Social Security tax-only fix raises US worker costs by thousands as 2032 approaches
A tax-only Social Security fix would lift the combined payroll rate above 16%, increasing annual costs for workers and employers as 2032 approaches
Insurance News
Jonathan Taylor Thomas arrested after Westlake Village DUI stop
Jonathan Taylor Thomas was arrested during a Westlake Village DUI stop after deputies accused him of obstruction and public intoxication
Social Security faces 26% benefit cut under new CBO forecast
CBO projects Social Security’s retirement fund will run dry in 2032, leaving payroll revenue sufficient for only 74% of scheduled benefits
Social Security tax-only fix would raise payroll rate near 17%
A tax-only Social Security fix would lift the payroll rate from 12.4% to about 17%, adding $2,600 to $3,000 yearly for a median worker
California sets wildfire smoke damage rules for home insurers
California approved new wildfire smoke-damage rules covering insurer testing, remediation and mortgage relief after more than 13,000 claims
California insurers pledge new policies as FAIR Plan stays near 697,000
California insurers have committed to new policies under catastrophe-model rules, while FAIR Plan enrollment remains near 697,000 amid a dispute over progress
ACA broker freeze adds pressure as workers shift to employer health insurance
CMS canceled enrollments covering 760,000 people and froze new ACA broker registrations as higher Marketplace costs shift more workers toward employer plans
Cannabis insurance bill seeks to expand US insurer participation
The CLAIM Act would protect insurers serving legal cannabis businesses as non-admitted coverage and limited capacity still dominate the US market
Florida approves home insurance rate cuts ~7% for 62,000 policies
Florida approved homeowner rate cuts averaging 7% for 62,000 policies as insurers file more decreases and Citizens continues shrinking
New York opens AI office as Gov. Kathy Hochul weighs AI kill switch
New York appointed Marc Gilman to oversee RAISE Act compliance as Gov. Kathy Hochul considers additional safeguards for frontier AI developers
Europe to spend €500 bn on climate adaptation through 2035
Europe is expected to spend €500 bn on climate adaptation and disaster recovery through 2035 as extreme weather drives long-term investment
Cyber insurance adoption reaches record 70% as AI risks grow – Travelers
Travelers found 58% of US businesses worry about cyber risk, while AI adoption outpaces governance and cyber insurance use reaches a record 70%
Hurricane Polo pressure puts Mexico catastrophe bond in focus
Hurricane Polo reached 180 mph winds and 892 mb pressure, putting pressure triggers on Mexico’s $175 mn Pacific hurricane catastrophe bond under scrutiny
Toyota estimates $6.4 bn annual robot spending from 2028
Toyota estimates factory automation could require 400,000 robots and about $6.4 bn in annual spending from 2028 across its plants and suppliers
Aon names Jane Drummond global chief commercial officer
Aon appointed Jane Drummond global chief commercial officer from Jan. 1, 2027, succeeding Anne Corona and joining the firm’s executive committee
Kraft Heinz sues Chubb, Liberty Mutual over UPF insurance coverage
Kraft Heinz sued Chubb and Liberty Mutual over denied coverage for lawsuits linking ultra-processed foods to diabetes, liver disease and public health costs
Luzern Risk raises $45 mn for AI captive insurance platform
Luzern Risk raises a $45 mn Series B led by Insight Partners to expand its AI-native captive insurance platform and alternative risk services
Cozmo AI launches claims automation platform for P&C insurance claims
Cozmo AI launches a claims automation platform for restoration networks and TPAs, covering FNOL, estimating, documentation and invoice settlement
David Jolly and Byron Donalds outline Florida property insurance plans
David Jolly and Byron Donalds propose different Florida property insurance reforms covering hurricane risk, Citizens, litigation and insurer transparency
Specialty MGA Nirvana appoints Kevin Kettrick as Cyber Lead London
Nirvana names Kevin Kettrick as Cyber Lead London to expand its standalone cyber offering, starting with excess cover before adding a primary product
Severe Caribbean hurricanes rise 94% over the past decade – Atrium research
Atrium research finds Category 3-5 Caribbean hurricanes rose 94% in a decade, increasing property losses and insurance exposure across tourism markets
