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Trust of AI remains a critical challenge, reflecting tension between its benefits and risks 0

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Trust of AI remains a critical challenge, reflecting tension between its benefits and risks

Global study on trust in Artificial Intelligence (AI) reveals more than half of people are unwilling to trust AI, reflecting an underlying tension between its obvious benefits and perceived risks The intelligent age has arrived: 66% of people use AI regularly, and 83% believe the use of AI will result in a wide range of benefits. Yet, Trust remains a critical challenge: only 46% of people globally are willing to trust AI systems. There is a public mandate for national and international AI regulation with 70% believing regulation is needed. Many rely on AI output without evaluating accuracy (66%) and are making mistakes in their work due to AI (56%). A global study on trust in Artificial Intelligence (AI) released today reveals more than half of people globally are unwilling to trust AI, reflecting an underlying tension between its obvious benefits and perceived risks. The Trust, attitudes and use of artificial intelligence 2025 global study led by Professor Nicole Gillespie, Chair of Trust at Melbourne Business School at the University of Melbourne and Dr Steve Lockey, Research Fellow at Melbourne Business School, in collaboration with KPMG, is the most comprehensive global study into the public’s trust, use and attitudes towards AI....

Wildfires Renew Volatility of Natural Catastrophe Losses for Canadian Insurers: Morningstar DBRS 0

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Wildfires Renew Volatility of Natural Catastrophe Losses for Canadian Insurers: Morningstar DBRS

Navigating a New Normal: Morningstar DBRS Chicago, IL (June 12, 2025) – Morningstar DBRS has released a new report, titled “Navigating a New Normal: 2025 Wildfires Renew Volatility of Natural Catastrophe Losses for Canadian Insurers.” This commentary discusses the potential financial and credit implications of the ongoing wildfire season for the Canadian P&C insurance industry. The 2025 wildfire season will likely be another active and costly chapter for Canadian P&C insurers. However, given the lessons learned in recent years, strong capitalization, reinsurance protections, and disciplined underwriting, we anticipate the industry to be able to absorb this latest wave of losses without a material impact on credit profiles. Key Highlights: Canada’s 2025 wildfire season has rapidly escalated, with over 2.8 million hectares already burned, adding pressure to an industry still absorbing 2024’s record catastrophe losses. While the Canadian P&C insurance industry remains well capitalized, the increasing frequency and severity of wildfires are testing the limits of underwriting models and reinsurance strategies. The current trajectory suggests that wildfire-related losses may surpass previous records, prompting a re-evaluation of risk management and pricing strategies. “The recurrence of major wildfire seasons, particularly in regions previously considered low risk, is raising broader questions around insurability and...

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Flash Flooding Kills 5 in West Virginia as Rescue Teams Search for Missing

Article 0 Comments Flash flooding caused by torrential rains killed five people in northern West Virginia and rescue crews were searching for three other people who were missing Sunday as authorities assessed damage to roads, bridges, natural gas lines and other infrastructure. Officials said 2.5 to 4 inches (6 to 10 centimeters) of rain fell in parts of Wheeling and Ohio County within about a half hour on Saturday night. “We almost immediately started getting 911 calls for rescue of people being trapped,” Lou Vargo, Ohio County’s emergency management director, said at a news conference Sunday. “During this time, we had major infrastructure damage to roads, bridges, and highways where we couldn’t respond to a lot of incidents. So we were delayed in getting there because there was just so much damage.” Vargo added: “It happened so quickly and so fast. … I’ve been doing this for 35 years. I’ve seen major floods here in the city and the county. I’ve never seen anything like this.” Authorities said vehicles were swept into swollen creeks, some people sought safety in trees and a mobile home caught fire. Similarly, swift flash flooding arrived in Marion County, south of Wheeling and Ohio County,...

