By Lewis Nibbelin, Contributing Writer, Triple-I Garnering millions of weekly users and over a billion user messages every day, the generative AI chatbot ChatGPT became one of the fastest-growing consumer applications of all time, helping to lead the charge in AI’s transformation of business operations across various industries worldwide. With generative AI’s rise, however, came … Read more
Global insurtech funding hit a seven-year low of $4.25 billion in 2024, marking a challenging year for the sector, though AI-focused companies showed resilience by securing $2.01 billion across 119 deals, according to Gallagher Re’s Global Insurtech Report. Total insurtech funding in 2024 — down 5.6 percent from $4.51 billion in 2023 — represents the … Read more
By William Nibbelin, Senior Research Actuary, Triple-I The workers compensation insurance industry experienced its second-best underwriting result in the past 20 years in 2023, with a net combined ratio of 87, according to Triple-I’s latest Issues Brief. It was the ninth year in a row of net underwriting profit following eight years of net underwriting … Read more
On February 10, Triple-I released its latest Chart of the Week (COTW), “Representation of Black professionals in Insurance: Growing, But Slowly.” Citing data from the Bureau of Labor Statistics, the chart reveals that in 2024, Black professionals comprised 14.7 percent of the insurance industry, just a 0.1 percent increase from 2023 but still considerably up … Read more
Insurance affordability in Georgia is dwindling as claim frequency and insurer costs soar, according to the latest issue brief from Insurance Information Institute (Triple-I), Trends and Insights: Georgia Insurance Affordability. Given the state’s below-average income vs. above-average insurance expenditures, Georgia ranks 42nd on the list of affordable states for homeowners insurance and 47th (plummeting from … Read more
