Insurers faced $688 mn in losses after storms triggered flash floods in Ontario
Insurance companies faced $688 mn in losses after mid-July storms triggered flash floods in southern Ontario, reported Catastrophe Indices and Quantification
Insurance News
Verisk launched a new offshore renewable energy module
Verisk Specialty Business Solutions, a software provider for the re/insurance markets in London and the US, has launched a new offshore renewable energy module
Insured losses from CrowdStrike incident exceed $1 bn – Guy Carpenter
Insured losses from the CrowdStrike incident could exceed $1 bn in the cyber insurance market, though the total may be reduced to half since it wasn’t a cyberattack
“Time Is Money”: The White House urged health insurers to implement online claims submissions
The White House has urged health insurers to implement online claims submissions, eliminating the need for paper forms. This request is part of broader efforts
Hurricane Debby caused $90 mn in insured losses in Florida
Hurricane Debby caused $90 mn in insured losses, according to an initial estimate from insurers to the Florida Office of Insurance Regulation
U.S. District Court: Greg Lindberg must pay $167 mn to a Dutch insurer after dispute
Former insurance executive Greg Lindberg must pay over $167 mn to a Dutch life insurer Conservatrix N.V. after a prolonged dispute over solvency capital ratios
California Insurance Commissioner Ricardo Lara is revising the state’s rate review process
California Insurance Commissioner Ricardo Lara is revising the state’s rate review process by introducing a “data reconciliation tool” to ensure carriers complete their filings properly
State Farm subsidiaries accounted for 7 of the top 10 personal auto premium hikes
State Farm subsidiaries in multiple states accounted for 7 of the top 10 personal auto premium hikes in Q2, according to an S&P Global
Aon launched the D&O Risk Analyzer, a digital tool for U.S. companies
Aon launched the Directors and Officers (D&O) Risk Analyzer, a digital tool for U.S.-listed public companies. This application helps risk managers make data-driven decisions
AI insurtech CLARA Analytics announced two pivotal executive hires
AI insurtech CLARA Analytics , a provider of artificial intelligence technology for insurance claims optimization, announced two pivotal executive hires
Insured losses from Hurricane Debby in the US to reach $1.4 bn – KKC
Karen Clark & Company estimates privately insured losses from Hurricane Debby in the US to reach approximately $1.4 bn, based on the US Hurricane Reference Model
LM Re, Sprout & Britam launched a parametric insurance product for Kenya
Liberty Mutual Re (LM Re), Sprout, and Britam have launched a parametric insurance product aimed at protecting Kenyan coffee farmers from climate-related risks
AM Best estimates the property catastrophe bond market ~$45 bn by mid-2024
AM Best estimates the property catastrophe bond market reached approximately $45 bn by mid-2024, marking a $3 bn increase
Insurity survey highlights growing consumer concerns about P&C insurance
A recent insurtech Insurity survey shows that 56% of consumers report higher insurance premiums due to severe weather. Insurity conducted Consumer Pulse
Leader of major insurance fraud ring pleads guilty after years on the run
William Oldham Mize, the leader of a Washington state insurance fraud ring, pleaded guilty after orchestrating a scheme that defrauded carriers of $6.77 mn
AXA acquired Gruppo Nobis, a retail P&C insurer in Italy
AXA announced an agreement to acquire Gruppo Nobis, a retail P&C insurance company in Italy with a diverse distribution network
ERGO generated a result of €535 mn in H1 2024
Munich Re generated a result of €284m (250m) in its ERGO field of business in Q2 and €535m (470m) in H1. Insurance revenue from insurance contracts issued in Q2 rose
Munich Re achieves profit of €3.8 bn in H1 2024
Munich Re generated a net result of €1,623 mn in the second quarter of 2024 and €3,763 mn in H1 2024. Insurance revenue from insurance contracts issued rose
Allianz robusted operating profit of €3.9 bn for Q2 2024
Allianz has reported a robust operating profit of €3.9 bn for Q2 2024, a slight increase from €3.8 bn in Q2 2023. All segments of the company contributed to this result
