Paul Davies decided to retire as Vice chair of Aon
Paul Davies has decided to retire as vice chair of Aon after a 36 years at the firm and 63 years in the brokerage industry
Insurance News
Flooding in Bavaria and Baden-Württemberg will cost insurers €2 bn
The German Insurance Association (GDV) forecasts that recent flooding in Bavaria and Baden-Württemberg will cost insurers about €2 bn
PERILS updated insurance industry loss for Australia Christmas Storms
PERILS released the third loss estimate for the Australia Christmas Storms. PERILS updated insurance industry loss estimate stands at AUD 1,563 million
Insurance market in China rised in Q1 2024 to $302.7 bn – CNFRA
Insurance market in China in the Q1 2024 reported primary insurance premium income of $302.7 bn, an increase of 5%
Car insurance agency Loop laid off staff after unsuccessful fundraising
Loop, a car insurance agency, co-founded by John Henry of Harlem Capital, has laid off staff due to fundraising challenges
Zurich Insurance acquires 70% of indian insurer Kotak for $670 mn
Zurich Insurance Company has completed of acquiring majority stake in Kotak Mahindra General Insurance Company from Kotak Mahindra Bank
Ping An upgraded Ping An Family Doctor – health management system
Ping An Health’s upgraded “Ping An Family Doctor” introduces a comprehensive one-stop proactive health management services system
P&C insurers face several key risks and trends
As insured catastrophe losses rise, potentially increasing rates and reducing homeowner protection, according to S&P
Insurers are prioritising automation and claims processing
A recent poll conducted among technology teams at insurance firms and MGAs by RDT highlights that insurers are prioritising automation, with claims processing
Severe storms & flooding impacted for insured losses in Central Europe
Severe storms and flooding have impacted Central Europe, leading to economic and insured losses in the hundreds of millions of euros
Insured Losses in Germany from floods will range from €2 bn to €3 bn
Moody’s RMS estimates that insured losses in Germany from the Central Europe Floods will likely range from €2 bn to €3 bn
Guy Carpenter launched the Capital & Advisory group
Guy Carpenter, a global risk and reinsurance specialist under Marsh McLennan, launched the Capital and Advisory group within its Global Capital Solutions unit
Insurance losses from US severe weather could reach $20 bn
BMS has released a severe weather update indicating that insurance losses have surged past $10 bn and could reach nearly $20 bn
DFC announces $357 mn in New Political Risk Insurance in Ukraine
U.S. International Development Finance Corporation (DFC) announces $357 mn in new political risk insurance in ukraine as russia’s invasion threatens critical private investment
U.S. P&C re/insurers are well-prepared for hurricane seasons
U.S. property and casualty insurers and reinsurers are well-prepared for what may be one of the most active hurricane seasons on record
Technology & risk exposure will challenge Philippines insurers’ strategy
Technological advancements and increased risk exposure present significant challenges for insurers in the Philippines when underwriting electric vehicles
2024 Atlantic hurricane season will be one of the most active on record
MS Amlin, a global re/insurer at Lloyd’s, projects that the 2024 Atlantic hurricane season will be potentially one of the most active on record
CoreLogic released its 2024 Hurricane Risk Report
CoreLogic, a property information and analytics provider, has released its 2024 Hurricane Risk Report to assist insurers and risk managers
Fees & commissions earned from insurance broking grow to $168 bn
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around USD 168 bn in 2023
Life insurers expanded the use of private loans to optimize investment portfolios
The growing use of private credit by life insurers to optimise investment portfolios and align asset allocation with product liabilities is garnering heightened attention
Insurtech CoverGo digitizes GMS’s entire health insurance ecosystem
Group Medical Services (GMS), a health insurance company in Canada, and insurtech CoverGo, a global no-code insurance SaaS platform for insurers
Geneva Association survey of insurance C-level executives about AI & Climate Tech
The Geneva Association released the second report in a two-part series on climate tech and insurance, titled Bringing Climate Tech to Market: The powerful role of insurance
Health sector can be hardest hit by adverse effects of artificial intelligence
The health and pharmaceuticals sector is set to be hardest hit by the adverse effects of artificial intelligence (AI) over the next decade,
Average U.S. homeowners insurance premiums increased – IRC report
Average U.S. homeowners insurance premiums have increased at a rate that has outpaced household income from 2001 to 2021
European insurers’ premium growth outpaced expense growth
Achieving sustainable margin recovery appears increasingly difficult for European insurers, as real-term premium increases are necessary to avoid erosion after costs surged to 10.9%
Brazil floods, estimated at $1,5 bn, will increase re/insurance losses
AM Best has noted that the impact on most re/insurers will be contained as they retain smaller exposures and have exited volatile business lines
Insurance industry calls on European Commission to deliver Solvency II deal
Insurance Europe has written to the European Commission highlighting the importance that technical negotiations of the EU’s Solvency II review stay aligned
Large Dutch insurance companies exhibited robust regulatory capitalisation
According to Fitch Ratings analysts, large Dutch insurance companies exhibited robust regulatory capitalisation in 2023
UNIQA Insurance Group saw a positive developments in CEE market
UNIQA Insurance Group has published report about positive developments of the companies in CEE, which made a substantial contribution of around 50%
