AXA deploys AXA Secure GPT – service built on OpenAI Service
AXA announces the deployment of AXA Secure GPT, an internal service built on Microsoft’s Azure OpenAI Service
🇪🇺 Europe Insurance News
10 Postulates of Arsenal Insurance’s Success
Ukrainian insurance company Arsenal Insurance assets have grown more than fourfold, bonuses, and, accordingly, out payments have grown by 6.5 times
French AXA Group discusses strategic options for XL Re
French insurer AXA SA has been discussing strategic options for its XL Re unit, including a possible private sale or stock market listing
Verisk indicates that 45% of risks insured for flooding loss
Verisk, a data analytics provider, has revealed in a recent report that only a small percentage of damage to insured assets caused by the May floods in Italy
Easy Peasy Insurtech launches pay-per-mile insurance Easy Katka
Easy Peasy Insurtech is the first insurance startup in Ukraine that offers a revolutionary Pay-as-You-Drive car insurance product “Easy Katka”
Insurtech Bdeo raised an additional €7.5 mn to accelerate its international expansion
Insurtech Bdeo has raised an additional €7.5 mn to accelerate its international expansion and strengthen its position across Europe and Latin America
Monzo Premium has a new travel insurance provider Zurich, powered by Qover
Monzo Premium’s worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will stay the same
European Supervisory Authorities published Progress on Greenwashing in financial sector
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their Progress Reports on Greenwashing in the financial sector
Zurich Insurance and Cardif plan to buy Indonesian insurer Astra Life
Zurich Insurance Group and insurer Cardif are among the parties considering bids for PT Astra International’s life insurance arm
Spanish life insurtech Life5, called Getlife, raised a €10 mn Series A round
Spanish life insurtech Life5 has raised its 3rd funding round. After raising a €1 million pre-seed round and a €5.5 million seed round, Life5 recently raised a €10 million
Catastrophic floods in Italy to cost millions euros for re/insurance sector
Local authorities are foreseeing economic losses in the billions of euros related to floods in Italy due to the massive disaster, while the insurance industry
Swiss Re leaves the Net-Zero Insurance Alliance
Global reinsurer Swiss Re has announced it will leave the Net-Zero Insurance Alliance. “Our commitment to our sustainability strategy remains unchanged”
Spanish pet insurtech Barkibu sequred €4.5 mn funding led by Kfund
Spanish startup Barkibu, a pet health insurance and preventive coverage provider, has raised €4.5 million in a funding round led by Kfund
French P&C insurers are facing credit negative increase in drought losses
French P&C insurers are currently facing credit negative increase in drought losses this year amid forecasts of prolonged warm
European life insurers are at risk of significant losses on bond
European life insurers are at risk of significant unrealised losses on their bond portfolios due to higher interest rates
European life insurers raises the capital under Solvency II to cover the risk
European life insurers have had to raise the capital they must hold under Solvency II to cover the risk of a surge in lapses
Zurich Insurance confirmed withdrawal from the Net-Zero Insurance Alliance
Zurich, a global insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support
New estimate of the insured loss from Earthquake in Türkiye & Syria by PERILS
PERILS disclosed its initial industry loss estimate for the Kahramanmaras Earthquake which widespread devastation across several regions of Türkiye and Syria
Natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
JP Morgan have estimated that total natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
Global InsurTech Market to garner $160 bn by 2030 at 32.7% CAGR
Global insurtech industry was pegged at $16 billion in 2022, and is estimated to generate $160 billion by 2030, growing at a CAGR of 32.7%
Trends at Europe’s largest insurers illustrate an upward movement in insurance pricing
Trends at Europe’s largest insurance companies illustrate an upward movement in commercial insurance pricing which is set to continue, albeit at a slower pace
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
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 ‘neutral’ outlook for the French life insurance sector reflects Fitch Ratings’ view that the fundamentals will be resilient in 2023
Insurtech Wefox begun shrinking workforce of around 1,400 employees
According to a report by Süddeutsche 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 €6 mn in a pre-Series A financing
Vienna-based insurtech “Hi.health” raised €6 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
Fitch’s 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 world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil
SCOR reports a net loss of €509 mn for the 9M 2022
SCOR has reported a net loss of €509 million for the first nine months of 2022, as natural catastrophe claims increased to €907 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 “a sharp increase” 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 – ASR, on the implications of IFRS 17 support Fitch Ratings’ view
Italian insurer Generali has completed its acquisition of La Médicale
Italian insurer Generali has completed its acquisition of La Médicale, the insurance subsidiary for healthcare professionals Crédit Agricole
London Insurance Market’s electronic placement platform has been delayed
The next phase of the London Insurance Market’s 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 €5 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
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