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
Insurance News
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
Severe storms in U.S. and Europe cause hundreds of millions in insured losses: Aon
Aon reported that severe storms in both the United States and Europe in late May and early June 2025 caused insured losses totaling hundreds of millions of dollars across both regions
Michigan Senate considers Bills 328-329 mandating auto insurance discounts
A legislative proposal in Michigan introduces mandatory premium reductions and consumer protection measures for auto insurance buyers. Senate Bills 328 and 329
U.S. P&C insurance industry entered 2025 with a mixed underwriting outlook, according to the Insurance Economics and Underwriting Projections
Global commercial insurance rates declined by 3% in Q1 2025, the third consecutive decrease in the composite rate following seven years of increases
The United States personal auto insurance industry experienced its best underwriting result in the post-pandemic era with a net combined ratio of 95.3
As electric vehicles (EVs) gain popularity, the insurance industry is also adapting to meet the unique requirements of eco-conscious drivers