California FAIR Plan Association will expand home insurance coverage
The California FAIR Plan Association is set to expand its insurance coverage, particularly benefiting homeowner and condo associations
Aon reported Q2 2024 results: total revenue increased 18% to $3.8 bn
Aon reported results for the three months ended June 30, 2024. Net income attributable to Aon shareholders decreased 9% to $2.46 per share
Earthquake struck off Japan’s southern coast, prompting a tsunami
A powerful earthquake struck off Japan’s southern coast, prompting a tsunami advisory from the Japan Meteorological Agency
Florida Department of Insurance approved 410,628 property insurance policy takeout requests
Citizens Property Insurance Corp. will reduce its business after Florida Insurance Commissioner Michael Yaworsky approved 410,628 policy takeout requests
Wildfire & flooding caused $354 mn in insured losses in Nova Scotia (Canada)
Wildfire and flooding caused more than $490 mn CAD ($354 mn) in insured losses over a two-month period last year in Nova Scotia
Global insured losses from natural catastrophes to reach $60 bn in H1 2024
Frequent small to medium events caused global insured losses from natural catastrophes to reach $60 bn in the first half of 2024, according to Swiss Re
PERILS estimated final insurance industry loss for the Kahramanmaras Earthquake
PERILS released its fifth and final loss estimate for the Kahramanmaras Earthquake Sequence on 6 February 2023. This disaster impacted large areas
Number of M&A deals involving insurance brokers in North America increased by 8%
The number of M&A deals involving insurance brokers in North America increased by 8% sequentially to 120 in the second quarter, according to S&P
Climate & Digitalisation are challenging traditional insurance products
Developments such as climate change and digitalisation are changing risk pools and can challenge the viability of traditional insurance products
Anders Malmström will succeed John Dacey as Swiss Re’s Group CFO
Swiss Re announced today that Anders Malmström will succeed John Dacey as Group Chief Financial Officer as of 1 April 2025
CyberCube estimates cyber insurance losses from CrowdStrike outages above $1.5 bn
Insured losses from CrowdStrike outages in the standalone cyber insurance market may reach $1.5 bn, according to CyberCube
Chubb’s acquisition of pet insurance MGA Healthy Paws valued at $300 mn
Insurance gigant Chubb announced in April a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent specializing in pet insurance
Sixth Street acquired Enstar by total equity value of $5.1 bn
Enstar Group has entered into a definitive merger agreement under which Sixth Street will acquire Enstar, with Liberty Strategic Capital, J.C. Flowers & Co
U.S. homeowner’s insurance market suffered a $15.2 bn loss – AM Best
The U.S. homeowner’s insurance market experiencing its worst underwriting results since at least 2000, according to AM Best report
US life insurers are expected to report stronger Q2 2024 earnings
Most traded US life insurers are expected to report stronger second-quarter earnings due to favorable economic conditions
District Cover, a benefit insurance agency, raised $7 mn capital
District Cover, a new public benefit insurance agency, has raised over $7 mn from venture capital firms and insurance industry leaders
Hiscox launched a digital Professional Liability product for contractors
Hiscox, a specialist global insurer, has launched a digital Professional Liability product for contractors, including versions for both general contractors
Liane Hirner (VIG) re-elected for 4-year term on the EIOPA
Liane Hirner, CFRO of Vienna Insurance Group (VIG), secured another four-year term on the Insurance and Reinsurance Stakeholder Group
S&P awarded Vienna Insurance Group an “A+” rating
Standard & Poor’s has awarded Vienna Insurance Group (VIG) an “A+” rating with a stable outlook. This ranks VIG among the top companies in the Austrian Traded Index
Verisk estimates Hurricane Beryl’s insured Losses $2-3 bn
Verisk estimates that industry insured losses to onshore property from wind in the U.S. due to Hurricane Beryl will range between $2 bn and $3 bn
WTW appointed Lucy Clarke as president of Risk & Broking
WTW, a global advisory, broking, and solutions company, has appointed Lucy Clarke as president of Risk & Broking. Adam Garrard takes on the new role
