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States Issue Property & Casualty Market Intelligence Data Call Covering Over 80% of U.S. Market

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State insurance regulators monitor homeowners property insurance markets as part of their mission to protect consumers, hold insurers accountable, and ensure fair, competitive, and healthy insurance markets. Under their regulatory authority, state Departments of Insurance routinely collect data from insurance companies to better understand market dynamics. Today, state insurance regulators have united to issue a comprehensive, multi-state data call coordinated by the National Association of Insurance Commissioners (NAIC) to collect and analyze data covering more than 80% of the U.S. property insurance market by premium volume.
The Property & Casualty Market Intelligence Data Call (PCMI) will gather data from more than 400 property insurers operating locally and across the country to give state insurance regulators a clear sense of what is happening in their individual property markets and the nation overall.
State insurance regulators collaboratively developed the PCMI data call under the coordination of the NAIC’s Property and Casualty Insurance (C) Committee, chaired by Alan McClain, Commissioner of the Arkansas Insurance Department.
In early 2023, NAIC Members adopted a charge for the Property and Casualty Insurance (C) Committee to “Assist state insurance regulators in better assessing their markets and insurer underwriting practices by developing property market data intelligence so regulators can better understand how markets are performing in their states, and identify potential new coverage gaps, including changes in deductibles and coverage types, and affordability and availability issues.”
Rising property insurance costs and coverage challenges underscore the importance of this collective effort. As regulators manage market uncertainty, the wide-ranging data call will provide deeper insights into property insurance market costs, coverages, and protection gaps amid the increasing frequency and severity of natural disasters, escalating reinsurance costs, and continued inflationary pressures.
“The PCMI data call represents the collaborative, nonpartisan work that state insurance regulators have undertaken through the NAIC to address the critical challenge of the affordability and availability of homeowners’ insurance and the financial health of insurance companies,” said NAIC President and Connecticut Insurance Commissioner Andrew N. Mais.
“We as state insurance regulators are the experts in our individual insurance markets. We are on the front lines every day helping consumers navigate interactions with insurance carriers, and we have the regulatory authority to make sure that insurers make good on their promises,” Mais said. “That is why we are taking the lead in issuing this data call to collect critical information from the insurance sector.”
Under the state-based system of insurance regulation, state insurance Commissioners work to promote the stability of insurance marketplaces that include consumers, businesses, and insurance companies. Data is essential to making good decisions to protect consumers.
“The Property & Casualty Market Intelligence Data Call will provide a more holistic view of the property insurance market within our individual states and across the nation,” said Alan McClain, Commissioner of the Arkansas Insurance Department and chair of the NAIC Property and Casualty Committee. “Many individual states already collect ZIP-code-level data on property markets, but not all states gather granular data on how this translates to availability and affordability of coverage for consumers in some areas. The data call intends to address this insight gap.”
The data template and related criteria asks property and casualty insurers representing a significant market share of homeowners’ insurance coverage to submit ZIP-code-level data across the U.S. on premiums, policies, claims, losses, limits, deductibles, non-renewals, and coverage types. In all, state insurance regulators seek more than 70 data points. All homeowners’ insurers subject to the data call will have 90 days to submit their information.
The Property & Casualty Market Intelligence Data Call comes at a critical juncture in U.S. history as the increasing frequency and severity of weather events, rising reinsurance costs, and inflationary pressures are making property insurance availability and affordability more challenging for a growing number of regions across the nation. These dynamics can vary within a relatively small geographic area, so while a state’s property insurance market may be generally healthy overall, there can be localized protection gaps that challenge certain communities.
The Property & Casualty Market Intelligence Data Call is part of a long-term strategy to gain more insight into the health of property markets at both the state and national level in order to inform regulator insights, help assess market concentrations and competitiveness, and identify areas in need of mitigation and resilience efforts to ensure that consumers continue to have access to the coverage they need to safeguard their financial wellbeing and their family’s future.
NAIC Members also have agreed to share an anonymized subset of the data collected with the U.S. Department of the Treasury’s Federal Insurance Office (FIO) to avoid undue duplication of efforts and compliance burdens on the U.S. insurance industry.
Access the public Property & Casualty Market Intelligence Data Call webpage here.
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Unveiling the Complex Psychological Implications of Artificial Intelligence