McLarens names Ollie Waterman Middle East regional director
McLarens appoints Ollie Waterman as Middle East regional director from October 2026, succeeding Malcolm Addy as the loss adjuster expands across the GCC
Lockton raises nearly $900K for Move United Warfighters
Lockton’s 11th annual Warfighters Charity Challenge raised nearly $900,000 to fund adaptive sports programs for wounded U.S. veterans
Public adjuster coalition creates US professional conduct code
More than 16 public adjusters, insurance lawyers and industry professionals establish a national code of conduct for public adjusting in the US
Emily Schaffer joins Huntington T. Block as senior vice president
Huntington T. Block appoints Emily Schaffer senior vice president of fine art insurance, adding more than 15 years of specialty brokerage experience
ShinyHunters claims FBI breach exposed employee and applicant data
ShinyHunters claims it breached FBI systems and stole data on agents and job applicants, as the FBI investigates activity affecting FBIjobs.gov
Hanwha Finance deepens Abu Dhabi ties through digital asset partnerships
Hanwha Finance expands cooperation with Abu Dhabi across digital assets, stablecoins, payments and financial infrastructure under its Digital Asset Silk Road plan
PIA New York re-elects Jason Bartow president and names 2026-27 officers
PIA New York re-elects Jason Bartow as president for 2026-27 and names new officers across its executive leadership team
Fitch affirms MetLife ratings with stable outlook amid strong earnings
Fitch affirms MetLife’s AA- insurer financial strength ratings and A issuer rating, citing capital, earnings, market position and lower liability risk
Skyline Public Adjusters appoints Joseph Hansen VP of strategic accounts
Skyline names Joseph W. Hansen VP of strategic accounts, expanding his role across client relationships, first-party claims and large property losses
SiriusPoint appoints Rachel Winoski as chief HR officer
SiriusPoint names Rachel Winoski chief HR officer from Oct. 5, 2026, adding the former AXA XL executive to its leadership team
Florida hurricane losses could exceed $300 bn as coastal exposure grows
A Category 5 hurricane hitting Miami or Tampa Bay could cause insured losses above $300 bn as Florida’s population and property exposure keeps rising
Cigna sued over out-of-network addiction treatment payments
Ten addiction treatment providers accuse Cigna of paying 16.42% of covered charges while collecting fees tied to claim reductions
Insurers face higher catastrophe risk as Pacific typhoon activity rises
Northwest Pacific typhoon activity is forecast 60% above average in 2026, raising catastrophe exposure across China, Japan, the Philippines and Vietnam
Eastward tornado Alley shift raises insured loss risk in US Midwest
Record tornado activity in Illinois, Indiana and Wisconsin is increasing insured loss exposure as severe storms shift toward more populated US regions
Healthcare cyberattacks rise as hospitals face ransomware risks (The Case of Luminis Health)
Healthcare remained the top US critical infrastructure ransomware target in 2025 as a cyberattack disrupted systems at Maryland’s Luminis Health
Hurricane Lowell may cause up to $1 bn in Hawaii damage
Hurricane Lowell passed west of Hawaii, bringing heavy rain and surf, with estimated damage of $600 mn and potential losses reaching $1 bn
Washington wildfire insured losses reach $600 mn
Washington wildfire insured losses have reached an estimated $600 mn, including about $535 mn from residential claims, according to state regulators
Orion180 Insurance Group seeks up to $340 mn in US IPO
Orion180 plans to raise up to $340 mn in a US IPO, valuing the specialty homeowners and flood insurer at about $1.7 bn at the top of the range
New York proposes prior approval for all auto insurance rate hikes
New York DFS proposed requiring prior approval for all private passenger auto insurance rate increases as part of broader 2027 budget reforms
Hormuz disruption threatens SMEs in global supply chains, UNCTAD says
UNCTAD warns Strait of Hormuz disruptions are raising energy, freight, insurance and financing costs, putting smaller businesses under pressure
Insured losses from non-peak natural catastrophes exceeded $104 bn
Munich Re says insured losses from non-peak perils reached $104 bn in 2025 as cyber, AI and climate risks add pressure to reinsurance markets
