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Severity, not frequency, is driving the rise in claims costs today. While the number of claims has generally declined, the average cost per claim has soared. From 1994 to 2008, claim frequency declined and lawsuits tracked that trend, falling from … Source: Claims Journal

Severity, not frequency, is driving the rise in claims costs today. While the number of claims has generally declined, the average cost per claim has soared. From 1994 to 2008, claim frequency declined and lawsuits tracked that trend, falling from … Source: Claims Journal

What a super El Niño on one hand and a below-normal Atlantic hurricane season on the other mean for the insurance industry is a matter of perspective: the two climate phenomena are interrelated, fewer hurricanes in one area could be … Source: Claims Journal

Meta Platforms Inc. reached an agreement to settle a landmark lawsuit alleging that addiction to Instagram and other top social media platforms upended learning across America and pushed U.S. public schools to spend enormous resources fighting a mental health crisis, … Source: Claims Journal

Spotify has struck a deal with Universal Music Group to let subscribers create AI-generated covers and remixes of songs, marking the first time the audio-streaming giant will allow users to produce AI content using its platform. Shares of the company … Source: Claims Journal

President Donald Trump is poised to issue an executive order as soon as Thursday aimed at bolstering artificial intelligence cybersecurity and has asked tech industry leaders to join for the event, according to people familiar with the matter. The order … Source: Claims Journal

Stellantis and British autonomous driving startup Wayve said on Thursday they had formed a strategic partnership to bring Wayve’s artificial intelligence driving software into the carmaker’s STLA AutoDrive platform for future hands-free assisted driving. The companies said in a joint … Source: Claims Journal

A U.S. safety investigator said United Parcel Service Inc. decided not to take action after 2008 and 2011 service letters from Boeing Co. flagged cracking in a key structural component in the type of plane that crashed in Louisville, Kentucky, … Source: Claims Journal

The National Center on Sexual Exploitation and Fairplay, two advocacy groups focused on child safety, are asking the U.S. Federal Trade Commission to investigate Roblox Corp.’s game mechanics, which they claim coerce kids into spending unreasonable amounts of money on … Source: Claims Journal

“Life moves pretty fast. You don’t stop and look around once in a while, you could miss it.” Know who said that? Anyone? Anyone? Technology and artificial intelligence are coming at claims and insurance professionals at an increasingly rapid pace. … Source: Claims Journal