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In today’s world, the realm of artificial intelligence (AI) presents us with fascinating possibilities and unsettling dilemmas. From engaging in nuanced conversations with humanoid robots to grappling with the consequences of deepfake technology, the advancements in AI have far-reaching implications that extend into the realm of human psychology, as noted by Joel Pearson, a cognitive neuroscientist at the University of New South Wales.
While AI holds the promise of simplifying our lives, Pearson emphasizes that these developments can also have profound effects on our mental well-being, challenging our perceptions and emotional responses in ways we may not fully comprehend. Despite our fears of killer robots and rogue self-driving cars, Pearson suggests that the psychological impacts of AI are equally if not more significant, albeit less tangible.
One area of concern highlighted by Pearson is the tendency for humans to anthropomorphize AI entities, attributing human-like qualities to non-human agents such as chatbots. This phenomenon can lead to emotional attachments and vulnerabilities, as evidenced by individuals who develop romantic feelings for AI companions like Replika. Pearson underscores the need for further research into the implications of these human-AI relationships, particularly regarding their impact on interpersonal dynamics and emotional health.
Furthermore, Pearson raises alarm about the proliferation of deepfake technology, which has the potential to distort our perception of reality and erode trust in media. Deepfake images and videos, often used for nefarious purposes like non-consensual pornography, can leave lasting impressions on our psyche, even after their falsity is exposed. Pearson warns of the long-term effects of exposure to such content, particularly on vulnerable populations like teenagers whose developing brains may be more susceptible to manipulation.
In response to these challenges, Pearson calls for a nuanced understanding of AI’s psychological impact and advocates for a proactive approach to addressing its potential harms. He stresses the importance of prioritizing human connection and well-being in the face of technological uncertainty, urging individuals to reflect on their values and embrace activities that foster genuine human interaction.
Ultimately, Pearson’s message serves as a reminder that while AI offers immense potential, we must remain vigilant about its unintended consequences and prioritize our mental and emotional resilience in navigating an increasingly AI-driven world. By acknowledging the psychological implications of AI and engaging in thoughtful dialogue, we can work towards harnessing its benefits while mitigating its risks.
Source: abc.net.au

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US official calls on China and Russia to affirm human, not AI, control over nuclear weapons

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Senior U.S. Official Urges China and Russia to Affirm Human Control Over Nuclear Weapons
In a recent online briefing, Paul Dean, an arms control official from the State Department, called on China and Russia to align their declarations with those of the United States and other nations. He stressed the importance of ensuring that only humans, not artificial intelligence, are responsible for decisions regarding the deployment of nuclear weapons.
Dean highlighted Washington’s firm commitment to maintaining human control over nuclear weapons, a commitment echoed by France and Britain. He expressed the hope that China and Russia would issue similar statements, emphasizing the significance of this norm of responsible behavior, especially within the context of the five permanent members of the United Nations Security Council.
These remarks coincide with efforts by the administration of U.S. President Joe Biden to engage in separate discussions with China on nuclear weapons policy and the development of artificial intelligence.
While the Chinese defense ministry has yet to respond to these comments, discussions on artificial intelligence emerged during recent talks between U.S. Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing. Both parties agreed to hold their first bilateral talks on artificial intelligence in the coming weeks, aiming to address concerns about the technology’s risks and safety.
Although U.S. and Chinese officials resumed nuclear weapons discussions in January as part of efforts to normalize military communications, formal arms control negotiations are not expected in the near future. Meanwhile, China, amid its expansion of nuclear capabilities, previously suggested that the largest nuclear powers should prioritize negotiating a no-first-use treaty between each other.
Source: reuters.com

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Enterprise AI Faces Looming Energy Crisis

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The widespread adoption of artificial intelligence (AI) has been remarkable, but it has come at a significant cost.
R K Anand, co-founder and chief product officer at Recogni, highlighted the exponential growth in data and compute power required to train modern AI systems. He emphasized that firms must invest substantial resources, both in terms of time and money, to train some of today’s largest foundational models.
Moreover, the expenditure doesn’t end once the models are trained. Meta, for instance, anticipates spending between $35 billion and $40 billion on AI and metaverse development this fiscal year. This substantial investment underscores the ongoing financial commitment necessary for AI development.
Given these challenges, Anand stressed the importance of developing next-generation AI inference solutions that prioritize performance and power efficiency while minimizing total ownership costs. He emphasized that inference is where the scale and demand of AI will be realized, making efficient technology essential from both a power cost and total cost of operations perspective.
AI inference, which follows AI training, is crucial for real-world applications of AI. Anand explained that while training builds the model, inference involves the AI system producing predictions or conclusions based on existing knowledge.
However, inference also represents a significant ongoing cost in terms of power and computing. To mitigate these expenses, Anand suggested methods such as weight pruning and precision reduction through quantization to design more efficient models.
Since a large portion of an AI model’s lifespan is spent in inference mode, optimizing inference efficiency becomes crucial for lowering the overall cost of AI operations.
Anand highlighted the importance of efficient inference for enterprises, noting that it enables higher productivity and returns on investment. However, he cautioned that without favorable unit economics, the AI industry could face challenges, especially considering the increasing volume of data.
Ultimately, Anand emphasized the need for AI solutions that increase productivity without significantly increasing operating costs. He predicted a shift towards allocating a larger portion of computing resources to inference as AI becomes more integrated into day-to-day work.
Source: pymnts.com

 
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