GILC report unveils AI’s dual impact on insurance industry & more…Keep up with what has been happening this week in our latest insurance news round-up…

GILC report unveils AI’s dual impact on insurance industry

Global Insurance Law Connect (GILC) has unveiled its first report on the integration of artificial intelligence within the insurance industry, offering a comprehensive analysis from 18 countries.

The Association of British Insurers releases campaign to raise awareness of IPT

Research out today from the Association of British Insurers highlights a widespread lack of awareness of Insurance Premium Tax (IPT), despite it impacting 84% of UK households, making it the nation’s “hidden in plain sight” tax.

Chubb collaborates with Cytora for GenAI claims processing

Chubb has collaborated with UK-based insurtech Cytora for Generative AI on insurance claims processing. This collaboration aims to transform Chubb’s claims document management by automating the digitisation process.

Direct Line rejects £3.1bn takeover offer from Belgian rival

Direct Line has rejected a £3.1bn takeover offer from a Belgian rival, saying the proposal “significantly undervalued” the business.

Thai life insurance sector targets growth amid challenges

The Thai Life Assurance Association (TLAA) has outlined its objectives for the coming year, aiming for a growth in industry premiums of between 2% and 4%, targeting a range of 640 to 650 billion baht.