Professional indemnity insurers raise AI worries

AI workers

Around two thirds of UK professional indemnity insurers believe the use of artificial intelligence by professional services firms is increasing their risk of practice, according to a survey by Clyde & Co.

The annual survey carried out in late summer 2023, which garnered responses from more than 60 insurers, found that 68% thought the use of AI was increasing risk.

The

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Insurers face margin crush unless premiums are hiked

Data analysis: A sustainable margin recovery looks increasingly challenging for insurers with premiums needing to increase in real terms to prevent any erosion after a tripling of costs to 10.9% of premiums last year from 3.5% in 2022.

Jason Harris, QBE

Having spent a quarter of a century working in insurance, Jason Harris, who joined QBE as chief executive for international in October 2020, is a familiar face in the sector.

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