US companies suffer $5.4 bn cyber loss from CrowdStrike outage. Impact for (re)insurers
Parametrix estimates the direct financial loss for US Fortune 500 companies (excluding Microsoft) from the CrowdStrike outage at $5.4 bn
Natural disasters in 1H 2024: $117 bn economic & $58 bn insured losses
Aon estimated of more than $117 bn in economic losses from global natural disasters during the 1H 2024, lower than the 21st-century 1H average
EY highlights a rise in disclosed M&A deals in the UK insurance sector
EY report highlights a notable rise in publicly disclosed M&A deals in the UK insurance sector, increasing from 54 in H1 2023 to 94 in H1 2024
Re/insurers have started implementing the IFRS17 Standard
Most reinsurance and insurance companies have started or are about to start implementing the IFRS17 Standard, a finance transformation and modernization
Moody’s estimates U.S. insured losses from Hurricane Beryl to $2.5-4.5 bn
Moody’s RMS Event Response estimates U.S. insured losses from Hurricane Beryl to be between $2.5 billion and $4.5 billion. This includes damage from wind, storm surge
Verisk introduced ISO Experience Index for insurers
To help insurers, Verisk introduced the ISO Experience Index. This innovative tool modernizes how actuaries analyze risk patterns
Insurtech Otonomi launched Air Cargo Delay Parametric Insurance
Insurtech Otonomi has introduced a new global three-hour Air Cargo Delay Parametric Insurance. This product addresses a critical gap in air cargo insurance
Lloyd’s Lab hosted ‘Demo Day’ for insurtech startups (Cohort 12)
Lloyd’s Lab, an innovation accelerator launched by Lloyd’s of London, hosted ‘Demo Day’ for Cohort 12 of its 10-week Accelerator programme
Lloyd’s insurers expected to hit targets, says JP Morgan
JP Morgan has estimated changes for Lloyd’s insurers ahead of their first-half 2024 results, expecting them to meet their 2024 guidance
Cover Genius launched technology-driven travel insurance for Priceline
Priceline and embedded insurtech Cover Genius have announced a new partnership to introduce enhanced travel protection for flights, hotels, rental cars
Global insured losses from natural disasters to rise annually by 5-7% relative to GDP
Global insured losses from natural disasters are expected to rise annually by 5-7% relative to GDP, according to Swiss Re
Climate Change Boosts Extreme Weather: Time for Insurance to Adapt
Climate change is making severe weather more common worldwide, which greatly affects the electric grid. Insurance funding is crucial for adaptation
Commercial real estate poses an exposure for US life insurers
Commercial real estate (CRE) poses a significant exposure for US life insurers, who hold over $900 bn in CRE, representing about 17% of their total invested assets
Eastern Alliance Insurance selected CLARA Analytics’ insurtech platform
Eastern Alliance Insurance Group, a wholly-owned subsidiary of ProAssurance Corporation, has selected the CLARAty:ai platform
Novidea acquires automated document generation startup Docomotion
Novidea, a developer of a cloud-based, data-driven insurance management platform, has announced the acquisition of Docomotion
EIOPA’s enhances Cross-Border Cooperation for relocating (re)insurers
The European Insurance and Occupational Pensions Authority (EIOPA) has updated its 2021, decision on supervisory collaboration
Real-life Barbie Malibu DreamHouse is most popular stay on Airbnb
Barbie’s Malibu DreamHouse is most popular stay on Airbnb after release of the BARBIE film. AirBnb revamped and relisted the California home
U.S. banks increase insurance usage for Climate-Related Risks
U.S. banks are increasingly using insurance as a key mitigant against growing climate-related risks and potential losses in their commercial and residential real estate loan
French insurance market ratings remain stable amid political uncertainty
French insurers’ ratings remain resilient despite current political uncertainties. Fitch stated no immediate implications for France’s ‘AA-’/Stable rating
U.S. health insurers adapt to rising Medicaid utilization
The long-term credit profiles of large U.S. health insurers participating in state Medicaid managed care programs should not be significantly affected
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