The influence of litigation financing, artificial intelligence and climate change on insurance law were among key topics this week as insurance experts discussed the biggest risks in the property and casualty space.

In-person and online attendees of a forum Wednesday at the Practising Law Institute in New York heard from attorneys and industry experts on topics including the expansive potential liabilities associated with AI, climate change and government-brought public nuisance suits.

Other panels discussed regulatory changes in California and Florida, arguments for and against litigation finance, suits over coverage for liabilities of what known as forever chemicals and the effect of social attitudes on large jury awards, or so-called nuclear verdicts.

Here, Law360 breaks down highlights from the different panels at the hybrid in-person and online event.

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Opportunities and Risks of AI

Rob Hoffman, a carrier attorney with DLA Piper, likened the advent of AI and its relevance to the insurance industry to the growth of fire insurance during urbanization. Both created new pricing challenges and industrywide transformations, he said.

AI could be used by insurers to help detect fraudulent activity, customize policies, improve customer service and more proactively address risks, he said. But he also said there are concerns over biases and humans making decisions based on flawed AI responses, a sentiment shared by Jamie O'Neill, an Anderson Kill PC associate who has experience in creating machine learning programs and represents policyholders.