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
Insurance News
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
Intermediary Specialist Risk Group (SRG) acquired MGA Capulus
Intermediary Specialist Risk Group (SRG) has acquired Capulus, a Wales-based managing general agent, to enhance its motor fleet capabilities
Federal Deposit Insurance Corp’s proposals will slow investors’ share purchases in banks
The Federal Deposit Insurance Corp. (FDIC) has proposed a rule that may delay investors’ bank share purchases by up to six months, with potential effects on mergers and acquisitions
U.S. life insurance applications increased by 9.3% in 2024 – MIB report
U.S. life insurance applications increased by 9.3% in July 2024 compared to July 2023, and the year-to-date growth stood at 1.7%
Tesla offers state-specific discounts for car insurance policyholders with various limits
Tesla now offers state-specific discounts for car insurance policyholders in the 12 states where Tesla Insurance operates. These discounts aim to lower insurance costs
Insurers faced significant threats of risks during the Paris Olympics
During the Paris 2024 Olympics insurers were on high alert over potential risks that could lead to event cancellations and significant insurance losses
Insured losses from the Jasper Wildfire Complex exceeded $653.4 mn
Insured losses from the Jasper Wildfire Complex have exceeded C$880 mn ($653.4 mn), according to Catastrophe Indices and Quantification Inc
Swiss Re reported a net income of $2.1 bn, ROE of 20% for H1 2024
Swiss Re reported a profit of $996 mn in the second quarter of 2024, resulting in a net income of $2.1 bn and a return on equity (ROE) of 20% for the first half of the year
Vienna Insurance Group’s premiums reached EUR 7.9 bn in H1 2024
Vienna Insurance Group’s robust growth in H1 2024. Gross written premiums increased by 7.9% year-over-year, reaching EUR 7.89 bn in the first half of 2024
Australian insurers faced $1.46 bn losses during 2024 catastrophe season
Australian insurers faced losses of A$2.19 bn ($1.46 bn) from four events during the 2023-2024 catastrophe season, according to the ICA
Catastrophe losses amid severe weather events in Canada estimates $809 mn
Intact Financial Corp. reported that recent extreme weather events, including floods in Toronto and Montreal, wildfires in Jasper, and hailstorms in Calgary, estimated $809 mn
Insurers agree to $4 bn settlement for Maui wildfires insurance claims
A global settlement of $4 bn has been tentatively reached to resolve all lawsuits stemming from the Maui wildfires. Insurers cannot independently pursue subrogation claims
Insurers estimate losses from Greece wildfires and European storms
Aon reports that wildfires in Greece and severe convective storms across Europe could result in hundreds of millions of dollars in losses. Beginning August 12, storms in Switzerland and Austria brought heavy rain
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
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
US insurance sector outlook for 2025-2026: capital strength, social inflation risks, P&C returns peak, Florida reforms, life insurance resilience and alt capital trends
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
2026 Atlantic hurricane season passed without a single US hurricane landfall for the first time in ten years, yet still delivered deadly storms, elevated major hurricane activity, and meaningful losses
Triple-I and Milliman forecast the US P&C industry’s lowest net combined ratio in more than 10 years for 2025, helped by a quiet hurricane season