Association of British Insurers sets out cyber security controls for UK businesses
ABI guidance identifies cyber controls UK organisations should consider, including MFA, endpoint security, backups, monitoring and supply chain checks
UK commercial insurance adds £29 bn to economy, ABI says
UK commercial insurance contributes about £29 bn annually and supports over 300,000 jobs, according to a new ABI report
easyJet faces $72 mn lawsuit over six abandoned Airbus jets after Russia’s invasion
STLC Europe Eight is seeking at least $72 mn from easyJet over six Airbus aircraft grounded after Russia-related sanctions disrupted their leases
ABI publishes new guides for UK insurers on economic and domestic abuse
The ABI has published two guides to help UK insurers and pension firms support customers and employees affected by economic and domestic abuse
Only 23% of insurers scale AI across the enterprise, Accenture finds
Accenture finds 81% of insurers report at least 5% GWP growth from AI and data, but only 23% have deployed AI across the enterprise
NFIP subsidies remain concentrated in Florida and higher-value properties
Neptune Flood Research Group estimates $2.6 bn in annual NFIP subsidies remain, with Florida receiving nearly half and higher-value properties taking a large share
Life insurers struggle to convert strong consumer demand into sales
Capgemini and LIMRA find strong global demand for life insurance, but complex buying journeys and weak post-sale contact continue to hurt conversion
US P&C underwriting profit rises to $31.7 bn in H1 2026
US P&C insurers posted a $31.7 bn underwriting gain in H1 2026 as the combined ratio improved to 92.7 and policyholder surplus reached $1.3 tn
California workers’ comp medical costs rise 5% in 2026
California workers’ comp medical costs per claim rose 5% in 2025, driven by higher prices, medical-legal services and non-fee-schedule costs
AI saves underwriters time but decision quality gains lag
Hyperexponential’s 2026 survey finds AI is cutting admin work for commercial P&C underwriters, while decision quality and knowledge transfer lag
US commercial insurance prices rise 0.5% in Q2 2026, WTW says
US commercial insurance prices increased 0.5% in Q2 2026, slowing from 2.5% in Q1 as property rates declined and large accounts moved negative
AI adoption exposes insurance gaps in digital health
Beazley’s 2026 Digital Health & Wellness report finds medical negligence remains the leading claims driver as AI creates multi-line insurance exposures
Billie Eilish deepfake case shows growing risks from AI-generated media
A viral AI-manipulated Billie Eilish post drew 11 mn TikTok views, illustrating growing concerns over deepfakes, celebrity likenesses and content provenance
Aon launches Underwriting Analytics for insurers and reinsurers
Aon launched Underwriting Analytics within its Risk Analytics Platform to help insurers assess new risks against existing portfolio accumulations
SpaceTech ICEYE opens SAR satellite data feed with 2026 imagery
ICEYE’s open data initiative provides public access to selected SAR satellite imagery and videos, including thousands of 2026 deliverables
Vero, Uber and insurtech Cover Genius launch pay-per-kilometre rideshare insurance
Vero, Uber and Cover Genius launched a pay-per-kilometre motor policy combining private and rideshare cover for eligible Uber drivers in Australia
Square Insurance Brokers appoints Kapil Baraya to lead corporate lines
Square Insurance Brokers appointed Kapil Baraya as Head of Corporate & Commercial Lines, with responsibility for corporate insurance and life operations
UK mortgage lending rises as high-LTV share hits 18-year high
UK gross mortgage advances rose 11.1% in Q2 2026 to £77.4 bn, while lending above 90% LTV reached its highest share since 2008
1 billion-dollar startups have become commonplace. More than 600 new unicorn companies were formed in this year. Globally, there were more than 1,300 active unicorns
The global fintech market, valued at $272 bn in 2023, is projected to reach $723 bn by 2030 and $1.265 trln by 2034, growing at a CAGR of 15%
A slowdown in financial technology sector deal flow is lingering, with a wait-and-see sentiment extending into the second half of the year
Private equity and venture capital investment in financial technology and payments companies in Europe has been dwarfed by the $10 billion