PERILS raises insurance industry loss estimate for Windstorm Éowyn to €747 mn
PERILS has increased its third industry loss estimate for extratropical windstorm Éowyn (also referred to as Gilles) to €747mn, up from €696mn in April
Insurance News
FBI and cybersecurity firms warn airlines of Scattered Spider attacks
The FBI and major cybersecurity firms are warning that Scattered Spider, a well-known hacking group, is now targeting the airline and transportation sectors
Max Financial confirms data breach at Axis Max Life Insurance following hacker alert
India’s Max Financial Services has confirmed that its insurance arm, Axis Max Life Insurance, experienced unauthorized access to customer data following a tip-off from an anonymous source
UK motor insurance premiums rise driven by factors beyond insurers’ control
FCA stated that the recent increase in motor insurance premiums results largely from factors outside insurers’ control
European Commission proposes Solvency II reforms to free capital and strengthen stability
The European Commission launched a consultation on draft technical measures under the Solvency II framework, including updates to insurance regulations covering areas
California FAIR Plan exposure surges 42% to $650 bn as wildfire risks rise
The California FAIR Plan’s exposure rose 42% to $650 bn during the nine months ending in June, as more insurers declined to renew or offer policies
Florida approves assumption of up to 228,947 Citizens policies by 7 insurers
The Florida Office of Insurance Regulation approved seven companies to assume up to 228,947 multiperil and wind-only personal residential policies from Citizens Property Insurance
Cargo thefts in the US increased by 27%, with losses estimated at $1 bn+
Cargo theft in the United States reached a record level in 2024, with stolen goods and estimated losses exceeding $1 bn for the first time and rising another 27% in 2025
American International Group appointed John Neal as president
American International Group Inc. appointed John Neal as president, effective Dec. 1. In this role, Neal will oversee AIG’s general insurance organization
Personal insurance litigation in Florida declined ~25% in H1 2025
Personal insurance litigation in Florida declined nearly 25% in the first half of 2025 compared with the same period in 2024, according to the Florida Office of Insurance Regulation
U.S. insurers absorbed 92% of the $84 bn in global NatCat insured losses
U.S. insurers absorbed 92% of the estimated $84 bn in global insured weather- or climate-related losses in the first half of 2025, illustrating the increasing impact of so-called non-peak perils
California Regulator Orders Innovative Partners to Stop Illegal Health Coverage Sales
The California Department of Insurance (CDI) issued a cease-and-desist order to Innovative Partners LP, stating the company operated illegally as an insurance provider
U.S. flood insurance market grown, but only 4% of U.S. homeowners have flood insurance
The U.S. private flood insurance market has grown quickly in recent years, showing favorable underwriting results, but it remains a small part of the property/casualty industry
Louisiana enacts laws to address rising home and auto insurance costs
Louisiana lawmakers have enacted a series of laws aimed at addressing the state’s rising home and auto insurance costs, combining tort reforms, tax deductions for home-hardening projects
Florida Court grants Universal P&C Insurance new trial over jury bias in claim case
Florida’s Fourth District Court of Appeal ruled in favor of Universal Property and Casualty Insurance Co., granting the insurer another opportunity to defend its denial of a home insurance claim
UK plans Captive Insurance Framework by 2027 to strengthen market and support businesses
The United Kingdom government announced it is working on regulations to expand and support the captive insurance sector, aiming to implement the framework by mid-2027
A lawsuit resumed in Nevada to block the introduction of state-run health insurance in 2026
Nevada Senate Minority Leader Robin Titus and the National Taxpayers Union are reviving litigation in an attempt to block the implementation of the state’s public health insurance option in 2026
Property & casualty insurance landscape in Texas – Triple-I’s analysis
The Insurance Information Institute (Triple-I) published an analysis of the property/casualty insurance landscape in Texas, revealing a complex risk environment
Chesnara acquired the U.K. life insurance business of HSBC Bank for £260 mn
Chesnara and its subsidiaries announced they have entered an agreement to acquire the U.K. life insurance business of HSBC Bank for £260 mn in cash
U.S. Supreme Court upholds constitutionality of Preventive Care Task Force
The United States Supreme Court ruled the U.S. Preventive Care Task Force is constitutional, preserving current coverage requirements for private and public health plans
