{"id":1013,"date":"2023-06-04T12:00:47","date_gmt":"2023-06-04T16:00:47","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=1013"},"modified":"2023-06-04T12:00:19","modified_gmt":"2023-06-04T16:00:19","slug":"3-things-06032023","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-06032023\/","title":{"rendered":"3 Things – 2023 Hurricane Season, Insurance Landscape Shifts & Generative AI"},"content":{"rendered":"

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Hello Friends!\u00a0 June has arrived along with Hurricane season, this week we are following expectations for the 2023 cycle, more changes in the insurance landscape and insurtech growth, fundraising and AI advancements.\u00a0 Here are the three things we learned:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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2023 Hurricane Season Expectations: Insights and Potential Impacts<\/h1>\n

The 2023 hurricane season began this week, and experts are offering valuable insights into what we can expect.\u00a0NOAA predicts a near-normal season<\/a>, with a forecast range of 12 to 17 named storms. However, one significant factor influencing storm development is El Nino conditions that are expected in the Pacific.\u00a0 Upgraded models will be put to the test to enhance prediction accuracy.\u00a0 The recent release of\u00a0CoreLogic’s Hurricane Risk Report\u00a0<\/a>sheds light on the potential risks faced by millions of residences. Over 32 million single-family homes and 1 million multi-family residences are at moderate or greater risk of damage from hurricane-force winds. On the reinsurance front,\u00a0the industry anticipates a more orderly renewal process for Florida-based property insurers this year<\/a>.\u00a0 Reinsurers, who had previously pulled back, are now showing increased participation and an overall appetite for renewals, indicating a more structured approach to managing risks.\u00a0 Rhandahl Fuller, managing director and Florida practice lead for Guy Carpenter & Co., confirms this trend, stating, “So far, what we’re seeing is a much more orderly renewal process than what we saw in 2022.”<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Changes in the Insurance Landscape<\/h1>\n

The insurance industry continues to experience significant changes that are reshaping the landscape.\u00a0State Farm has made a notable decision<\/a>\u00a0to no longer accept new applications for business and personal lines property\/casualty in California. This move comes as a result of increased risks and higher construction costs caused by inflation, particularly due to the rising threat of wildfires in the state. \u00a0In another development,\u00a0Liberty Mutual has recently sold its Latin American businesses to Talanx\u00a0<\/a>for a substantial $1.5 billion. With a focus on sharpening operational focus and adapting to a rapidly changing world, Liberty Mutual is following in the footsteps of recents moves by other large carriers. \u00a0A sign of the conservative posture carriers are taking in this current macroeconomic environment. \u00a0W. R. Berkley Corporation is embracing new opportunities in the insurance market by\u00a0establishing Berkley Specialty Excess<\/a>. This specialized division will provide excess liability coverages, initially targeting the environmental and energy industries. W. R. Berkley Corporation recognizes the potential in the specialty excess market and is strategically positioning itself to capitalize on these attractive opportunities.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Insurtech: Growth, Fundraising, and AI Advancements<\/h1>\n

Cyber, embedded insurance and generative AI are all trends we expected to see take form in the next evolution of insurtech. \u00a0Cowbell and Skyward Specialty Insurance Group have joined forces<\/a>\u00a0in a partnership agreement that expands Cowbell’s coverage and capacity for its Cyber Liability and Prime Tech insurance programs. Through this collaboration, Cowbell gains access to Skyward Specialty’s industry partners, enhancing its ability to provide comprehensive coverage to small and medium-sized enterprises seeking cyber insurance. Cover Genius, an embedded insurtech platform,\u00a0has achieved significant milestones by selling over 25 million policies<\/a>, protecting more than 14 million customers. With its embedded insurance solutions tailored for digital companies worldwide, Cover Genius has witnessed substantial growth on its consumer site, XCover.com, adding 6 million new customers in the past six months alone.\u00a0Sixfold, a New York-based startup, has secured $6.5 million in seed funding for its generative AI<\/a>\u00a0software. This innovative technology enables underwriters to upload manuals and data, which are analyzed by generative AI algorithms to provide personalized recommendations. The global generative AI in insurance market is expected to reach $5,543.1 million by 2032. The founders of Sixfold came from Unqork.\u00a0 AI has certainly been the buzz lately and this demonstrates the growing significance of generative AI in driving innovation and value creation within the insurance industry.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support. \u00a0Stay productive, stay safe and stay in touch!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 June has arrived along with Hurricane season, this week we are following<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - 2023 Hurricane Season, Insurance Landscape Shifts & Generative AI - Wikifri<\/title>\n<meta name=\"description\" content=\"June has arrived along with Hurricane season, this week we are following expectations for the 2023 cycle, more changes in the insurance landscape and insurtech growth, fundraising and AI advancements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-06032023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - 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