Chubb

It should never be acceptable.

Well, are there just like thousands of attorneys like just like Mr. Burns hands waiting for all this, the incoming lawsuits? I mean, I think it was Berkshire, Chubb, Travelers, AIG.

They all removed from their insurance policies the actions of agents.

So now Congress is saying, produce a list of agents.

Prior to this appointment, he served as president of Zurich U.S. middle market, programs, captives, and direct markets.

With 25 years of industry experience, including senior leadership roles at Chubb and Ace, Wells brings deep commercial insurance expertise to the role and appears well positioned to advance Zurich's strategic priorities in the U.S.

It will be worth watching how his leadership shapes the company's direction in a competitive market.

Next, a quick reminder about a resource that helps you stay connected to the Pulse Podcasts powers this content transformation, making it possible to turn written material into engaging audio experiences.

We lived there because my mom worked for Aetna, and that's where their home office was.

Where was Chubb

based?

Is Chubb a Hartford place, or is that a different property? I want to find out.

Where

does Allstate

So –

Chubb, let's say.

What do I need an insurance broker for? Let's say there's a company, call it IBM, and IBM is looking to buy insurance on casualty and on all its properties, a big thing.

Why does IBM hire an insurance broker? Why don't they just go directly to Chubb?

So, this is definitely a really interesting question, I think, especially when we start talking about some of the AI disintermediation risk type chatter.

But let's first of all think about it from the point of view of the customer, and then we'll think about it from the point of view of Chubb.

So, let's start with Chubb.

What do your shareholders want you to do? They want you to grow your premium, and you're relying on a relatively small segment of brokers.

sure.

So again, I've spent the last 25 years in the commercial insurance markets all around the world, extremely grateful to have worked for some of the most incredible companies that are out there, right? So for Chubb and AXA and AIG, incredible companies with incredible learnings and been with them through the good times and the bad.

What made me look at the opportunity at Lloyd's and say, this is something, is that we're looking at an institution, right? That has got a legacy of 343, 338 years behind it.

It has an opportunity to shift as financial markets are shifting around us, as protection gaps are becoming stronger around the world.

You're about to hand your AI agent the keys to your bank account, but do you actually know what happens when it screws up? Your insurance company already decided your AI agent isn't human enough to protect you.

Berkshire, Chubb, Travelers, the biggest name in insurance are quietly rewriting their policies to exclude AI-related damage completely.

Lawsuits involving AI are up 790% and they want nothing to do with it.

So while you're deploying agents that send emails, move money, and talk to your customers all day long, you are standing up there completely exposed.

So...

So I was doing some research about you and your company, and it's kind of interesting timing.

So some of the stuff that I saw is that in January, Berkshire, Chubb, Travelers, they're seeking state regulatory approval to exclude AI-related damages from general liability policies.

Basically, what they saw was 790% uptick in lawsuits.

With more than two decades of experience in financial lines insurance, Dan is a highly regarded leader in the management liability market.

Prior to joining Allianz Commercial, he spent 19 years at Chubb, most recently leading the company's management liability business across its international regions outside of North America.

Earlier in his career, Dan held a variety of directors and officers' liability underwriting roles at both Allianz and AIG.

Welcome, Dan, to our podcast today.

It is virtually certain that this trend will continue, and that industry underwriting losses will mount, significantly and progressively, in 1981 and 1982.

To understand why, we recommend reading the excellent analysis of property casualty competitive dynamics done by Barbara Stewart of Chubb Corporation.

Chubb's annual report consistently presents the most insightful, candid, and well-written discussion of industry conditions.

You should get on the company's mailing list.

Mrs. Stewart's analysis may not be cheerful, but we think it is very likely to be accurate, and, unfortunately, a largely unreported but particularly pernicious problem may well prolong and intensify the coming industry agony." It is not only likely to keep many insurers scrambling for business when underwriting losses hit record levels, it is likely to cause them at such a time to redouble their efforts.