Australia’s Federal Court fines ACBF A$3.5 mn for misleading claims of Aboriginal ownership
Australia’s Federal Court fined ACBF Funeral Plans A$3.5 mn for falsely representing that the funeral expenses insurance provider was Aboriginal-owned
Florida cuts RAP funding by $1.1 bn and eliminates FORA reinsurance program
Florida Gov. Ron DeSantis signed a bill reducing available funds for the state’s Reinsurance to Assist Policyholders program by $1.1 bn
Willis launched $200 mn facility “Undercover” for cargo owners
Willis launched a $200 mn facility named “Undercover,” which combines coverage for a range of geopolitical exposures for cargo owners globally
Nationwide completed $1.25 bn acquisition of Allstate’s group health segment
Nationwide completed its $1.25 bn acquisition of Allstate’s group health segment, positioning itself as a leading provider of employer stop-loss business
European insurers face heavy losses after summer storms and heat
Western and central European insurers incurred several hundred mn € in estimated losses after severe convective storms struck on June 30 and again on July 2–3
FCA tightens rules on misconduct in UK insurance and finance
The UK’s FCA announced it is updating rules to improve detection and response to bullying, harassment, violence, and other forms of nonfinancial misconduct at insurance
Australia’s securities regulator appeals Court ruling on HCF Life’s “Preexisting Condition” insurance term
Australia’s securities regulator appealed the Federal Court’s decision dismissing part of its proceedings against HCF Life Insurance Co concerning a “preexisting condition”
White Mountains invested $515 mn in MGA Bamboo Ide8
White Mountains Insurance Group has agreed to invest about $285 mn in California homeowners-focused managing general agent Bamboo Ide8
Insurance costs for Red Sea shipping soar amid renewed houthi attacks
The cost of insuring vessels transiting the Red Sea has more than doubled over the past week as Houthi forces resumed attacks on commercial ships
Bupa faces Federal Court over misleading conduct, agrees to A$35 mn penalty
The Australian Competition and Consumer Commission (ACCC) filed proceedings in Australia’s Federal Court against insurer Bupa
CatIQ estimated insurance losses from the Ontario & Quebec ice storm at C$416 mn
CatIQ estimated insurance industry losses from the ice storm that struck Ontario and Quebec between March 28 and 31 at CAD $416 mn
Insurance Australia Group estimated natural perils costs at A$1.1 bn
Insurance Australia Group Ltd. raised its fiscal-year 2025 guidance as estimated natural perils costs are projected at A$1.08 bn
Chariot Re would improve MetLife’s capital flexibility and allow growth
MetLife and General Atlantic announced in December the creation of Chariot Re, a Bermuda-based reinsurer that initially reinsures approximately $10 bn of annuities
Insured losses from Mexico’s Hurricane Erick are expected to remain limited
Insured losses from Hurricane Erick, which made landfall last week in southern Mexico, are expected to remain limited
U.S. P&C insurance sector rebounded in 2024, driven by a $31 bn improvement
AM Best reported that the U.S. property and casualty (P&C) insurance sector rebounded in 2024, driven by a $31 bn improvement in the personal auto line
Insurance Europe supports the EC’s plan to simplify cybersecurity regulations
Insurance Europe supports the European Commission’s plan to simplify cybersecurity regulations through its review of the Cybersecurity Act
Safe Auto Insurance and policyholder sued for ignoring $25K offer, causing $5 mn loss
Safe Auto Insurance Co. and its policyholder, Jaime Valdez, filed a lawsuit against the law firm Lewis Brisbois Bisgaard and Smith LLP for failing to act on a $25,000 settlement offer
Middle East conflict lifts marine insurance war risk rates
The ongoing conflict in the Middle East has prompted many marine insurance underwriters to withdraw coverage for vessels with perceived links to the U.S., U.K., or Israel
U.S. insurers paid $1 bn in lightning-related homeowners insurance claims
In 2024, U.S. insurers paid $1.04bn in lightning-related homeowners insurance claims, marking a 16.5% decline from $1.24bn in 2023
Slide Insurance prices $408 mn IPO, shares to trade on Nasdaq under ticker ‘SLDE’
Slide Insurance has announced the pricing of its upsized initial public offering at $17.00 per share for 24,000,000 shares of common stock
Israel’s government-backed insurance scheme absorbs the majority of war losses
S&P has reported that Israel’s government-backed insurance scheme is expected to absorb the majority of losses linked to the ongoing conflict with Iran
Air India crash triggers $475 mn insurance loss, pressures aviation premiums
India’s most severe aviation disaster in over ten years, involving the crash of an Air India Boeing 787, to result in insurance claims totaling approximately $475mn
