Aon acquires the insurance agency of Mitsubishi Chemical Group in Japan
Aon announced a definitive agreement to acquire the in-house insurance agency of Mitsubishi Chemical Group (MCG). The move expands Aon’s risk and health offerings in Japan
Insurance News
Latest Insurance news of insurers & global insurance industry. Explore latest insights, trends and breaking insurance market news from Beinsure Media.
Insurance News delivers current updates and outlooks in the insurance industry, section provides timely coverage of significant events, regulatory changes, and market trends that impact insurers and policyholders. It highlights new insurance products, technological advancements, and major mergers or acquisitions within the sector. The focus is on presenting relevant news that affects the insurance landscape, ensuring that readers stay informed about the latest shifts and emerging issues.
FEMA projects flood insurance claim losses from Hurricane Helene to range $3.5-7 bn
The National Flood Insurance Program (NFIP), managed by FEMA, has paid over $1.4 bn to policyholders for flood losses caused by Hurricane Helene
Near Space Labs launched stratospheric robots across the U.S.
Near Space Labs, a provider of aerial imagery for insurance and other applications, has launched stratospheric robots across the United States
Richard Offord appointed as Chief Executive of UK P&I Club’s Singapore Branch
UK P&I Club, a global provider of protection and indemnity insurance for the shipping industry, has appointed Richard Offord as Chief Executive of its Singapore
Commercial broker Konsileo raised £8 mn to accelerate its growth across the UK
Chartered commercial broker Konsileo has raised £8 mn to accelerate its growth across the UK. The company specializes in mid-market insurance solutions
Alberta launched no-fault auto insurance system with savings for drivers
Alberta is launching a no-fault automobile insurance system designed to be privately delivered and care-focused. The province estimates the change will save the average driver C$400 annually
Vienna Insurance Group reports robust 9M 2024 financial performance
Vienna Insurance Group (VIG) released its 9M 2024 results, showcasing continued growth across key metrics despite challenges from natural catastrophe (NatCat) events
Bishop Street Underwriters plans to acquire Landmark Underwriting, a London Market MGA
Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, announced its plans to acquire Landmark Underwriting, a specialty MGA in the London Insurance
P&C insurance in the UK: quarterly breakdown & rising costs
Property and casualty insurers in the UK paid £4.1 bn in insurance claims during the first nine months of 2024, marking a record for that period
North Carolina State Treasurer demands Blue Cross pay $2 mn for TPA lawsuit
Blue Cross Blue Shield of North Carolina owes the state’s residents more than $2.05 mn from the carriers failed lawsuit over the North Carolina State Health Plan
Insured losses surpassed C$110 mn following severe storms & flooding in Canada
Insured losses have surpassed C$110 mn following severe storms and flooding in southern British Columbia, as reported by Catastrophe Indices and Quantification
P&C insurance premiums lose momentum in Q3 2024, 28th straight quarter of growth
Premiums in the commercial property and casualty (P&C) insurance market rose 5.1% in Q3 2024, nearly matching the 5.2% increase in Q2, based on The Council of Insurance Agents
Massachusetts Division of Insurance approved Point32Health’s acquisition of Health New England
The Massachusetts Division of Insurance has approved Point32Health’s acquisition of Health New England and its subsidiaries, HNE Holding and HNE Insurance
Mountain Fire in Ventura County (California): economic losses ~$100 mn
The Mountain Fire that broke out on November in Ventura County, Southern California, is projected to result in significant insured losses
New partnership: Argyle and Mitsui Sumitomo enhance SME insurance in Australia
Argyle Insurance has entered into a multi-year capacity agreement with Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group
$102 mn settlement reached in Francis Scott Key Bridge collision insurance case
Grace Ocean Private and Synergy Marine Private, the companies behind the ship that struck Baltimore’s Francis Scott Key Bridge, have agreed to a $102 mn settlement in the U.S. Justice Department’s civil suit
Fairfax faces margin decline in Q4 due to Hurricane Milton losses
Fairfax expected catastrophe losses from Hurricane Milton in the fourth quarter should fall within the company’s normal margin for such expenses
Hurricane Helene could result in National Flood Insurance Program losses $3.5-7 bn
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
New rules for insurer responsibilities under California Privacy Act
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
Annualized life insurance premium in the U.S. rose 8% to $3.9 bn in Q3 2024
Total new annualized life insurance premium in the U.S. insurance market rose 8% to $3.9 bn in Q3 2024, and policy count increased by 3%
SCOR reported a net loss of €177 mn for Q3 2024
SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option.
Swiss Re reports $2.2 bn net income an ROE of 13.4% for 9M 2024
Swiss Re reports a net income of $2.2 bn and an ROE of 13.4% for 9M 2024. Resilient underwriting and investment contributions from all Business Units contributed to the results
Munich Re reported a net earnings €4.7 bn in 9M 2024
Munich Re reported a net result of €930 mn in Q3 2024, a decline due to higher-than-average natural catastrophe losses. For the three quarters, net earnings totaled €4.692 bn
Bulgarian insurance market generated €1.2 bn premiums in 1H2024
Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance
Hannover Re’s net profit increased by 30.4% to €1.8 bn in 9M 2024
Hannover Re has raised its 2024 profit target after net income rose 30.4% to €1.8 bn for 9M 2024, driven by a 36% jump in the reinsurance service result to €2.1 bn
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
Changes to reinsurance-related capital requirements proposed by the Australian Prudential Regulation Authority strengthen Australian general insurers’ credit profiles
European insurers' ratings will remain unaffected by the proposed capital surcharges on fossil fuel-related assets, according to EIOPA