Florida’s legislative session introduced several bills addressing property insurance
Florida’s legislative session, which began on March 4, introduced several bills addressing property insurance
Insurance News
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws, citing concerns about higher rates and the legal industry’s influence
U.S. retail annuity insurance sales rising 12% to a record $433 bn
Retail annuity sales exceeded $100 bn in each quarter of 2024 for the first time, rising 12% to a record $432.6 bn
U.S. House Bill proposes tax-exempt grants for home hardening projects
U.S. Representative Jared Huffman (CA-02) and U.S. Representative Blake Moore (UT-01) reintroduced the Water Conservation Rebate Tax Parity Act
Insurance Council of Australia classified the aftermath of Cyclone Alfred as an insurance catastrophe
The Insurance Council of Australia (ICA) has classified the aftermath of ex-tropical Cyclone Alfred as an insurance catastrophe
MetLife expects its group benefits business to expand by 4% to 7%
MetLife expects its group benefits business to expand by 4% to 7% over the next year as employers seek to enhance their offerings for employees
Lloyd’s latest systemic risk scenario: the global economy could face losses of $2.4trn over 5Y
Lloyd’s has released its latest systemic risk scenario. The analysis suggests the global economy could face losses of $2.4trn over five years
Maryland Senate seeks to limit how insurers use telematics data in underwriting
A bill in the Maryland Senate seeks to limit how insurers use automobile telematics data in underwriting, expand disclosure requirements
Wildfires in Los Angeles impact classic cars and art collections, triggering major insurance claims
Recent wildfires in Los Angeles have affected the market for collectible cars, though the extent of the impact remains uncertain
Marsh announced an expansion of its Fast Track P&C facility
Marsh, a leading insurance broker and risk advisor under Marsh McLennan, announced an expansion of its Fast Track facility
Fairfax reported a $3.9 bn net earnings and $1.8 bn in underwriting profit for 2024FY
Fairfax Financial Holdings reported net earnings of $3.87bn for the 2024 fiscal year, or $160.56 per diluted share after preferred dividends
Georgia Senate passes Bill SB 69 to limit lawsuit awards after Kemp Backs compromise
Georgia Senate Republicans approved a bill Friday to limit lawsuit awards after a compromise on medical damages secured the necessary votes
Chubb named Ana Robic as regional president for Europe, the Middle East, and Africa (EMEA)
Chubb has named Ana Robic as the new regional president for Europe, the Middle East, and Africa (EMEA), stepping into the role previously held by David Furby
MetLife adds former Swiss Re CEO Christian Mumenthaler to Board amid strategic growth
MetLife has elected Christian Mumenthaler, former Group CEO of Swiss Re, to its board of directors, effective May 1, 2025
Kera McDonald appointed Swiss Re’s Group Chief Underwriting Officer
Swiss Re announced that Kera McDonald, currently Chief Underwriting Officer of Swiss Re Corporate Solutions, is appointed Group Chief Underwriting Officer
Flow Specialty introduced the industry’s first AI insurance broker
Flow Specialty, a wholesale 3.0 specialty commercial brokerage, has introduced the industry’s first AI insurance broker
Kentucky Senate Committee unanimously backs Bill 24 to combat insurance fraud
A measure to help tackle insurance fraud in Kentucky – Senate Bill 24 – gained unanimous approval from legislators on the Senate Banking and Insurance Committee
Hawaii Supreme Court limits insurers’ subrogation rights in Maui Wildfire settlements
The Hawaii Supreme Court ruled that insurers cannot file subrogation claims against third parties involved in the Maui wildfires once those parties
UnitedHealthcare Insurance fined $3.4 mn in North Carolina for illegal balance billing
UnitedHealthcare Insurance Co. agreed to pay a $3.4mn fine to the North Carolina Department of Insurance for balance billing practices that violate state law
Legal & General completed £370 mn buy-in with the BAL section of the TUI Group UK Pension Trust
Legal & General Assurance Society Limited completed a £370 mn buy-in with the BAL section of the TUI Group UK Pension Trust
Arthur J. Gallagher & Co. agrees to $21 mn Settlement over 2020 data breach
Arthur J. Gallagher & Co. (AJG) has agreed to settle a class-action lawsuit for $21 million following a 2020 data breach that compromised personal information
Judge rules Louisiana Insurance Department lacked authority to penalize Texas law firm for fraud
