PERILS updated insurance loss estimate of €696 mn for Windstorm Éowyn
PERILS, an independent insurance data provider, has released its second industry loss estimate for Windstorm Éowyn (also referred to as Gilles).
Insurance News
Insurance Europe urges EU action after US abandons global minimum tax
Insurance Europe has called on the European Commission to act urgently following the United States’ decision to withdraw from the global minimum tax initiative
Insurance Europe highlights several specific elements in the EC’s Omnibus proposal
Insurance Europe supports the European Commission’s (EC) revised approach aimed at simplifying regulation, improving competitiveness, and securing sustainable
Ontario and Quebec ice storm caused C$342 mn in insured damage
An ice storm that struck parts of Ontario and Quebec a month ago caused C$342 mn in insured damage
Alberta government proposes major overhaul of auto insurance system
The Alberta government introduced legislation that, if passed, will underpin the largest transformation of the auto insurance system in provincial history
Oregon Court reversed a $26.3 mn class-action award against Farmers
The Oregon Supreme Court reversed a $26.3 mn class-action award against Farmers, ruling that omitting statutory details from a director-approved notice does not expose
Russian insurers seek Indian approval for marine insurance of oil shipments
Three additional Russian insurers, including a unit of Sberbank, have requested approval from India to provide marine insurance for oil shipments to Indian ports
Korean Insurers Prepared for Decline in Commercial Real Estate Investment Values
Fitch Ratings asserts that Korean insurers are equipped to handle decreased valuations in their international commercial real estate (CRE) investments
Annual insured losses from wildfires in Canada increased to C$706 mn
Average annual insured losses from catastrophic wildfires in Canada have increased to C$706 mn over the past decade, compared to an average of C$84 mn
California advances bill 354 to strengthen consumer data privacy in insurance
California Insurance Commissioner Ricardo Lara supports proposed legislation to create updated consumer privacy rules for insurers
Kansas approves law establishing rules for protected cell captive insurers
Kansas Governor Laura Kelly approved legislation permitting one or more sponsors to establish a protected cell captive insurance company
U.S. insurers face $50 bn in Q1 losses amid Los Angeles Wildfires and Storms
U.S. insurers accounted for the majority of global insured losses in the first quarter, which reached the highest level in 15 years
Nevada Bill 180 proposes doubling liability insurance for trucking companies
The Nevada Senate approved a bill to raise the minimum liability insurance limits for motor carriers from the federally mandated $750,000 to $1.5 mn
PERILS estimated Cyclone Alfred insurance loss in Australia at AUD 2,568 mn
PERILS has disclosed its initial industry loss estimate for Cyclone Alfred which affected the Australian states of Queensland and New South Wales
PERILS released the Industry Exposure Database 2025
PERILS, the company providing industry-wide catastrophe insurance data, has released the PERILS Industry Exposure Database 2025
EU insurers to keep crypto exposure low under proposed S2 risk charge
EU insurers to maintain minimal exposure to crypto assets if the European Commission adopts a proposed 100% Solvency II (S2) risk charge
Aon released Q1 Global Catastrophe Recap, providing analysis of natural disasters
Aon released its Q1 Global Catastrophe Recap for April 2025, providing analysis of natural disaster events worldwide during the first quarter
Louisiana advances Auto Insurance Reform to address legal system abuse
The Louisiana House of Representatives Committee on Civil Law and Procedure has approved a set of automobile insurance-related bills
U.S. Supreme Court case challenges preventive care mandates in insurance
U.S. Supreme Court will begin hearing arguments in Kennedy v. Braidwood, a case that questions the constitutionality of the U.S. Preventive Services Task Force
Florida expands pet insurance regulations with new disclosure and standards
Florida introduced new regulations to define terms, require disclosures, and establish other regulatory standards for pet insurance and wellness programs
California insurers accused of collusion to force homeowners onto high-cost Fair Plan
Two law firms representing California homeowners have accused several of the state’s largest home insurance companies of working together to eliminate standard property policies
Louisiana considers auto insurance premium tax credit legislation
