Insurtech ICEYE raises $65 mn to advance satellite and ISR technologies
Insurtech ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, secured an additional $65 mn in its 2024 growth funding
Insurance News
Fidelis secures $375 mn Cat Bond for named storm & earthquake risks
Fidelis Insurance Holdings’ Bermuda-based affiliate has finalized a $375 mn catastrophe bond to cover named storms and earthquakes in the U.S.
UK Supreme Court rejects Allianz appeal in COVID business interruption case
The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Lloyd’s CEO John Neal will step down in 2025 to join Aon
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
Parsyl raised $20 mn to advance data-powered marine cargo insurance solutions
Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion
Insurtech Root launches driver-based auto insurance in Minnesota
Root Insurance has expanded its auto insurance services to Minnesota, offering over 4 mn drivers a model based on driving behavior instead of traditional demographic factors
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
British pension insurance deals totaled £45 bn in 2024, with a similar outlook for 2025
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
U.S. states will enforce higher mandatory auto liability insurance limits in 2025
California, Virginia, North Carolina, and Utah will enforce higher mandatory automobile liability limits in 2025 due to previously enacted legislation
Fairfax Financial names Brian Young as Insurance Group President
Fairfax Financial Holdings appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard
ASIC orders compliance overhaul for Sanlam’s Australian unit over licensing breaches
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
Florida Insurance Regulator approves homeowners policy transfers from Citizens
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Independent Health and Subsidiary’s CEO settle $98 mn Medicare fraud case
Independent Health Association and its subsidiary’s CEO have agreed to pay a $98 mn settlement over allegations of submitting invalid diagnosis codes
Flood events accounted for $18.2 bn in international Q4 catastrophe losses
Flood events accounted for $18.2 bn in international fourth-quarter catastrophe losses, led by October floods in Valencia, Spain
Terrorism insurance in the U.S. faces TRIA challenges
Authorities have confirmed that a pickup truck used to kill at least 14 people during New Year’s celebrations in New Orleans displayed an ISIS flag
Dataveo launches RFID solutions to enhance inventory management
Dataveo, a French leader in data management and identification solutions, announces the launch of offerings designed to enhance inventory management
PERILS releases final insured loss estimate for Australia Christmas Storms
PERILS, an independent Zurich-based organization, has released its fourth and final industry loss estimate for the Australia Christmas Storms
California court rules in favor of aviation insurers in $128 mn lawsuit
A California state court ruled in favor of aviation insurers sued for $128 mn by aircraft lessors over three planes stranded in Russia due to the Ukraine war
Dubai Aerospace Enterprise received $201 mn insurance claims for aircraft in Russia
Dubai Aerospace Enterprise (DAE) reported receiving $201 mn in settlements over the past three months for aircraft previously leased to airline carriers in Russia
MetLife appoints Nick Nadgauda as Global EVP and CIO
MetLife announced that Nick Nadgauda will join the company as Executive Vice President and Chief Information Officer
Perils revised its estimated insured losses for floods in Central Europe & Italy
PERILS has disclosed its second industry loss estimate for the floods in Central Europe and Italy to €2.08 bn
Marine P&I insurers faced increased claims in the 2024-2025
Marine protection and indemnity (P&I) mutual insurers faced increased claims in the 2024-2025 fiscal year, driven by a higher level of claims activity
American Transit Insurance sues for $450 mn in alleged fraud case
American Transit Insurance Co. (ATIC), a provider of taxi and for-hire vehicle insurance, has filed a $450 mn lawsuit, alleging extensive fraud
Munich Re is aiming for an IFRS net profit of €6bn in 2025
Munich Re is aiming for an IFRS net profit of €6bn in 2025. Group insurance revenue is expected to reach €64bn in 2025, and return on investment
ICEYE enhanced its Earth Observation services by launching two SAR satellites
ICEYE has enhanced its Earth Observation services by launching two new SAR satellites, boosting its disaster management solutions
California raises auto liability coverage limits in 2025
Effective Jan. 1, California auto insurance policies must meet higher liability coverage limits under a 2022 law. Liability limits for bodily injury or death are doubling
Aon partners with MS Amlin to back Ukraine War Risk Facility
Aon, in partnership with the European Bank for Reconstruction and Development (EBRD), has introduced a facility aimed at addressing war risk insurance in Ukraine
NAIC will implement its new principles-based bond definition
The National Association of Insurance Commissioners (NAIC) will implement its new principles-based bond definition starting January
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
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 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
MGA Optio Group acquired of Den Hartigh Beheer & Exploitatie B.V.
The UK-based managing general agent (MGA) Optio Group has finalized its acquisition of Den Hartigh Beheer & Exploitatie B.V.
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
Abacus Life completes $2 bn acquisition of Carlisle Management Company
Abacus Life, a global alternative asset manager specializing in longevity data and actuarial technology, has completed its acquisition of Carlisle Management Company S.C.A. Carlisle
Florida insurers have paid $5.2 bn in the wake of hurricanes Helene and Milton
Florida insurers have paid approximately $5.2 bn following hurricanes Helene and Milton, according to data from the Florida Office of Insurance Regulation
Bermuda Monetary Authority issued licenses to 10 captive insurers
The Bermuda Monetary Authority (BMA) issued licenses to 10 captive insurers in 2024, further solidifying Bermuda’s position as a leading domicile for these structures
New York passes law standardizing hurricane windstorm definitions and deductibles
New York has enacted a law to standardize definitions for hurricane windstorms, aiming to create consistency in deductibles and how triggering events are determined
UnitedHealthcare Insurance Company CEO Brian Thompson fatally shot in New York City
In New York City, on Manhattan, the CEO of UnitedHealthcare, a leading American health insurance company, was fatally shot. Brian Thompson sustained a fatal gunshot
Aon acquires the insurance agency of Mitsubishi Chemical Group in Japan
Aon announced a definitive agreement to acquire the in-house insurance agency of Mitsubishi Chemical Group (MCG). The move expands Aon’s risk and health offerings in Japan
U.S. cyber insurance premiums rose nearly 11% in 2025 as policy volume jumped, but weaker pricing, higher losses, and AI-driven threats added fresh pressure
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
Insurers enter 2026 with longer settlement cycles, rising volumes, and slow AI adoption, increasing costs and operational risk, AutoRek finds
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities