Abstract
Artificial intelligence is transforming operational strategies and market dynamics in the United States insurance industry. This study examines the relationship between artificial intelligence adoption, market power, and risk management performance using panel data analysis. The results show that greater adoption of artificial intelligence improves underwriting accuracy, reduces loss ratios, and enhances fraud detection and operational efficiency. At the same time, technological advantages are associated with stronger competitive positioning and increased market concentration. These findings suggest that artificial intelligence may play a dual role as an efficiency-enhancing innovation and a factor associated with greater market power. The study contributes to the literature by providing empirical evidence on how artificial intelligence reshapes risk management practices and influences competition in modern insurance markets.