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
Insurance News
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
HRCE launches inquiry into Australian insurers’ responses to flood claims
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 estimates insurance losses from Hurricane Milton between $22-36 bn
Moody’s RMS Event Response estimates private insurance losses from Hurricane Milton to range between $22 bn and $36 bn
CoreLogic estimates Hurricane Milton insured losses up to $28 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 Blue Shield agrees to $2.8 bn settlement in health care antitrust case
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
U.S. Federal Court halves $185 mn legal fee in ACA risk corridor settlement
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
FCA launches market study on premium finance and rising insurance costs
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 estimated $30-50 bn insured property losses from Hurricane Milton
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 estimates insured losses up to $750 mn from Hurricanes Debby, Helene, Milton
HCI Group estimates insured losses between $600 mn and $750 mn due to hurricanes Debby, Helene, and Milton
Munich Re Specialty expands into Spanish insurance market with 2025 launch
Munich Re Specialty has initiated steps to enter the Spanish commercial market for primary specialty insurance, aiming to start underwriting in 2025
U.S. Supreme Court seeks opinion on Oklahoma’s PBM law appeal
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 ends new and renewal operations
GrovesJohnWestrup Private Clients, a managing general agent (MGA) under Munich Reinsurance Co., has ceased new and renewal business operations
Florida faces record flooding: Hurricane Milton threatens billions in insured losses
Florida faces its second major hurricane, with predictions of record-breaking storm surges and flooding. Private flood insurance premiums in the state
U.S insurers challenge subrogation ban in $4bn Maui Wildfire settlement
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 exceeding $100 bn
Morningstar DBRS estimates Hurricane Milton insured losses could reach $60 bn, with $10 bn linked to flooding
Insurance industry in Cyprus continued its growth in 2024
The insurance industry in Cyprus continued its growth in the first half of 2024, with total gross written premiums (GWP) reaching €631.8mn, marking a 7.8% year-on-year (y-o-y) increase
Archdiocese of New York sues Chubb over denial of sexual abuse claims
Archdiocese of New York has filed a lawsuit against Chubb, accusing the insurer of violating state business laws by improperly denying sexual abuse insurance claims
Storm Boris flooding leads to €2-3 bn in insured losses across Europe
Insurers faced losses of €2 bn to €3 bn from flooding after Storm Boris hit Austria, Poland, and the Czech Republic last month, according to estimates from Verisk
U.S. Insurers Face Second Year of Declining Private Equity Income
U.S. insurers saw a second consecutive year of declining income from private equity investments in 2023, with earnings dropping to $7.7 bn, compared to $10.2 bn in 2022
Hurricane Helene caused insured losses estimated at $6.4-15 bn
Hurricane Helene has caused insured losses estimated at around $6.4 bn, according to catastrophe risk modeling specialist Karen Clark & Company (KCC)
XN Worldwide Insurance adopts CoverGo for international mobility solutions
XN Worldwide Insurance, a MGA specialized in international mobility in Canada and part of the France-based Henner Group, adopted CoverGo
Tokio Marine Kiln and Marsh launch $50mn insurance facility for ports & terminals
Tokio Marine Kiln and broker Marsh introduced an insurance facility offering up to $50 mn in coverage for ports and terminals facing business interruption due to trade
Insurance Council of New Zealand urges government to strengthen Resource Management Act
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that changes to the Resource Management Act (RMA) will protect communities
Governor Gavin Newsom vetoes pay raise for CDI’s insurance fraud investigators
Governor Gavin Newsom vetoed a bill that aimed to raise the pay for insurance fraud investigators at the California Department of Insurance (CDI)
Hurricane Helene: Florida P&C insurers processed 48,341 claims, totaling $508 mn
Florida property & casualty insurers had processed 48,341 claims, totaling $507.5 mn in estimated losses, according to the Florida Office of Insurance Regulation
Marsh McLennan acquires McGriff Insurance Services for $7.75 bn
Marsh McLennan (MMC) announced plans to acquire McGriff Insurance Services for $7.75 bn. This move aims to expand MMC’s U.S. commercial and personal lines broking operations
Super Typhoon Yagi caused insured losses, estimated at $500 mn in China
Super Typhoon Yagi has caused substantial insured losses, estimated at 3.5 bn yuan ($500 mn) in China, according to Guy Carpenter, a reinsurance broker.