The Louisiana Department of Insurance did not have the authority to issue fines and a cease-and-desist order against a Texas law firm accused of massive fraud
Florida’s 2025-2026 budget dedicates over $600 mn to home & condominium risk mitigation
Florida’s 2025-2026 budget dedicates over $600 million to home and condominium risk mitigation. This funding supports the My Safe Florida Home grant program
U.S. insurance industry added 6,900 jobs in January – Bureau of Labor Statistics
The U.S. insurance industry added 6,900 jobs in January compared to December, according to preliminary data from the Bureau of Labor Statistics
New York allows stand-alone business interruption insurance without physical loss
New York passed a law permitting stand-alone business interruption insurance policies that cover closures even without direct physical loss
California court rules wildfire debris is not direct physical loss in insurance dispute
A California appeals court ruled that wildfire debris does not automatically qualify as “direct physical loss or damage,” upholding a lower court’s decision
U.K. motor insurers paid a record £11.7 bn in car insurance claims
Rising theft and repair costs have driven up premiums as U.K. motor insurers paid a record £11.7bn in car insurance claims in 2024
Aon appointed Jennifer Richards as CEO of Asia-Pacific, Anne Corona as Global CCO
Richards will collaborate with the Asia-Pacific executive committee to expand the firm’s capabilities, strengthen client relationships, drive growth, and execute the 3×3 Plan
Midland National Life Insurance reported a data breach may exposed customer info
Midland National Life Insurance Co. reported a data breach discovered in January that may have exposed customer details, including names and account numbers
Tokio Marine increased profit through equity sales and lower catastrophe losses
Tokio Marine Holdings Inc. increased its fiscal third-quarter profit through equity sales and lower catastrophe losses, estimating a ¥31 bn ($200 mn) loss
Japan Post Insurance increased net income in 2024
Japan Post Insurance Co. increased its nine-month net income due to stronger investment performance in a better market environment
Trump`s “tariffs” could increase P&C insurance claims by $10 bn to $36 bn
Tariffs imposed by the Trump administration could increase claims costs for property and casualty insurance by $10 bn to $36 bn
State Farm faces its largest loss in history due to Los Angeles wildfires
State Farm General Insurance Co. faces its largest loss in history due to last month’s Los Angeles wildfires. Already under financial strain
Maryland senators reviewing SB 985 to regulate third-party litigation financing contracts
Maryland Senators are reviewing SB 985, a bill aimed at regulating third-party litigation financing contracts. The legislation would require specific disclosures
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025, Gov. Ron DeSantis announced. He claimed the state experienced the lowest average increase
ZestyAI partnered with Safepoint to improve underwriting accuracy & risk assessment
Safepoint Holdings has partnered with ZestyAI to improve underwriting accuracy and risk assessment. ZestyAI specializes in AI-driven climate and property risk analytics
Duck Creek partnered with Worldpay to improve payment processing for insurers
Duck Creek Technologies, a provider of technology solutions for P&C insurance sector, has partnered with Worldpay to improve payment processing for insurers
SelectQuote secured $350 mn investment led by Bain Capital
SelectQuote, a major Medicare insurance distributor and healthcare services provider, has secured a $350mn investment. Bain Capital, Morgan Stanley
Severe hailstorm in Calgary drives C$3.25 bn in insured losses – CatIQ estemates
CatIQ has disclosed its fourth industry loss estimate for the hailstorm that affected Calgary, Alberta, has risen to CAD 3.25 bn
California FAIR Plan secured approval for an additional $1 bn
The California FAIR Plan Association, a group of all insurers licensed to provide property coverage in the state, has secured approval for an additional $1bn
Total insured losses paid by the NFIP stemming from Hurricane Helene to be $6.4-7.4 bn
FEMA has raised its estimated losses for the National Flood Insurance Program (NFIP) due to Hurricane Helene to between $6.4bn and $7.4bn
Mercury General estimates gross losses from the January 2025 LA wildfires up to $2 bn
Mercury General, a Los Angeles-based insurer, estimates gross losses from the January 2025 wildfires between $1.6 bn and $2 bn
Natural ecosystems help shield coastlines from storms & reduce insured losses
