Global Insurance Services
Executive Brief Q1 2023
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April 17, 2023
Global Insurance Services
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In This Issue
Ethical Use of AI in Insurance Modeling and Decision-Making
With increased availability of next-generation technology and data mining tools, insurance company use of external consumer data sets and artificial intelligence (AI) and machine learning (ML)-enabled analytical models is rapidly expanding and accelerating. At the same time, regulators worldwide are intensifying their focus on the governance and fairness challenges presented by these complex, highly innovative tools - specifically, the potential for unintended bias against protected classes of people.
Liability Insurance: Social Inflation Indicators Amidst Economic Data
Social inflation (i.e., rising costs to insurers due to outsize jury awards, tort reform or prolonged litigation) remains a top concern for insurance professionals. In this note authored by Bill Wilt, President of Assured Research, the author provides data that shows how real wages can be used as a leading indicator of social inflation, offering an easily observed, monthly data point that should not be ignored.
Special Insights and Guidance Advisory
While conditions in the market have changed dramatically since half-year 2022, EU dealmaking pace set last year has largely continued, setting new record volumes. With rising interest rates starting to bite and debt financing costs rising amidst the recessionary threat, the opportunities for deals may start to narrow. Whether valuations reduce as a result remains to be seen.
In the News
Own Your Future, an initiative of Minnesota Department of Human Services' (DHS) Aging and Adult Services Division, announced a project with FTI Consulting to conduct an innovative study to help increase access to long-term services and supports (LTSS) for Minnesota's older adult population.
Spotlight on ESG
With proposed SEC regulations in the United States and Corporate Sustainability Reporting Directive (CSRD) regulations in the European Union (EU) on the horizon, public companies must prepare for potential requirements to include detailed sustainability data in financial and related reporting as soon as 2025. Beyond SEC regulations, some U.S. companies and financial institutions that meet certain size thresholds and do business in the EU may need to comply with the CSRD. With expanded reporting requirements and complexity, it is likely that scrutiny from regulatory agencies will increase in tandem. Consequences of noncompliance could include litigation, regulatory enforcement, and monetary fines.
Related Information
Published
April 17, 2023
Key Contacts
Senior Managing Director, Co-Leader of Insurance Services
Head of EMEA Forensic & Litigation Consulting & Co-Leader of Global Insurance Services