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 expected catastrophe losses from Hurricane Milton in the fourth quarter should fall within the company’s normal margin for such expenses
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
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 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 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 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 €1.19 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 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
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 Mike Kreidler has released the proposed language for a prior authorization rule aimed at updating timelines for health care services
The Louisiana Supreme Court ruled that insurance companies cannot compel insured parties in Louisiana into arbitration, even if policies contain arbitration provisions
California Insurance Commissioner Ricardo Lara announced one-year nonrenewal and cancellation moratoriums for home insurance policyholders affected by the Shelly Fire
Ontario lawmakers are exploring a proposal to make most automobile insurance accident benefits optional, aiming to cut costs and improve policyholder accessibility
Aon, a global professional services firm, today announced the signing of a definitive agreement to acquire Griffiths & Armour, a UK-based insurance broker
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
The MDS Group, part of The Ardonagh Group, has announced it has agreed to acquire insurance broker Cobian Insurance Brokers
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 has acquired a majority stake in First Connect Insurance Services, an insurtech platform connecting independent insurance agents with carriers
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
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 extreme rain that led to severe flooding in eastern and southern Spain during late October, according to Aon
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 losses of about €500 mn ($540.8 mn) from Hurricane Helene, impacting third-quarter profits due to above-average natural catastrophe expenses
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, a GSE, has announced its seventh Credit Insurance Risk Transfer (CIRT) transaction of 2024, CIRT 2024-L4, with support from 26 re/insurers
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 that over 2,600 buildings have been impacted by recent flooding in southeastern Spain
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 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 S.p.A. to Positive, affirming the Insurer Financial Strength (IFS) Rating at ‘A+
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 teamed up with bolttech Insurance, the Hong Kong insurance division of international insurtech bolttech, to launch AirAsia Travel Insurance
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
Demand for preneed insurance, covering prefunded funeral arrangements, rose in 2024, based on the Life Insurers Council (LIC) annual preneed sales survey
The Gray and Oregon Road wildfires in 2023 burned 20,000 acres, destroyed 366 homes, and highlighted widespread underinsurance among homeowners in Spokane
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 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 is holding a stable outlook on Canada’s property and casualty (P&C) insurance industry, despite notable challenges from catastrophic events
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
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 has advanced the insurance industry with the launch of MedScreen+, a digital underwriting tool created in partnership with RGA
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 (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 (OIR) reported $2.34 bn in insured losses from Hurricane Milton, with 189,858 claims filed and 8.4% closed
The Insurance Council of Australia (ICA) welcomed the House of Representatives Standing Committee on Economics’ report regarding insurers’ responses to claims from major floods
Moody’s RMS Event Response estimates private insurance losses from Hurricane Milton to range between $22 bn and $36 bn
CoreLogic released its initial wind and flood loss estimates for Hurricane Milton. The company projects insured wind and flood losses to range from $17 bn to $28 bn
Blue Cross and Blue Shield (BCBS) has agreed to a $2.8 bn settlement as part of a long-standing antitrust class action filed by health care providers
The U.S. Court of Federal Claims has cut in half the $185 mn legal fee sought by Quinn Emanuel Urquhart & Sullivan LLP from a $3.7 bn class action settlement over the government’s failure
The UK FCA has initiated a market study focused on premium financing for motor and home insurance, aiming to determine if consumers are receiving competitive
Verisk has estimated insured onshore property losses from Hurricane Milton between $30 bn and $50 bn. These estimates come from Verisk’s Extreme Event Solutions
HCI Group estimates insured losses between $600 mn and $750 mn due to hurricanes Debby, Helene, and Milton
Munich Re Specialty has initiated steps to enter the Spanish commercial market for primary specialty insurance, aiming to start underwriting in 2025
The U.S. Supreme Court requested the opinion of the Office of the Solicitor General on Oklahoma’s appeal regarding a Tenth Circuit Court ruling
GrovesJohnWestrup Private Clients, a managing general agent (MGA) under Munich Reinsurance Co., has ceased new and renewal business operations
Florida faces its second major hurricane, with predictions of record-breaking storm surges and flooding. Private flood insurance premiums in the state
U.S. insurance companies has filed a request with the U.S. district court in Hawaii to allow them to subrogate losses related to the Maui wildfires
Morningstar DBRS estimates Hurricane Milton insured losses could reach $60 bn, with $10 bn linked to flooding
