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Chicago, IL (July 21, 2025) – Morningstar DBRS has released a new report, titled Insurance Companies Increasingly Look to AI for Growth and Profitability, which provides an overview of key areas of insurance value chain that stand to benefit from artificial intelligence (AI) adoption as well as the risks that insurance companies are exposed to with the adoption of AI. Overview Investments in artificial intelligence (AI) hold a lot of potential for insurance companies’ growth and profitability but also entail many risks. While machine learning, natural language processing and predictive analytics have long been part of sophisticated insurers’ underwriting models, the adoption of these and other AI-powered technologies has become more widespread and essential to maintaining competitiveness. As a result, according to a survey by Wipro Limited (Wipro), North American insurers have increased the proportion of investment technology (IT) budgets allocated to AI technology to more than 20% in about three to five years, from 8% in the 20241 (Exhibit 1). In this commentary, we provide an overview of key areas of insurance value chain that stand to benefit from AI adoption. We also discuss the risks and challenges of AI adoption, which present an important part of our credit...
Toronto, ON (July 15, 2025) – In July 2024, residents in Toronto and across the GTA faced devastating flash flooding that led to prolonged power outages and nearly $1 billion in insured damage to personal property, including homes, businesses and vehicles. The massive flood contributed to the more than $9 billion in insured losses recorded in 2024 – the most destructive year for insured losses in Canadian history. The speed and intensity of the floods serve as a stark reminder of nature’s destructive power – and the critical need to mitigate risk before disaster strikes. “Insurers were there for their customers – and always will be – but this event reminds us all of the importance of being prepared for the worst,” said Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC). “Flash floods, like wildfires, can often occur with little to no warning. Taking proactive steps to prepare for a severe weather event is not only important for your personal safety, but for your financial security. IBC wants to ensure residents across Ontario are fully prepared for the potential hazards posed by extreme weather events this summer.” IBC’s top 10 tips to help protect your property from...
Article 0 Comments Shopping slowed, but switching endures. That’s according to a recent report from J.D. Power, assessing insureds’ shopping habits for auto, home and renters’ insurance in Q2 2025. Overall shopping declined this quarter after setting a record high for auto shopping last quarter. Shopping rates for both auto and property rose throughout last year, so this represents a cooling off for the space. Auto Shopping Still Up Overall While auto insurance shopping is still elevated, shopping was down quarter-over-quarter and year-over-year. However, switching was up over both periods. The shopping rate was 13.0% for Q2, which is down 1.1 percentage points quarter-over-quarter and down 0.3 points year-over-year. The switch rate was 4.2%, which is up 0.1 points quarter-over-quarter and up 0.3 points year-over-year, matching the record high set in Q3/Q4 2024. Home Shopping Down, Switching Up Home insurance shopping was also down quarter-over-quarter and year-over-year; however, switching was up/unchanged. The shopping rate was 6.5% for Q2, which is down 0.1 percentage points quarter-over-quarter and down 0.3 points year-over-year. The switching rate was 2.5%, which is unchanged quarter-over-quarter and up 0.3 points year-over-year. June brought an uptick in both shopping (6.8%) and switching (2.8%). Who Is Shopping and Switching?...
/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.
Berg Insight estimates that 78 percent of all cars sold worldwide in 2024 were equipped with OEM embedded telematics. Applications include eCall and roadside assistance, stolen vehicle tracking, vehicle diagnostics, connected navigation and infotainment, Wi-Fi hotspot, convenience applications, over-the-air updates, in-vehicle payments, usage-based insurance, leasing and rental fleet management, as well as electronic road charging. Gothenburg, Sweden (July 21, 2025) – IoT analyst firm Berg Insight has released a market report, The Global Automotive OEM Telematics Market – 10th Edition, which analyses the latest developments on the connected car market worldwide. This study provides 270 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base business decisions. Virtually all of the world’s leading carmakers have launched mass-market services in key regions today. Berg Insight estimates that 79 percent of all new cars sold worldwide in 2024 were equipped with an OEM-embedded telematics system, up from 75 percent in 2023. The eCall mandate in EU27+EFTA+UK has accelerated the adoption of telematics, making it a standard feature in nearly all new cars sold in the region in 2024. By 2025, the attach rate in EU27+EFTA+UK is expected to reach 100 percent, up from...
Article 0 Comments The independent agency channel placed 61.5% of all property/casualty insurance written in the U.S. in 2024, a slight decline from 2023 where independent agents placed 62.2% of property/casualty lines nationwide. That’s according to the 2025 Market Share Report published by the Independent Insurance Agents & Brokers of America (Big “I”) trade association. Independent agents (IAs) hold a steady five-year average of P/C coverages written at 61.3% despite the challenges of the hard market, the report noted. The annual report compiles and analyzes property & casualty premium data from AM Best and provides insights for agencies and carriers on current market shares by distribution types. Overall, the independent agency channel held steady in both commercial and personal lines business written in 2024.Independent agencies wrote 87.2% of commercial lines written premiums, consistent with 87.3% in 2023. But in personal lines, opportunities for independent agency channel growth remain. According to the study, independent agents wrote 39% of personal lines written premiums in 2024, compared to 38.7% in 2023. The good news: independent agents have continued to retain gains in personal lines market share from 2020 when IAs helped about 35.7% of the market. The state with the highest independent agent...
/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.
Article 0 Comments W. R. Berkley Corporation, headquartered in Greenwich, Connecticut, named Shadi Albert as president of Vela Insurance Services. He succeeds Arthur G. Davis, who will assume the role of chairman of the business. The appointments are effective immediately. Albert joined Berkley as president of Berkley Luxury Group in 2023, after serving as the executive vice president of strategy and business development in a key division at Selective Insurance. Previous roles include assistant vice president of reinsurance, strategy and enterprise risk capital advisory at WTW. Davis joined Vela in 2018 as senior vice president and chief underwriting officer and has served as its president since 2019. As chairman, he will support the Vela team through the transition. Fusion Specialty Insurance Appoints Underhill Head of Americas Robert Underhill Fusion Specialty Insurance, headquartered in New York, hired Robert Underhill as head of Americas, based in New York. Underhill joins Fusion following nine years as global head of transactional liability at Berkshire Hathaway Specialty Insurance, where he launched and led its M&A transactional liability business across the United States, Europe, Asia and Australia. Before Berkshire Hathaway, Underhill held senior positions at Locke Lord as partner in the transactional and regulatory insurance practice...
/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.
