Daily Update — October 20, 2025
AI Insurance Regulation; Decarbonizing Aviation; and Private Equity Tax Implications
Today is Monday, October 20, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Artificial Intelligence
NAIC membership divided on developing AI model law, disclosure standard
Insurance regulators are struggling to reach a consensus on governing insurers' use of AI. Speaking during S&P Global Market Intelligence's Insurance Investments Symposium on Oct. 9, Wisconsin Insurance Commissioner Nathan Houdek said that the Big Data and Artificial Intelligence Working Group of the National Association of Insurance Commissioners (NAIC) is looking at whether to move forward with "some type of model law or regulation." Houdek noted that the goal of the new regulation is to have every state adopt it nationwide for maximum uniformity.
The NAIC adopted its AI model bulletin — Use of Artificial Intelligence Systems by Insurers — in December 2023. As of Aug. 5, 24 NAIC jurisdictions have adopted the bulletin. So far, Colorado, New York, California and Texas have their own state-issued guidance for insurers.
Energy Transition & Sustainability
Decarbonizing Aviation: Scale-Up Costs Biggest Challenge to Progress
Aviation accounted for about 3% of global energy-related CO2 emissions in 2024, according to S&P Global Commodity Insights data, with this share on the rise as air passenger traffic continues expanding. The International Air Transport Association estimates that global air passenger traffic could more than double to 10 billion journeys per year by 2050. Many major airports worldwide are planning to expand to accommodate this growth.
The decarbonization road map for a growing industry reliant on fossil fuel-powered aircraft is challenging. Nevertheless, many airlines have pledged to reach net-zero carbon emissions by 2050.
Private Markets
Listen: Adapting to Change: Tax Insights and Market Dynamics | Private Markets 360°
In this episode of the “Private Markets 360°” podcast, BDO’s Nate Collins, national tax transaction advisory practice leader, and Jessica Wadd, principal and strategy and innovation segment leader, shared their expertise in tax structuring and management consulting, offering insights into private equity. The discussion highlights the challenges and opportunities in deal structuring, the importance of understanding tax implications and the need for adaptability in today’s investment environment.
In case you missed it
- Ship fuel sales at the United Arab Emirates' Port of Fujairah, the world's third-largest bunkering hub, dropped 1.8% month over month in September, with all categories except for high sulfur fuel oil showing declines.
- The European Parliament's trade and energy committees voted Oct. 16 to accelerate the EU's proposed phaseout of Russian oil, gas and LNG.
- Monthly corporate defaults declined to eight in September, from 10 in August, and remained below the 2025 monthly average of 10. Defaults totaled 89 in the year through September, close to the five-year average of 88 and below the total of 109 in the first nine months of 2024.
Upcoming events
- Unlocking Network Alpha: How Supplier-Customer Intelligence Delivers Excess Returns | October 21 (Webinar)
- Tariffs on Trade: How it’s impacting economies and sectors | October 29 (Webinar)
- CERAWeek 2026 | March 23–27, 2026 (Houston)