Global marine insurance premium reached $39 bn, a 6% increase
The global marine insurance premium base reached $39bn, a 6% increase from the previous year. Growth occurred across all sectors. Cargo insurance premiums rose
Natural catastrophes in Canada in H1 2024 caused losses of $5.2 bn
CatIQ estimates that recent Natural catastrophes in Canada caused losses of $5.2 bn from four major events within a few weeks. With estimated losses of C$7.12 bn ($5.24 bn)
Marsh McLennan Agency named Matt Stadler as next president
Marsh McLennan Agency has named Matt Stadler as its next president, effective January 1, 2025, replacing Bill Jeatran. Jeatran will take on the role of vice chairman
Insurance market losses from Hurricane Helen are expected to reach $6-10 bn
Hurricane Helene is in the Gulf of Mexico with maximum sustained winds near 90 mph with higher gusts, and strengthening is expected as it heads towards Florida
UK’s Prudential Regulation Authority plans to release final rules on Solvency II
The UK’s Prudential Regulation Authority (PRA) plans to release its final rules on Solvency II in mid-November, with the new requirements for insurance firms and groups taking effect on Dec. 31
Annual flood damage in the U.S. totals between $180 bn and $500 bn
The Joint Economic Committee’s Democratic staff estimates that flooding in the U.S. costs between $180 bn and $500 bn annually. These estimates stem from studies on the financial impact of flooding
Storm Boris caused €1.5-3 bn in insured losses in Central Europe
Storm Boris’s torrential rains and flooding likely caused more than €1.5 bn in insured losses in Central Europe, according to an Aon
NAIC highlights climate risks & rising home insurance costs in response to lawmakers
The National Association of Insurance Commissioners (NAIC) said that for over a decade, state regulators have concentrated on climate risks and their effects on property insurance markets
Allianz Partners USA unveiled Universal Claims Portal, using AI
Allianz Partners USA unveiled their new Universal Claims Portal which includes a mobile-friendly design dedicated to helping customers easily get through the travel insurance claims process
Florida Regulators approve takeout of property insurance policies
The Florida Office of Insurance Regulation has approved requests from eight carriers to take over 232,535 personal residential multiperil policies and 2,500 residential
Sentry Insurance acquired The General from American Family Insurance for $1.7 bn
Sentry Insurance announced its agreement to acquire The General from American Family Insurance for $1.7bn. The deal includes $1.1bn in cash, plus assumed liabilities and required capital
Ukrainian Labor Market Faces Challenges Amid War: Recovery and Persistent Struggles
After overcoming the initial shock and adapting to operating under wartime conditions, Ukrainian businesses are gradually resuming activities
AIG asking a judge to reject a request from Dellwood Insurance to dismiss the lawsuit
Lawyers for American International Group are asking a judge to reject a request from Dellwood Insurance Group to dismiss the lawsuit against the company
CoreLogic estimated Hurricane Francine insured losses to be up to $1.5 bn
CoreLogic estimated Hurricane Francine insured wind and storm surge losses to be up to $1.5 bn. Losses include damage to buildings, contents, and business interruption
Tropical Storm Francine hitting $1 bn insured losses – Gallagher Re
Tropical Storm Francine, hitting Louisiana, may cause over $1 bn in private insured losses, according to Gallagher Re, highlighted that a hurricane’s path significantly impacts
Insured losses from Hurricane Debby increased to $122 mn in Florida
Florida reported $121.5mn in estimated insured losses from Hurricane Debby, with 59.6% of claims closed, according to the Office of Insurance Regulation
American Transit Insurance, New York’s insurer of taxi cabs, is insolvent by $665 mn
The American Transit Insurance Co., New York’s largest insurer of taxi cabs, is insolvent by approximately $665 mn and must consider all options for recapitalization
Hungarian insurance market reached €2.2 bn premiums, 5% YoY
Hungarian insurance market experienced about a 5% year-on-year increase in gross written premiums (GWP), reaching €2.2 bn, according to data from MNB
Motor insurers in Poland in H1 2024 generated $2.1 bn premiums
Motor insurers in Poland in the first half of 2024 generated PLN 8.85 bn ($2.1 bn) in premiums, marking a 10.42% increase year-on-year
Insurers to increase securitisation activity amid UK matching adjustment reform
Fitch Ratings expect to see more interest and activity in securitised assets from insurers following matching adjustment (MA) reform
Traditional risk management models face pressure due to natural disasters
Traditional risk management models face significant pressure due to unprecedented natural disasters, geopolitical conflicts, and economic instability
Clear Group acquired non-standard MGA Accelerate Underwriting
Clear Group announced the acquisition of MGA Accelerate Underwriting. This marks Clear Group’s fourth MGA acquisition as it strengthens its underwriting capabilities for brokers
Aerospace and defense M&A reached 532 deals in 2025, as business aviation attracts private equity, family offices, and growth investors
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
Insurance brokers push debt-financed acquisitions amid slowing growth, Fitch warns credit risks rise but strong cash flow keeps leverage tolerable
Major deals have led global M&A activity in 2024, showing increasing confidence among dealmakers despite geopolitical and economic challenges