FEMA projects flood insurance claim losses from Hurricane Helene to range $3.5-7 bn
The National Flood Insurance Program (NFIP), managed by FEMA, has paid over $1.4 bn to policyholders for flood losses caused by Hurricane Helene
Insurance News
Near Space Labs launched stratospheric robots across the U.S.
Near Space Labs, a provider of aerial imagery for insurance and other applications, has launched stratospheric robots across the United States
Richard Offord appointed as Chief Executive of UK P&I Club’s Singapore Branch
UK P&I Club, a global provider of protection and indemnity insurance for the shipping industry, has appointed Richard Offord as Chief Executive of its Singapore
Commercial broker Konsileo raised £8 mn to accelerate its growth across the UK
Chartered commercial broker Konsileo has raised £8 mn to accelerate its growth across the UK. The company specializes in mid-market insurance solutions
Alberta launched no-fault auto insurance system with savings for drivers
Alberta is launching a no-fault automobile insurance system designed to be privately delivered and care-focused. The province estimates the change will save the average driver C$400 annually
Vienna Insurance Group reports robust 9M 2024 financial performance
Vienna Insurance Group (VIG) released its 9M 2024 results, showcasing continued growth across key metrics despite challenges from natural catastrophe (NatCat) events
Bishop Street Underwriters plans to acquire Landmark Underwriting, a London Market MGA
Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, announced its plans to acquire Landmark Underwriting, a specialty MGA in the London Insurance
P&C insurance in the UK: quarterly breakdown & rising costs
Property and casualty insurers in the UK paid £4.1 bn in insurance claims during the first nine months of 2024, marking a record for that period
North Carolina State Treasurer demands Blue Cross pay $2 mn for TPA lawsuit
Blue Cross Blue Shield of North Carolina owes the state’s residents more than $2.05 mn from the carriers failed lawsuit over the North Carolina State Health Plan
Insured losses surpassed C$110 mn following severe storms & flooding in Canada
Insured losses have surpassed C$110 mn following severe storms and flooding in southern British Columbia, as reported by Catastrophe Indices and Quantification
P&C insurance premiums lose momentum in Q3 2024, 28th straight quarter of growth
Premiums in the commercial property and casualty (P&C) insurance market rose 5.1% in Q3 2024, nearly matching the 5.2% increase in Q2, based on The Council of Insurance Agents
Massachusetts Division of Insurance approved Point32Health’s acquisition of Health New England
The Massachusetts Division of Insurance has approved Point32Health’s acquisition of Health New England and its subsidiaries, HNE Holding and HNE Insurance
Mountain Fire in Ventura County (California): economic losses ~$100 mn
The Mountain Fire that broke out on November in Ventura County, Southern California, is projected to result in significant insured losses
New partnership: Argyle and Mitsui Sumitomo enhance SME insurance in Australia
Argyle Insurance has entered into a multi-year capacity agreement with Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group
$102 mn settlement reached in Francis Scott Key Bridge collision insurance case
Grace Ocean Private and Synergy Marine Private, the companies behind the ship that struck Baltimore’s Francis Scott Key Bridge, have agreed to a $102 mn settlement in the U.S. Justice Department’s civil suit
Fairfax faces margin decline in Q4 due to Hurricane Milton losses
Fairfax expected catastrophe losses from Hurricane Milton in the fourth quarter should fall within the company’s normal margin for such expenses
Hurricane Helene could result in National Flood Insurance Program losses $3.5-7 bn
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
New rules for insurer responsibilities under California Privacy Act
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
Annualized life insurance premium in the U.S. rose 8% to $3.9 bn in Q3 2024
Total new annualized life insurance premium in the U.S. insurance market rose 8% to $3.9 bn in Q3 2024, and policy count increased by 3%
SCOR reported a net loss of €177 mn for Q3 2024
SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option.