A bill under review in the Louisiana legislature proposes a tax credit for policyholders paying high automobile insurance premiums
Australian ASIC sues Hollard Insurance over prolonged claim handling
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Hollard Insurance Partners, alleging serious failures
Illinois Senate considers study on insurance rating practices & potential disparities
The Illinois Senate is reviewing House Bill 1234, which mandates a study into whether insurers’ use of ZIP codes, credit scores, age, and other underwriting criteria results
China’s NAFR eases investment limits for insurers to boost real economy
China’s National Administration of Financial Regulation (NAFR) is raising equity allocation ratios for certain assets and increasing the cap on venture capital fund
Texas Court overturns $25 mn judgment for Exxon in refinery explosion insurance dispute
A Texas appellate court overturned a prior $25 mn judgment awarded to Exxon Mobil Corp. and ExxonMobil Oil Corp. in a dispute with Lexington Insurance Co
Appeals Court rules State Auto Insurance denied E&O coverage in $13.3 mn death case
The 6th Circuit Court of Appeals upheld a lower court decision that State Auto Insurance Co. was not entitled to coverage under its errors and omissions (E&O) insurance
Marsh launches CyberShore Bermuda up to $30 mn in excess cyber insurance capacity
Marsh, the insurance broker and risk advisor, and a business of Marsh McLennan, announced the launch of CyberShore Bermuda, an exclusive, excess cyber insurance
Tesla Insurance removes forward-collision warnings from Safety Score Program
Tesla Insurance Services Inc. has removed forward-collision warnings from the list of metrics used in its Safety Score Beta program
UK non-life insurance sector maintains stable outlook – AM Best
AM Best has reaffirmed a stable near-term outlook for the United Kingdom’s non-life insurance sector
Changes in U.S. tariffs may continue to strain insurers’ financial positions
Although a 90-day pause is currently in place, recent fluctuations in stock and bond markets caused by changes in U.S. tariffs may continue to strain insurers’ financial positions
Florida Insurance Regulator seeks full independence from Financial Services Department
The Florida Office of Insurance Regulation (OIR) has proposed ending its placement within the state’s Department of Financial Services
Willis and The Nature Conservancy structured a $2.5 mn wildfire insurance in California
Willis and The Nature Conservancy structured a $2.5bn wildfire insurance policy in California, incorporating risk reduction efforts
FMA files civil case against IAG New Zealand over $19.3 mn in overcharges affecting 269,000 customers
The Financial Markets Authority (FMA) has filed civil proceedings against IAG New Zealand in the High Court in Auckland for breaching fair dealing provisions under the Financial Markets Conduct Act
How US tariffs could affect the insurance sector? J.P. Morgan forcast
J.P. Morgan recently examined how US tariffs could affect the insurance sector. The analysis shows that personal lines insurers, such as those offering auto and home insurance
Illinois court upholds stay in Boy Scouts of America abuse insurance coverage dispute
An Illinois appellate court upheld the decision to pause National Surety Corp.’s lawsuit, which claimed it held no duty to cover sexual abuse allegations against the Boy Scouts of America
United HealthCare settles $3.5mn lawsuit over unsolicited AI robocalls
United HealthCare Services agreed to a $3.5mn settlement in a class-action lawsuit over claims it used artificial and prerecorded voices
Louisiana considers $10,000 penalty for age-based auto insurance rate increases
Louisiana lawmakers are reviewing House Bill 258, which adds a financial penalty for insurers that raise auto insurance rates solely because a policyholder turns 65
Louisiana lawmakers examine law & practices behind auto insurance rates
Louisiana lawmakers are reviewing how state law limits transparency in personal injury jury trials as residents continue to face some of the highest auto insurance premiums in the country
Rokstone and Allianz sign 5Y capacity deal to expand specialty insurance lines
Rokstone, the international (re)insurance division of Aventum Group, has signed a five-year capacity agreement with Allianz Global Corporate and Specialty
Contractual Service Margin, part of IFRS 17, gives users information on insurers’ profits
The Contractual Service Margin (CSM), part of IFRS 17, gives users clearer information on insurers’ expected profits
Missouri Senate passed a bill allowing the Missouri Farm Bureau to sell health insurance plans
The Missouri Senate has passed a bill allowing the Missouri Farm Bureau to sell health benefit plans that bypass federal consumer protection rules
