U.S. Senate proposes bipartisan flood insurance tax credit bill
A new bipartisan bill in the U.S. Senate aims to support low- and middle-income homeowners facing rising flood insurance premiums. The Flood Insurance Affordability Tax Credit Act
Insurance News
North Dakota Insurance Reserve Fund closed 71.5% of claims without paymen
The North Dakota Insurance Reserve Fund (NDIRF) closed 71.5% of third-party claims without payment, according to a market conduct report
77% of UK SMEs prioritise employee benefits to address workforce challenges
77% of UK small and medium-sized enterprises (SMEs) plan to enhance their employee benefits. These changes aim to attract and retain talent, address workforce issues
US nonstandard auto insurance segment posted a slight profit in 2024
The US nonstandard auto insurance segment posted a slight profit in H1 2024, marking a turnaround after two years of losses
Businesses in the Asia Pacific region face mounting challenges from economic pressures and climate risks
Businesses in the Asia Pacific (APAC) region face mounting challenges from economic pressures and rising climate risks, according to a survey by the World Economic Forum,
Tesla’s insurance business posted mixed results for Q3 2024
Tesla General Insurance reported $35.7 mn in written premiums, a 94% year-over-year increase. The carrier reported a year-to-date net underwriting loss of $5.6 mn
Phyn and Nationwide partnered to offer leak detection solutions for homeowners
Phyn, an intelligent water solutions company, announced a partnership with Nationwide, a leader in insurance and financial services, to offer leak detection solutions
Nevada Division of Insurance introduced new regulations on annuity suitability
The Nevada Division of Insurance (DOI) has introduced new regulations on annuity suitability and best interest standards
Oklahoma Commissioner issued regulatory guidance for insurers using AI
Oklahoma Insurance Commissioner Glen Mulready issued a bulletin outlining regulatory guidance for insurers using artificial intelligence
Rokstone Parametric provides $10 mn global insurance facility to cover earthquakes & hurricanes
Rokstone Parametric will initially provide a $10 mn global facility to cover earthquakes, hurricanes, tropical cyclones, and typhoons
California Insurance Commissioner seeks approval for new Wildfire Models
California Insurance Commissioner Ricardo Lara submitted finalized regulations to allow insurers to use forward-looking wildfire catastrophe models
FCA will update rules to boost transparency in investigation processes
The UK Financial Conduct Authority (FCA) has proposed updated rules to boost transparency in its enforcement and investigation processes
U.S. Court rejected a homeowner’s lawsuit against Lemonade Insurance over $170K crypto scam
U.S. appeals court rejected a homeowner’s lawsuit against his insurer over a $170,000 crypto scam loss. The three-judge panel ruled there was no error
Scaling the insurance industry with blockchain & DeFi: Insights from Nayms
The insurance industry has long struggled with issues of transparency, access, and operational efficiency. Blockchain technology offers potential solutions
Allianz acquires 24% of MicroStrategy’s $600 mn notes
Allianz, Germany’s largest insurer, has purchased 24.75% of MicroStrategy’s $600 mn convertible note offering. The deal was finalized in March 2024
CVS Health plans to cut 800 jobs, following the layoff of 2,900 employees
CVS Health Corp. plans to cut nearly 800 jobs, following the layoff of about 2,900 employees earlier this year
Aviva finalized a £1.7 bn pensioner buy-in with National Grid Electricity
Aviva has finalized a £1.7 bn pensioner buy-in with the National Grid Electricity Group of the Electricity Supply Pension Scheme
Insurance fraud ringleader, William Oldham Mize, sentenced to 12Y in Federal Prison
A former fugitive, who led a large-scale insurance fraud scheme, received a 144-month prison sentence and was ordered to pay over $7.09 mn in restitution to insurance carriers and the IRS
U.S. insurance industry adds 5,100 Jobs – U.S. Labor Department’s BLS
The U.S. insurance industry added 5,100 jobs in November compared to October, according to preliminary data from the U.S. Labor Department’s Bureau of Labor Statistics
Maryland laid out regulations and new requirements for pet insurance companies
The Maryland Insurance Administration has issued regulations for pet insurance companies, outlining new disclosure and notification requirements
Rising costs and natural disasters pressure home insurance in Canada
Home insurance costs in Canada are climbing due to frequent and severe natural disasters. Rising construction expenses add to affordability challenges
Insurtech CyberCube has expanded its partnership with HUB International
Insurtech CyberCube has expanded its partnership with HUB International, a leading insurance broker and financial services firm
Insurers faced $51 bn in losses from hurricanes and cyclones in 2024
Insurers faced $51 bn in losses from North American hurricanes and Northwest Pacific cyclones in 2024, surpassing the 10-year average
Workers’ compensation rates in Washington will rise by 3.8% in 2025
Workers’ compensation rates in Washington will rise by 3.8% in 2025, as reported by the Washington State Department of Labor and Industries
Allianz Australia purchases RAA’s general insurance business and securing
Allianz Australia has partnered with the Royal Automobile Association of South Australia (RAA) in a deal valued at AUD$642.2 mn
McGill in partnership with FortuneGuard and ARX introduced a new war risk reinsurance facility to provide commercial property coverage in Ukraine
In the US, two major hurricanes and frequent severe thunderstorms accounted for at least two-thirds of the year’s global insured losses, which currently exceed $135 bn
The global economy is poised for further solid expansion. We forecast global real GDP growth at 2.8% in 2025 and 2.7% in 2026, roughly in line with 2024
The London re/insurance market sees a growing push toward digital approaches. Enhanced underwriting stands out as a new direction for companies