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AM Best says artificial intelligence not to blame for recent layoffs

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By Kate McCaffery | Nov. 17, 2023, 10:50 a.m.

Photo: Adobe Stock

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Headlines

Parents’ housing wealth strongly linked to higher property values for their children

OM Financial makes acquisition

Evolving microinsurance landscape is expanding

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Flash

OM Financial makes acquisition

Evolving microinsurance landscape is expanding

National pharmacare: little consideration for insurers' contributions

Canada’s risk aversion causing country’s innovation paradox

AM BEST

Reinsurers expected to bear the financial brunt of Baltimore ship-bridge collision

Assumption Life insurance sales surged in 2023

Reinsurance renewals continue to be affected by third party litigation

Province licenses 17 captive companies in less than two years

Distribution

Finance and insurance contribute to gross domestic product growth in February

Beneva’s profits up 149 per cent in 2023

Alberta opens consultation on auto insurance reform

Pension plans ramp up risk reduction transactions

Special risks

Parents’ housing wealth strongly linked to higher property values for their children

Global insured catastrophe losses expected to grow

Canadian after-tax incomes decreased in 2022

Nova Scotia adopts association’s short and long-term disability templates

Strategy

Fallout of a cyber catastrophe modelled by reinsurer

Wholesalers have growth ambitions

Casualty rates excluding auto liability decline at the start of 2024

Direct simplified issue offerings benefit advisors eventually

Technology

Race to insure electric vehicles could change the industry

Embracing artificial intelligence is crucial for industry

A veteran of the Client Management Software industry returns

Insurers warned that technology experimentation is needed to reap benefits

Artificial intelligence

Generative artificial intelligence expected to increase small-scale cyber attacks

Executives think generative artificial intelligence will deliver gains over 30 per cent

Regulator publishes Ransomware Response Playbook for member firms

ChatGPT expected to have a positive impact on advisor productivity

International

Natural catastrophe losses globally exceed $43-billion

Drug plan sponsors encouraged to set up usage guardrails for new therapies

Reinsurers perform strongly despite catastrophe losses in 2023

Electric vehicle drivers should expect to pay more for insurance