UK High Court ruling in favour of aircraft lessors raises major risks for re/insurers
The High Court of Justice in London recently ruled in favour of aircraft lessors for the 2021 and 2022 underwriting years
95% of UK and 89% of US insurers use AI for data ingestion, but governance gaps remain
New research from insurtech provider hyperexponential (hx) reveals that data ingestion is the most widely adopted AI use case in the insurance sector
Fitch: European insurance sector maintains neutral outlook despite market volatility
Fitch Ratings has affirmed a ‘neutral’ outlook for the European insurance sector at mid-year 2025, citing stable operating conditions despite increased financial market volatility
Sen. Rick Scott introduces Flood Insurance Reform Bills to increase transparency
Florida Republican Senator Rick Scott has introduced several bills aimed at increasing transparency in the National Flood Insurance Program (NFIP)
Oklahoma bans assignment of benefits for property and auto insurance claims
Oklahoma Governor Kevin Stitt has signed House Bill 1084 into law, prohibiting most forms of assignment of benefits agreements under auto, residential, andl property insurance
Aon reports mid-June storms cause major insured losses across Europe and Asia
Insurers in Europe and Asia may each face insured losses in the hundreds of millions of dollars following a series of mid-June storms
Florida approves Southern Oak and American Integrity to assume 51,500 Citizens policies
The Florida Office of Insurance Regulation (FLOIR) has approved requests from Southern Oak Insurance Co. and American Integrity Insurance Co. to assume a total of 51,500 policies
Allianz UK to cut 650 jobs amid digital shift
Allianz UK will reduce its workforce by 650 positions across its operations in the United Kingdom as it adjusts to increased demand for digital services
Australian life insurer sanctioned for misleading customers on review rights
The Life Insurance Code Compliance Committee (Life CCC) of Australia sanctioned a life insurer for failing to properly inform 170 customers of their right
IRS settles with Alta Holdings co-founder over unlawful microcaptive insurance schemes
The Internal Revenue Service (IRS) reached a settlement with Bruce Molnar, co-founder and majority owner of Alta Holdings, U.S. Risk Associates Insurance, and Newport Re
Louisiana law introduces penalties for auto insurers
A new Louisiana law signed by Gov. Jeff Landry introduces penalties for auto insurers that increase premiums solely because a policyholder turns 65
UK regulators’ risk aversion and inefficiencies limit financial sector growth
A report by the House of Lords Financial Services Regulation Committee (FSRC) identified risk-averse practices within supervisory bodies and inefficiencies across the regulatory system
Louisiana vetoed Senate Bill 111 aimed at limiting bad faith lawsuits against insurers
Louisiana Governor Jeff Landry vetoed Senate Bill 111, a proposed measure intended to limit the number of lawsuits filed against insurance companies
California investigates State Farm General Insurance over wildfire claims handling
State Farm General Insurance confirmed it is cooperating with a market conduct examination initiated by the California Department of Insurance
Maria Ailor named interim director of Arizona Insurance Department
Maria Ailor assumed the role of interim director of the Arizona Department of Insurance and Financial Institutions (DIFI), as reflected on the regulator’s official website
U.S. insurance regulators oppose federal AI moratorium in reconciliation bill
Insurance commissioners from across the United States have asked the U.S. Senate to reconsider specific provisions in the reconciliation bill known as the “One Big Beautiful Bill Act.”
Louisiana advance roof tax credit and stated value Home Insurance Bill
Louisiana lawmakers are advancing legislation related to home insurance as the legislative session approaches its June deadline
U.K. Court awards AerCap $1 bn in aircraft insurance dispute over Russia losses
AerCap announced that a U.K. Court ruling has confirmed its entitlement to approximately $1 bn in insurance recoveries tied to aircraft and engines stranded in Russia
Aerospace and defense M&A reached 532 deals in 2025, as business aviation attracts private equity, family offices, and growth investors
The aviation industry faced a complex landscape in 2024, shaped by ongoing uncertainty, competitive pressures, and significant incidents
Full list of 500+ deadliest aircraft crashes and worst aviation accidents, detailing major disasters, fatalities, and their global impact
A catastrophic crash of an Embraer E190 passenger plane operated by Azerbaijan Airlines occurred near Aktau, Kazakhstan. As a result of the tragedy, 38 people lost their lives, while 29 survived