Total insured losses from Turkey Earthquake estimated $2.4 bn, property losses $20 bn
Total property losses from the M7.8 and M7.5 earthquakes are expected to be close to $20 billion, with the M7.8 earthquake accounting for the bulk of those losses
đȘđș Europe Insurance News
Insurance losses of earthquakes in Turkey & Syria will be in the $5 bn, economic losses $10 bn
Insurance losses relating to the series of earthquakes in Turkey and Syria are expected to be in the billions of dollars
French Insurance Market Outlook by Fitch Ratings
The âneutralâ outlook for the French life insurance sector reflects Fitch Ratingsâ view that the fundamentals will be resilient in 2023
Insurtech Wefox begun shrinking workforce of around 1,400 employees
According to a report by SuÌddeutsche Zeitung, Berlin-based digital insurtech wefox has begun shrinking its workforce of around 1,400 employees
Powerful earthquakes in Turkey & Syria could result in $1 bn of losses & 2,600 people killed
A huge earthquake killed more than 2,600 people across a swathe of Turkey and northwest Syria on Monday, with freezing winter weather adding to the plight
Fintech Papara launch of pet insurance in Turkey
Papara, the market-leading Turkish fintech, today announces the launch of pet insurance product to users in Turkey
Austrian insurtech Hi:health raised âŹ6 mn in a pre-Series A financing
Vienna-based insurtech “Hi.health” raised âŹ6 mn in a pre-Series A financing round led by existing investors SpeedInvest and Calm/Storm
Slovak VIG insurer Kooperativa poistovna purchases 100% of pension fund 365.life
Austrian financial group Vienna Insurance (VIG) informed that its Slovak subsidiary Kooperativa poistovna has purchased 100% of the shares in 365.life d. s. s.
Global catastrophes economic losses $270 bn, 44% covered by re/insurance
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance
25% of Russian crude oil ships insured by western insures
25% of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western insurance companies
International insurance broker Howden acquires Italian broker Assimovie
International insurance brokerage Howden has agreed to acquire Assimovie, a TV, film and advertising insurance broker based in Italy
US & UK pushes for Turkey to reconsider the sea cargoes proof-of-insurance requirement
A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated, leaving millions of barrels of crude stuck
Turkey will continue to request insurance confirmation letters from crude oil tankers
Turkey will continue to request insurance confirmation letters from crude oil tankers transiting its Bosphorus Strait, the Maritime Authority said
Vehicle InsurTech Prima Assicurazioni signed a strategic agreement with iptiQ
Vehicle InsurTech Prima Assicurazioni has signed a strategic agreement with iptiQ, the digital platform and white-label insurance provider of the Swiss Re Group
Insurer Generali plans sale of $21 bn of its Italian life insurance portfolio
Italian insurer Generali is planning to sell roughly 20 billion euros of its Italian life insurance portfolio
Fitchâs outlook for Italian insurance market is deteriorating for the non-life sector
The outlook for Italian insurance in 2025 is deteriorating for the non-life sector, while life remains neutral
Reinsurance rates for property catastrophe business should increase by over 10%
Reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims
Turkey warned oil shippers they will need to prove insured to cross straits
Turkey warned the worldâs oil shippers they will need to prove theyâre insured to cross the countryâs vital straits, a move that could restrict flows of Russian oil
SCOR reports a net loss of âŹ509 mn for the 9M 2022
SCOR has reported a net loss of âŹ509 million for the first nine months of 2022, as natural catastrophe claims increased to âŹ907 million
Non-life Insurance Market in Italy rose by 6%
Non-life insurance premiums in Italy rose by 6%, according to data from Fitch Ratings, owing to strong growth in non-motor lines
Spanish insurtech startup SingularCover has shut down
Spanish small business insurance startup SingularCover has shut down, based on information obtained by Coverager
AXA Spain enteres into negotiations with Groupe des Assurances du Credit Mutuel for the potential M&A
AXA announced that AXA Spain has entered into exclusive negotiations with Groupe des Assurances du Credit Mutuel (“GACM SA”) for the potential acquisition
Generali reaches an agreement to buy the former MetLife pension business in Poland
Generali announced that it has reached an agreement with NN Group to buy the former MetLife pension business in Poland
Global estimated insured losses from natural catastrophes at $35 bn
Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022, Swiss Re Institute estimates
Zurich Insurance has seen a ‘sharp increase’ in fraudulent insurance claims
Zurich Insurance has warned of âa sharp increaseâ in the number of insurance fraud cases it receives, echoing calls that the cost-of-living crisis
Insured losses from natural catastrophes estimated at $100bn
1H losses would be around 40% of the 10-year average of $11.1 billion for US seasonal catastrophes in that quarter.
European insurers said that it does not plan to use IFRS 17 yet
Fitch have stated that the first public comments from Dutch insurer â ASR, on the implications of IFRS 17 support Fitch Ratingsâ view
Italian insurer Generali has completed its acquisition of La MĂ©dicale
Italian insurer Generali has completed its acquisition of La Médicale, the insurance subsidiary for healthcare professionals Crédit Agricole
London Insurance Marketâs electronic placement platform has been delayed
The next phase of the London Insurance Marketâs electronic placement platform NextGen 2.0 has been further delayed, this time to February of next year
Spainish insurtech Bdeo closes a Series A round of funding
Bdeo, insurtech company from Spain and Latin America, has closed a Series A round of funding worth âŹ5 million
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Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
Bitcoin ETFs simplify the process. This structure enables you to access your exposure within an asset via an already harmonized structure within the regulations concerning settlement and risk management
Private equityâs grip on US insurers deepens risk concerns as assets shift into opaque credit, offshore deals and affiliated investments