edition
• Emerging AI innovations are introducing new risks for insurers to deal with.
• Having the right organisational structure and technology is key to addressing these risks.
• Hallucination risk and unintended bias are emerging as the most worrying dangers.
• Failure to align AI systems with regulation is becoming more expensive.
• Keeping a human in the chain is very important to avoid costly AI mistakes.
• The Houthi movement used an UAV to attack the MSC Orion in the Indian Ocean on 26 April.
• Minor damage was incurred and all crew are safe, but strike represents extension of operational reach.
• Insurers have had to hike war risk insurance rates due to the Houthi attacks in the Red Sea and Gulf of Aden.
• Houthi group had threatened to carry out strikes in the Indian Ocean in March.
• Extended attack capabilities will likely lead to reassessments of risk evaluations and maritime strategies.
• Suzanne Smith spoke at the All Actuaries Summit.
• Amid the difficulties the Australian life industry is facing, Smith called for the development of innovative products to serve changing demographics, including an ageing population and the opportunity for more mental health coverage.
• She also stressed the importance of transparency, data, and technology, while calling for collaborative efforts including industry bodies, government, and consumer groups.
• AUS 2427 receives final approval to commence underwriting in May 2024, operating under Lloyd's 'syndicate-in-a-box' (SIAB) model.
• Primary focus is on Australian and New Zealand markets, with plans to underwrite business lines including accident and health, aviation, casualty, construction, financial lines, and property.
• The syndicate aims to write £34.1m (US$42.7m) in GWP for 2024 and £62.1m by 2026.
• Sedgwick announces the launch of global aviation adjusting and surveying solutions team.
• New capabilities provide global support for areas such as aircraft hull, machinery, and engine surveying.
• The service expansion aims to meet the evolving needs of the aviation market as global air travel nears pre-pandemic levels.
• Team will be led by Robert McParlin as Managing Director, with Ryan Smith as Deputy Managing Director.
In his new role, Ponlu will be responsible for business growth in Cambodia, Laos, and Myanmar.
In his new role, Stafford will lead a team of 17, focusing on delivering loss adjusting services across lines such as BI, cyber, and liability.
