Lates News

The impact of the release of artificial intelligence tools by private online insurance shopping platform Insurify causing industry disruption concerns led to a steep decline in U.S. insurance broker stocks on Monday. The S&P 500 Insurance index closed down by 3.9%, marking the largest single-day drop since October of last year. Insurance brokerage firm Willis Towers performed the worst, closing down by 12% in what was its most brutal trading day since November 2008. Arthur J Gallagher followed closely behind with a 9.9% drop. Insurance analyst Matthew Palazola stated that insurance broker stocks are taking a hit as the market may be concerned about Insurify's new tool as well as Anthropic's new artificial intelligence tools. These applications may pose a threat to some consulting businesses of insurance brokerage firms, although we see them as efficiency multipliers rather than survival threats.