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Today's Popular Updates › Insurance Industry › Risk Management

A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
McDermott Will & Schulte

Canaries and coal mines, US insurers and climate change

McDermott Will & Schulte on

Canaries are the most familiar of “sentinel species” – animals (and plants) that can alert us to threats to human health and the environment. Those who know their mining history also know that canaries were first used in...more

McCarter & English, LLP

Don’t Get Caught in Scattered Spider’s Web

McCarter & English, LLP on

The cybercrime group known as Scattered Spider is at it again, according to Google’s Threat Intelligence Group. This criminal group is known to focus its cyber attacks on one sector at a time. Last spring, it was the retail...more

Mintz

Ratings Agency Announces That It Will Analyze Physical Climate Risk When Evaluating Certain Assets

Mintz on

Recently, Fitch Ratings issued a discussion paper that outlined a “contemplated framework for the analysis of physical climate risk for [Structured Finance] and [Covered Bonds] for the potential negative implications of...more

Zelle LLP

AI Update: Chatbot Errors? – There’s a Policy for That!

Zelle LLP on

In a remarkable development revealing the increasing integration of Artificial Intelligence into business operations, insurers at Lloyd’s of London have launched focused coverage for losses caused by artificial intelligence...more

DarrowEverett LLP

Blacklisted Condos: A Growing Crisis for Owners and Buyers

DarrowEverett LLP on

The blacklisting of condominium/condo associations by financial institutions and insurance providers has emerged as a pressing issue in the real estate finance and housing sector. This practice, which involves lenders or...more

Zelle LLP

The LA Fires Contingent Business Interruption Coverage Considerations

Zelle LLP on

The Los Angeles area fires that started in early January have destroyed thousands of homes and businesses throughout the region. The fires triggered ongoing evacuation orders and warnings as communities coped with dangerous...more

Kilpatrick

5 Key Takeaways | Managing the Risks in Using Generative AI or How I Learned to Stop Worrying and Love AI

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Kilpatrick's Steve Borgman and Jordan Glassman recently presented on the various generative AI technologies available, with an emphasis on large language models such as ChatGPT (and others that are similar), at Kilpatrick’s...more

Zelle LLP

Texas Department of Insurance Approves ZestyAI’s Severe Convective Storm Models

Zelle LLP on

Severe Convective Storms (“SCS”) are one of the most common and most damaging natural catastrophes in the United States. SCSs are intense atmospheric disturbances that can cause powerful winds, large hail, heavy rainfall, and...more

Ward and Smith, P.A.

Agritourism in North Carolina: Balancing Revenue Growth with Legal Compliance

Ward and Smith, P.A. on

Agritourism is now a vital part of the agricultural economy in North Carolina. More and more farmers are turning to agritourism as a way to diversify and balance their revenue streams....more

Conyers

Captive Insurance in Bermuda

Conyers on

Bermuda is the world’s leading domicile for captive insurance companies, with over 600 active captive licences on its register generating over US$24 billion in gross written premium. Having formed the first modern captive in...more

Mintz

Congressional Democrats Press For Integration of Climate-Related Financial Risks in Insurance Regulation

Mintz on

On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more

ASKramer Law

Weather & Climate Risk Management Part IV: Taxation of Weather Risk Management Products

ASKramer Law on

Are there differences in the way in which weather derivatives and weather insurance are taxed? Yes. Weather insurance products, including parametric insurance, are taxed as insurance; and derivatives are taxed in accordance...more

Eversheds Sutherland (US) LLP

Connecticut Insurance Department adopts NAIC model bulletin on AI

Eversheds Sutherland (US) LLP on

On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more

K&L Gates LLP

Navigating the New Frontier: Insurance for Artificial Intelligence Risks

K&L Gates LLP on

On 27 December 2023, The New York Times filed a lawsuit against OpenAI and Microsoft alleging copyright infringement in connection with OpenAI’s popular ChatGPT technology. This lawsuit is part of the first wave of...more

J.S. Held

2024 J.S. Held Global Risk Report: New Laws Addressing the Risks and Rewards of Artificial Intelligence (AI)

J.S. Held on

The race to develop AI and calls to regulate it are heating up around the world. In November 2023, 28 countries, including the United States, United Kingdom, China, and the European Union, met and pledged to work together to...more

Clark Hill PLC

New York Department of Financial Services Proposes Circular to Address Insurance Companies’ Use of Artificial Intelligence

Clark Hill PLC on

On Jan. 17, the New York Department of Financial Services (“NYDFS” or “Department”) issued for public comment a proposed circular letter (“Circular”) for addressing the use of artificial intelligence systems (“AIS”) and...more

Troutman Pepper Locke

Artificial Intelligence Regulation in the ‎Insurance Industry – 2023 a Year in Review

Troutman Pepper Locke on

2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Climate Change and Its Undeniable Impact on Insurance: How To Respond?

Skadden, Arps, Slate, Meagher & Flom LLP on

Models that have historically been used by insurers to hedge risk were not designed to predict uncertain events such as natural disasters that may be exacerbated by climate change. This now leaves insurers overexposed to...more

Rothwell, Figg, Ernst & Manbeck, P.C.

Regulating AI: Litigation Questions And State Efforts To Watch

Rothwell, Figg, Ernst & Manbeck, P.C. on

This second part of a two-part series on U.S. regulation of artificial intelligence systems highlights state legislation and litigation to watch concerning AI systems, and provides practical takeaways as we look toward the...more

Foley & Lardner LLP

My Employees Are Using ChatGPT. What Now?

Foley & Lardner LLP on

In the rapidly evolving world of artificial intelligence (AI), one development stands out for its transformative potential: the rise of generative AI tools. Many major technology companies are building the large language...more

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: NIST Releases AI Risk Management Framework and Playbook

Faegre Drinker Biddle & Reath LLP on

Our latest briefing dives into the public launch of the NIST’s long-awaited AI Risk Management Framework, the EEOC’s new plan to tackle AI-based discrimination in recruitment and hiring, and the New York Department of...more

Faegre Drinker Biddle & Reath LLP

Insurance Privacy, Cybersecurity and Data Strategy: Mid-2022 Updates

Faegre Drinker Biddle & Reath LLP on

The first half of 2022 brought plenty of activity in the data privacy and cybersecurity space, much of which is applicable to or of interest to the insurance industry. We outline some of this activity below. Revisions to...more

J.S. Held

How to Avoid the Most Common Causes of Cybersecurity Incidents

J.S. Held on

Cybercrime is at an all-time high, with just the cybercrime insurance industry alone expecting to grow from $8 billion globally in 2020 to $20 billion by 2025.1 Although cyber liability insurance policies now exist to help...more

Miller Nash LLP

[Webinar] Panic! at the Firewall: Cyber Incident Response and the Role of Insurance - May 17th, 9:00 am - 10:30 am PDT

Miller Nash LLP on

Cyber incidents are increasing in frequency and severity across all businesses and industries. As the saying goes, it’s not a matter of IF but WHEN an incident will occur. In this webinar we will explore ways that you can...more

Woodruff Sawyer

[Virtual Event] Cyber Insurance Trends – Looking Ahead to 2022 - January 25th, 10:00 am - 11:00 am PDT

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Cyber liability insurance is becoming more ubiquitous, more unpredictable, and in some cases more confusing than ever, which makes understanding your risk even more critical in 2022. Join Woodruff Sawyer experts Dan Burke,...more

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