California approves major FAIR Plan expansion to help access insurance coverage
Insurance Commissioner Ricardo Lara announced the approval of the California FAIR Plan Association’s commercial filing to increase commercial property coverage limits
U.S. insurers face losses between $1 bn and $3 bn from a severe weather outbreak in March
Insurers face losses between $1 bn and $3 bn from a severe weather outbreak in mid-March, according to Gallagher Re
SMBC ends Irish court battle over stranded aircraft in Russia, nears final insurer settlements
SMBC Aviation Capital has dropped litigation in an Irish court against some insurers over aircraft stranded in Russia. The company said it reached confidential commercial settlements
Lawmakers are reviewing a bill to establish the Minnesota Lifeline Insurance Program
Lawmakers in Minnesota are reviewing a bill to establish the Minnesota Lifeline Insurance Program, aimed at offering low-cost auto insurance to eligible low-income drivers
EIOPA launched a public consultation focused on AI governance in insurance
The European Insurance and Occupational Pensions Authority launched a public consultation focused on AI governance and risk management
Federal budget cuts may increase Medicaid margin pressure for U.S. health insurers
The recent budget resolution passed by House Republicans may increase margin pressure for U.S. health insurers operating in Medicaid
U.S. life insurers use reinsurance to improve capital efficiency
U.S. life insurers have recently transferred long-term care (LTC) insurance reserves to reinsurers to lower risk and reduce exposure
Higher bond yields from defence spending support European insurers
Higher government bond yields driven by increased defence spending benefit most European insurers, according to Fitch Ratings
Life insurance sector changed significantly in the 5Y since COVID-19 – Moody’s
Moody’s reports that the life insurance sector has changed significantly in the five years since COVID-19. The pandemic reshaped several industries, including insurance
Sompo Insurance grows European presence in Belgium and the Netherlands
Sompo Insurance, a Tokyo-based insurance group, has expanded its operations in Continental Europe by securing regulatory approval to provide primary insurance
Germany’s BaFin targets 30 to 40 insurers with high alternative asset exposure
Germany’s Federal Financial Supervisory Authority (BaFin) is scrutinizing 30 to 40 insurance companies with significant alternative asset holdings
China Life Insurance more than doubled profit to $14.74 bn
China Life Insurance more than doubled its 2024 profit due to rapid asset growth and a reversal in investment income from a previous loss
Utah Insurance Commissioner seeks rehabilitation for A-Cap affiliates amid insolvency allegations
Utah Insurance Commissioner Jon Pike has petitioned the court to place Sentinel Security Life Insurance, Haymarket Insurance, Jazz Reinsurance under rehabilitation
NAIC Life Actuarial Task Force drafts new rules for offshore reinsurance accuracy
NAIC Life Actuarial Task Force is developing new rules to assess the accuracy of offshore reinsurance agreements
NAIC pushes to eliminate Federal Insurance Office and preserve ACA subsidies
The National Association of Insurance Commissioners (NAIC) has outlined its federal priorities for 2025, advocating for the elimination of the FIO
Air Lease secures $328.5 mn insurance settlement over aircraft stranded in Russia
Air Lease Corp. (ALC) secured a partial insurance settlement of $328.5 mn over aircraft stranded in Russia. The proceeds, received as cash, will be recorded as an insurance recovery
Severe weather cost Canadian insurers C$1.7 bn, total insured damage exceeded C$8.5bn
Severe weather events cost Canadian commercial carriers over C$1.7bn ($1.19bn) in 2024, according to Catastrophe Indices and Quantification
PERILS released 3rd insurance industry loss estimate for the Central Europe and Italy floods
PERILS, a Zurich-based organization providing catastrophe insurance data, released its third industry loss estimate for the Central Europe and Italy floods
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
2026 Atlantic hurricane season passed without a single US hurricane landfall for the first time in ten years, yet still delivered deadly storms, elevated major hurricane activity, and meaningful losses
Singapore expands ILS grants as Asia’s cat bond market grows, but investor education, capacity gaps and regulatory momentum still shape the asset class
Hurricane Melissa and Asian floods show insurance’s role in adaptation, yet coverage is scarce. Philanthropy, bundling and aggregation could shift that