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Busting Retirement Income Myths With Michael Finke

As a self-professed “Income Planning Supernerd,” the retirement researcher Michael Finke is well suited for his role as a professor and the Frank M. Engle Chair of Economic Security at the American College of Financial Services. Students across the College’s degree and designation programs have the opportunity to learn directly from Finke, whose extensive research into retirement planning topics has helped to define the way many wealth managers think about the “decumulation challenge.” So do ThinkAdvisor readers, thanks to Finke’s generous participation in Q&A interviews, presentations and events. On this episode of the Ask the Retirement Expert podcast, Finke speaks with ThinkAdvisor Senior Reporter John Manganaro about his extensive research work in the domain of annuity utilization, portfolio construction and retirement income planning — including his own personal decisions to “buy” more guaranteed income. During the episode, Finke and Manganaro also discuss: – How to combat financial myths and misunderstandings. – The important role of behavioral considerations in financial planning. – Ongoing developments within the American College and more. To listen to additional podcasts within the Ask the Retirement Expert series, click here.

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Top 12 States for Staying Alive

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7 Simple Phrases That Make a Point

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10 Industries College Grads Find Most Promising: 2025

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Insurer USAA Expands Presence in Virginia With Purchase of Building

Article 0 Comments Insurer USAA, which serves military veterans and their families, has purchased a new, larger office space in Chesapeake, Virginia to accommodate its expanding membership and workforce. Through the expansion, USAA said it expects to add 500 new jobs to the Chesapeake office. USAA plans to begin working in the new space in March of 2026. The new office, located just a five-minute drive from USAA’s current location, spans nearly 200,000 square feet. “We are thrilled to be expanding our presence in Chesapeake,” said Randy Termeer, president, USAA Property and Casualty Insurance Group. “With the addition of 1 million new members last year, it is crucial that USAA has the space and facilities to ensure employees can continue to deliver the exceptional service members expect and deserve.” When it is in move-in condition, the new office will include a cafeteria and other dining options, a fitness center and a market. The office will also feature a claims technical training center with vehicles on-site for hands-on learning. USAA’s ongoing presence in Chesapeake is rooted in its strong military connections. With 20 nearby military installations and service headquarters, the company said it is able to effectively engage with the military...

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People Moves: Beazley Taps Swiss Re’s Wunderlich as Head of Parametric Insurance; QBE Promotes Browne to UK Casualty Director

Article 0 Comments This edition of International People Moves details appointments at Beazley and QBE Insurance. A summary of these executive hires follows here. Beazley, headquartered in London, appointed Stefan Wunderlich as head of parametric insurance. Reporting to Richard Montminy, group head of property risks, Wunderlich will be based in Zurich, Switzerland. Stefan Wunderlich Wunderlich joins from Swiss Re, where in a two-decade career he held a number of senior positions, including building out parametric solutions for corporate clients and most recently leading teams supporting corporate clients to better manage their climate risk exposures. “Property risks are ever more complex, requiring specialist solutions, effective modelling and underwriting expertise to deliver outcomes that meet the needs of business across the world,” said Montminy. “Parametric underwriting is a highly effective response to the risk environment, often adding more immediacy, certainty and scalability than traditional methods of property underwriting.” Beazley specializes in a variety of lines including professional indemnity, cyber liability, property, marine, reinsurance, accident and life, and political risks and contingency business. It has tripled the size of its property underwriting since 2022, rolling out specialist property underwriting capabilities to Europe and developing selective solutions using parametric underwriting. *** QBE Promotes Browne...

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New Oklahoma Law Limits Post-Loss Assignment of Benefits on Property Damage

Article 0 Comments Oklahoma lawmakers this legislative session passed a bill limiting post-loss assignment of benefits for property damage under auto, residential or commercial property insurance policies. House Bill 1084 prohibits the solicitation or acceptance of an assignment of any post-loss insurance benefit related to property damage under an auto collision or comprehensive policy, residential property insurance policy, or commercial property insurance policy. Assignment of benefits is an agreement that transfers the insurance claims rights or benefits of an insurance policy to a third party such as a roofer or plumber. Rep. Mark Tedford, author of the bill, said such agreements in a post-loss format can lead to inflated costs or legal disputes without the policyholder’s full awareness. “Limiting these types of agreements helps reduce fraud and unnecessary legal conflict, which ultimately helps lower insurance costs for everyone,” said Tedford. “When third parties take control of a claim, it can result in inflated repair costs, excessive litigation and confusion for the policyholder. House Bill 1084 helps restore accountability and ensures Oklahomans remain in control of their own claims.” The law doesn’t apply to liability coverage under an auto, residential, or commercial property insurance policy. Violations of the bill are considered...