Swiss Re reports $2.2 bn net income an ROE of 13.4% for 9M 2024
Swiss Re reports a net income of $2.2 bn and an ROE of 13.4% for 9M 2024. Resilient underwriting and investment contributions from all Business Units contributed to the results
Munich Re reported a net earnings €4.7 bn in 9M 2024
Munich Re reported a net result of €930 mn in Q3 2024, a decline due to higher-than-average natural catastrophe losses. For the three quarters, net earnings totaled €4.692 bn
Bulgarian insurance market generated €1.2 bn premiums in 1H2024
Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance
Hannover Re’s net profit increased by 30.4% to €1.8 bn in 9M 2024
Hannover Re has raised its 2024 profit target after net income rose 30.4% to €1.8 bn for 9M 2024, driven by a 36% jump in the reinsurance service result to €2.1 bn
Changes to UK Solvency rules will have a positive impact on UK insurers
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
Washington Insurance Commissioner proposes rule to improve health care timelines
Washington Insurance Commissioner Mike Kreidler has released the proposed language for a prior authorization rule aimed at updating timelines for health care services
Louisiana Supreme Court bars insurers from forcing arbitration in state insurance disputes
The Louisiana Supreme Court ruled that insurance companies cannot compel insured parties in Louisiana into arbitration, even if policies contain arbitration provisions
California imposes home insurance moratoriums for wildfire-affected areas
California Insurance Commissioner Ricardo Lara announced one-year nonrenewal and cancellation moratoriums for home insurance policyholders affected by the Shelly Fire
Ontario considers making most auto insurance accident benefits optional
Ontario lawmakers are exploring a proposal to make most automobile insurance accident benefits optional, aiming to cut costs and improve policyholder accessibility
Aon acquired Griffiths & Armour, a UK-based insurance broker
Aon, a global professional services firm, today announced the signing of a definitive agreement to acquire Griffiths & Armour, a UK-based insurance broker
Allianz reports 9.6% total business volume growth to €134 bn in 9M 2024
Allianz SE has announced strong financial results for the third quarter of 2024, with a 13.6% increase in operating profit, reaching €3.9 bn
MDS Group acquired Cobian Insurance Brokers
The MDS Group, part of The Ardonagh Group, has announced it has agreed to acquire insurance broker Cobian Insurance Brokers
Progressive Home discontinued offering the Dwelling Fire line (DP-3) of business
Progressive Home announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. The move is a continuation of various actions Progressive Home
Centana Growth Partners acquired a majority stake in First Connect Insurance
Centana Growth Partners has acquired a majority stake in First Connect Insurance Services, an insurtech platform connecting independent insurance agents with carriers
PERILS released final insurance loss estimate for Windstorm Ciarán (Emir) of €2.07 bn
PERILS, a provider of catastrophe insurance data, has released its final industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands
Perils estimated insurance losses from Storm Boris in Central and Eastern Europe at €1.9 bn
Insurers in Central and Eastern Europe and Italy are facing estimated losses of €1.89 bn from Storm Boris, which brought devastating floods to the regions
Insurers face extensive financial impact from severe flooding in Spain
Insurers face extensive financial impact from extreme rain that led to severe flooding in eastern and southern Spain during late October, according to Aon
Washington may delay phase two of Insurance Transparency Rule to 2029
Washington Insurance Commissioner Mike Kreidler is considering postponing the implementation of phase two of the state’s new premium change transparency rule for auto and home insurance
Munich Re faced €500 mn losses from Hurricane Helene
Munich Re faced losses of about €500 mn ($540.8 mn) from Hurricane Helene, impacting third-quarter profits due to above-average natural catastrophe expenses
Managed care insurers face stock declines amid rising costs & earnings pressures
Shares of major managed care insurers have dropped in recent weeks following an earnings season affected by rising costs tied to government-subsidized plans
Fannie Mae announced 7th Credit Insurance Risk Transfer transaction
