Markets

Artificial intelligence has the ability to sort through and synthesize vast amounts of data, but with that benefit come increased risks for users and their insurers.

Insurers are paying out less in claims and policyholders have seen premiums drop following 2020 changes to the state's no-fault system.

There are strong opinions about litigation funding with some believing it promotes frivolous lawsuits while others say it aids plaintiffs who can't afford to bring suit against a defendant.

Cumulatively, lightning-related fires account for $2 billion in annual payouts to small- and medium-sized businesses.

Cyber, business interruption and critical infrastructure failures rank as top industry perils facing the sector.

"The No. 1 cause of nuclear verdicts is plaintiffs lawyers," said Robert Tyson, who has sought to rally the defense bar against rising verdicts and settlements.

The worst affected market was Boise, Idaho, where the cost of a home fell 15.4% in the year.

Devastating earthquakes in Turkey and Syria were the leading driver behind global catastrophe losses to start 2023.