely to go without coverage.

Trending: Best’s News: Top Stories Include a Feature About Private Equity Investments in Delegated Underwriting Authority Enterprises: Other popular items include feature articles about some of the country’s leading insurance educators.

Trending: Best’s Research: Trending Research Includes a Market Segment Report on Insurance-Linked Securities: Other trending research includes special reports on U.S. P/C downgrades outpacing upgrades and U.S. life/health upgrades leading downgrades.

Underwriting & Loss Control: Thanks to Rising Pickleball Injuries, Insurance Is Now a Major Player in the Game: An injury that forced 66-year-old golf legend Bernhard Langer to miss his final Masters Tournament puts a spotlight on the risks involved with pickleball.

What AM Best Says: Briefing Panel: Casualty Insurance Lines Reemerge Amid Social Inflation: Panelists participating in an AM Best analytical briefing discussed how social inflation has been exacerbated by third-party litigation financing and the recent changes in jury attitudes toward corporations.