Natural ecosystems like mangroves and salt marshes help shield coastlines from storms and reduce insured losses, according to Swiss Re Institute
CatIQ estimates C$2.82 bn in insured losses from Ontario and Quebec flooding
CatIQ, has released its fourth industry loss estimate for the flooding caused by Hurricane Debby’s remnants
Bayer and Insurtech Pula plan to insure 10 million farmers in Africa
Bayer Foundation and insurtech Pula plan to insure 10 million smallholder farmers in Africa by 2030. This initiative protects farmers from climate risks
Tesla launched insurance discount for Texas and Arizona drivers using FSD tech
Tesla has introduced its first insurance discount for drivers using Supervised Full Self-Driving (FSD), cutting premiums by up to 10% for policyholders in Texas and Arizona
California homeowners insurance: 11-year underwriting losses and market trends
An 11-year review of insurers’ filing data for homeowners insurance multiperil coverage in California shows intermittent years of poor results
Texas Senate Bill 815 aims to prevent health insurers from using AI-based algorithms
A Texas Senate bill aims to prevent health insurance companies from using AI-based algorithms as the sole basis for denying claims
MetLife reported a $4.8 bn net income in FY2024, up from $3.1 bn
MetLife reported a fourth-quarter net income of $1.2 bn, up from $574 mn in the same period last year, according to its earnings statement
Globe Life expands cyber-attack impact, notifies 850,000 more individuals
Globe Life has expanded the number of individuals potentially affected by a cyber-extortion attempt last year
Allianz Commercial appointed Sandra Lee as head of claims for Canada
Allianz Commercial appointed Sandra Lee as head of claims for Canada. McNulty will continue as Allianz Commercial Canada’s chief agent
North Carolina proposed a 22.6% increase in personal auto insurance rates
The North Carolina Rate Bureau has proposed a 22.6% statewide average increase in personal auto insurance rates for policies effective Oct. 1
ICA classified flooding in Queensland as a significant event and activated an Insurance Hub in Townsville
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Flood Re launches Flood Bus, named Flo, to promote flood resilience in Scotland
Flood Re is introducing a new Flood Bus, named Flo, as part of a national effort in Scotland to strengthen property-level flood protection and help communities prepare for future flooding
Relm Insurance launched of FaltaWEB3 to mitigate crypto exchange bankruptcy risks
Relm’s FALTAWEB3 responds to the increasing frequency of such events, aiming to strengthen confidence among commercial users of crypto exchanges
Texas Court overturns $12 mn jury award granted to Baylor College in a COVID-19 case
A Texas appeals court overturned a $12 mn jury award granted to Baylor College of Medicine in a COVID-19 business interruption case
California Senate reviews bill SB 222 allowing insurers to sue fossil fuel firms
The California Senate is reviewing a bill that would let insurance companies and policyholders file civil lawsuits against fossil fuel firms for their role in climate-driven weather disasters
Allstate agreed to sell its Group Health business to Nationwide Mutual Insurance for $1.25 bn
Allstate Corp. agreed to sell its group health business to Nationwide Mutual Insurance Co. for $1.25 bn in cash. The deal is expected to close in the second half of the year
Life insurance broker convicted in $20 mn fraud scheme spanning 30 years
A federal jury convicted life insurance broker James W. Wilson on 13 counts of fraud for orchestrating a $20 mn scam involving at least seven life insurers
Hartford Counselor sentenced to 27 months for $1 mn Medicaid insurance fraud scheme
U.S. District Judge Kari A. Dooley in Bridgeport ordered Epps to pay $1,001,058.43 in restitution to the Connecticut Medicaid program
Finding affordable health insurance in California can be overwhelming. You’re faced with dozens of plan options, unfamiliar terms and questions about whether you qualify for subsidies through Covered California
Health insurance is an integral part of employee benefits packages in the United States. However, any employer federally required to provide this compensation could admit that their costs can be burdensome
Fitch Ratings warns U.S. health insurers face a tougher 2026 as medical costs rise, ACA subsidies expire, and policy uncertainty weighs on margins
Providing health insurance in California is becoming a competitive necessity for attracting and retaining top talent, particularly in industries such as technology, finance, cyber