Fannie Mae, a GSE, has announced its seventh Credit Insurance Risk Transfer (CIRT) transaction of 2024, CIRT 2024-L4, with support from 26 re/insurers
Fairfax reports strong Q3 2024 results with increased premiums
In Q3 2024, Fairfax Financial Holdings reported net earnings attributable to shareholders of $1,030.8 mn, down slightly from $1,068.9 mn in Q3 2023
ICEYE reports over 2.6k buildings affected by flooding in Spain
ICEYE reports that over 2,600 buildings have been impacted by recent flooding in southeastern Spain
WTW launched Corporate Risk & Broking business in Japan
WTW, a global advisory, broking, and solutions company, has launched WTW Broker Japan Co., Ltd., expanding its Corporate Risk & Broking (CRB) business in Japan
Vienna Insurance Group launched CyRiSo, a cybersecurity firm
Vienna Insurance Group has launched CyRiSo, a cybersecurity firm focused on small and medium-sized businesses. Christiana Bruckner and Michael Ganzwohl will lead CyRiSo
Fitch Ratings upgraded its outlook for Assicurazioni Generali
Fitch Ratings upgraded its outlook for Assicurazioni Generali S.p.A. to Positive, affirming the Insurer Financial Strength (IFS) Rating at ‘A+
Swiss Re sells iptiQ’s European P&C business to Allianz
Swiss Re will sell iptiQ’s European Property & Casualty (P&C) business to Allianz Direct, aligning with its strategic exit from iptiQ. This transaction, which covers iptiQ EMEA P&C S.A
Tune Protect Re partner with bolttech to launch AirAsia travel insurance
Tune Protect Re teamed up with bolttech Insurance, the Hong Kong insurance division of international insurtech bolttech, to launch AirAsia Travel Insurance
MetLife’s net income for the Q3 rose to $1.28 bn
MetLife Inc.’s net income for the third quarter rose to $1.28 bn, up from $422 mn a year prior, driven by an 8% increase in investment income and a derivatives gain
Rising demand for preneed insurance: growth in multi-pay policies & annuities
Demand for preneed insurance, covering prefunded funeral arrangements, rose in 2024, based on the Life Insurers Council (LIC) annual preneed sales survey
Wildfires expose underinsurance issues for spokane homeowners – Washington State Office
The Gray and Oregon Road wildfires in 2023 burned 20,000 acres, destroyed 366 homes, and highlighted widespread underinsurance among homeowners in Spokane
U.S. SEC faces challenge on insurance commission disclosure
A financial adviser in Massachusetts is questioning if the U.S. Securities and Exchange Commission (SEC) mandates that insurance agents tied to registered investment advisers
Allstate’s Q3 2024 net income surged to $1.16 bn
Allstate Corp.’s Q3 2024 net income surged to $1.16 bn from a $41 mn net loss in the same period last year, driven by improved property-liability underwriting results
AM Best holds a stable outlook on Canada’s property and casualty (P&C) insurance industry
AM Best is holding a stable outlook on Canada’s property and casualty (P&C) insurance industry, despite notable challenges from catastrophic events
Canada’s economic growth, bolstered by a strong labor market & rising population
Canada’s economy continues to grow, bolstered by a strong labor market, higher asset prices, and lower inflation, reports global credit ratings agency AM Best
French insurers’ ratings unchanged despite France’s revised negative outlook
The ratings of French insurers are unaffected by the recent revision of the Outlook on France to Negative, Fitch Ratings says, with the exception of CNP Assurances SA
Prudential Hong Kong launched of digital underwriting tool MedScreen+
Prudential Hong Kong has advanced the insurance industry with the launch of MedScreen+, a digital underwriting tool created in partnership with RGA
MetLife with insurtech YuLife launched a Group Income Protection in the UK
MetLife UK has teamed up with YuLife to launch a new Group Income Protection plan aimed at addressing the rising challenge of workplace absenteeism in the UK
Tokio Marine Kiln named Alexandros Ampatzis as Head of Marine for APAC
Tokio Marine Kiln (TMK) has named Alexandros Ampatzis as Head of Marine for the Asia-Pacific (APAC) region, effective November 1, 2024
Florida’s Office of Insurance Regulation reported $2.3 bn Hurricane Milton insured losses
Florida’s Office of Insurance Regulation (OIR) reported $2.34 bn in insured losses from Hurricane Milton, with 189,858 claims filed and 8.4% closed
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