Our Scans · (FS.4.04) Insurance Underwriting · Weekly Summary

• As mining operations expand and risks become more complex, insurers that embrace innovation, adaptability, and strategic underwriting will be best positioned to navigate the evolving landscape of mining insurance in South Africa. Lifestyle & Tech
• McKinsey's report highlighted a 20% rise in underwriting costs over the past seven years for Australian insurers, driven by escalating climate risks, compliance demands, and investments in technology. Insurance Business
• Research from McKinsey reveals that Generative AI alone is projected to contribute $4.4 trillion to the global economy annually, with insurers expecting gains in productivity, premium growth and underwriting accuracy. Insurance Business
• Over the next five years, AI is expected to revolutionize various aspects of insurance, from underwriting and claims processing to customer service and fraud detection. Apptad
• Liberty Specialty Markets, a division of Liberty Mutual Group, and Baobab Insurance, a digital technical risk underwriter, have partnered to introduce a new e-crime insurance product designed specifically for small and medium-sized enterprises (SMEs). ReinsuranceNe.ws
• Liberty Specialty Markets, a division of the US Liberty Mutual Group, and Baobab Insurance, a digital underwriter of technical risks, are offering a new joint e-crime insurance product for small and medium-sized enterprises (SME) in Germany and Austria. Insurance Journal
• In a letter, the NHID underscored that New Hampshire law expressly forbids discriminatory underwriting practices while permitting insurers to consider legitimate risk factors in determining premiums. PIA Northeast News - Insurance News & Media
• Intelligent AI - brings together deep insurance domain expertise, together with innovation and data science to transform the commercial property underwriting sector globally with Digital Twins of Risk. Insurance Journal
• Tesla's decision to underwrite its own insurance is not just about cutting out middlemen-it's a step toward lowering costs, increasing profitability, and preparing for the future of autonomous driving, a risk many insurance companies may be unwilling to make. Not a Tesla App
• NATO leaders, like central banks in their lender of last resort role, are familiar with the moral hazard by which the promise to underwrite risk results in poor risk management by the insured party. War Room - U.S. Army War College
• All things being equal, underwriting performance in the U.S. property and casualty (P & C) insurance sector is expected to support premium growth and remain above overall GDP during the next two years. Property Casualty 360
• In 2025, insurers will tap into AI to accelerate their claims and underwriting processes, with the end goal of helping customers start their policies faster and access their benefits quicker. Insurance News | InsuranceNewsNet
• The International Underwriting Association is reviewing its core services for London insurers to adapt to the evolving nature of risk transfer, with plans to establish a central risk function focused on issues like sustainability and cyber risk in its 2025 business plan. ReinsuranceNe.ws
• In 2025, more strategic investors will look at M&A as a means to access new insurance markets and cutting-edge technologies, enhancing their offerings in claims, distribution and underwriting. FinExtra
• As use cases for artificial intelligence continue to expand across industries, insurance carriers will likely employ a more cautious approach to underwriting AI-related risks in 2025. Magazine
• As already highlighted by industry associations in the UK, the changing risks of AVs means insurers need clarity over their rights of subrogation against a vehicle manufacturer, to ensure that insurers can fully price - in the risk that they are unable to subrogate claims that they underwrite. Clifford Chance
• Better quantification of supply chain risks, Swiss Re notes, supports improved risk selection, helps insurers manage accumulation at the company level, and allows for more strategic allocation of underwriting capacity. Insurance Business
• APAC liability insurance growth is expected to outpace the global growth over 2023-27, driven by prudential underwriting practices, new regulatory developments, and digitalization that have increased the demand for cyber insurance. Insurance Business
• While most P & C markets remain resilient, the risk of climate change could lead to adjustments in S&P's Insurance Industry and Country Risk Assessments, particularly in markets where underwriting profitability is most sensitive to rising natural disaster costs. Insurance Business
• Swiss Re, in collaboration with Bellwether, recently announced that it is using AI and comprehensive data harvesting to enhance underwriting capabilities for insurers facing wildfire risk. Insurance Business
• The Nigeria insurance industry has the capacity to underwrite aviation risks, subject to available reinsurance backing across the world. Businessday NG
• Intelligent AI are experts in applying the latest AI, Data and Satellite Technologies to accelerate commercial property risk management and underwriting, delivering a 360 degree view of risk across 100% of an insurers global portfolio. F6S
• Primary insurers in the US saw an increase in the impact of natural catastrophe losses on their underwriting results, as they retained more risk. Insurance Business

Last updated: 26 June 2025