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The peril has been historically difficult to model compared to others. -
AI and precise data can enable insurers to innovate policy durations, from annual to transaction-specific, offering more tailored coverage options, said Christina Lucas, Global Market Leader, Insurance, Google Cloud, during an interview at the PwC Insurance Summit.
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The sector also faces a potential $700mn loss from a fatal Indonesian mining catastrophe.
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The latest guide is the first in a two-phase programme with a practical guide to follow.
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Aspen's GWP increased 0.9% to $1.13bn, as it focuses on “robust cycle management”.
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After outsized losses, the (re)insurer still sees opportunity in a softening market.
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Panellists said recent M&A has not yet led to transformative change for the market.
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Property growth plans are cooling, but favourable loss trends will increase surplus capacity.
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Liès called for the industry to have a louder voice to promote greater insurance literacy across sectors.
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The carrier attributed the results to a significant fall in major-loss expenditure.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