Ivan Gonzalez appointed CEO Swiss Re Corporate Solutions
Swiss Re announced that Ivan Gonzalez, CEO Reinsurance China, has been appointed CEO Corporate Solutions, succeeding Andreas Berger as of 1 July 2024
Swiss Re posted a net income of $1.1bn for Q1 2024
Swiss Re posted a net income of USD 1.1 billion for the first quarter of 2024. The result benefitted from underwriting discipline and strong investment income
MetLife’s net income increased to $800 mn in Q1 2024
MetLife, the largest American life insurance company, reported its earnings for the first quarter of 2024. The company achieved earnings per share of $1.83
QBE Insurance Group’s premium growth in Q1 2024
QBE Insurance Group has raised its premium growth outlook for 2023, based on the global insurer’s performance in the first quarter 2024
WTW and VUSO launched insurance facility for cargo war risks in Ukraine
Re/Insurance broker WTW has unveiled a new facility in partnership with Ukrainian insurance companies VUSO, designed to cover cargo and land warfare risks in Ukraine
Triple-I forecasts U.S. P&C insurance market growth to increase to 3.4% in 2024
The Insurance Information Institute reports that the economic drivers for the U.S. property and casualty insurance industry are currently expanding
AON launched a new suite of risk analyzer tools for insurance brokers
AON launched a new suite of risk analyzer tools that allow brokers in North America to receive exposure data, quantify loss potential and help risk managers
Insurance Europe: EU must stay on course to deliver Solvency II
Insurance Europe has called on the European Commission to ensure that the forthcoming technical work on Solvency II – the EU’s prudential regime
Munich Re announced a preliminary net profit of €2.1 bn for Q1 2024
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for Q1 of 2024, as the firm highlights a better than expected operational performance
Property and casualty insurance earnings will improve in 2024
Property and casualty insurance statutory earnings will materially improve in 2024 amid recovery in personal lines results and only modest deterioration in commercial lines
UK life insurers announced 2023 results
UK life insurers’ recently announced 2023 results, which featured strong growth in bulk annuity transactions, reinforce the sector’s improving outlook
PERILS estimated EUR 691 mn insured loss for Babet-Aline Floods & Storms
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed its third industry loss estimate
Storms and flooding in Asia/UAE causing significant insured losses
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates, in April, causing significant economic and insured losses
Dawn Miller appointed as CCO of Lloyd’s and CEO of Lloyd’s Americas
Lloyd’s has announced that Dawn Miller has been appointed as Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas
Amazon closed its Insurance Store initiative in the UK
Amazon has closed its Amazon Insurance Store initiative. The platform, which was introduced in October 2022 to facilitate the purchase of home insurance in the UK
MetLife Pet Insurance partnered with Association of Animal Welfare Advancement
MetLife Pet Insurance has partnered with the Association of Animal Welfare Advancement to enhance support for pet owners in managing the care
Sertis, a MGA specialising in property owner coverage, sequred $3.2 mn
Sertis, a Managing General Agent (MGA) specialising in property owner coverage, has sequred $3.2 mn in a funding round.
PERILS estimated insurance loss for Australia Christmas Storms at $1 bn
PERILS, the Zurich-based providre of industry-wide catastrophe insurance data, has disclosed its second industry loss estimate for the Australia Christmas Storms
Swiss Re announced that Andreas Berger will become Group CEO
Swiss Re announced that Andreas Berger will become Group Chief Executive Officer effective 1 July 2024, taking over from Christian Mumenthaler, who will step down
Florida’s insurance market continues to strengthen in 2024
Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on property and casualty insurance market
CoreLogic estimated insurable losses from Earthquake in Taiwan up to $1 bn
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $0.5 and $1 bn
AGCS to sell US Fireman’s Fund insurance businesses to Arch for $1.4 bn
Allianz Global Corporate & Specialty to sell its Fireman’s Fund insurance businesses in the United States to Arch Insurance North America for total transaction value of $1.4 bn
Verisk launched its Next Generation Models for re/insurers
Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers
High Court: $10 bn insurance aircraft payouts should be heard in London
London’s High Court has decided that the $10 bn battle between reinsurers and a host of aircraft leasing companies seeking payouts for more than 200 jets stuck
Reinsurance industry faced $50bn of SCS-related losses
(Re)insurance industry has already faced about $50bn of SCS-related losses in 2023. Over the past five years, SCS insured losses averaged around $15b
Vienna Insurance Group appointed of Christoph Rath as Managing Board’s deputy member
Austrian Vienna Insurance Group has announced the appointment of Christoph Rath as a deputy member of the Managing Board
California’s restrictions to fair insurance pricing are putting pressure on insurers
California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, are putting financial pressure on insurers
UNIQA Insurance Group posted premium growth to EUR 7.2 bn
UNIQA Insurance Group posted premium growth to EUR 7.18 bn (+9.7%) while earnings before taxes exceeded expectations at EUR 426.4 mn
Lloyd’s reports results: premium increased by 11.6% to £52 bn
Reinsurance marketplace Lloyd’s of London announced its financial performance for 2023 year, alongside guidance for the full-year 2024 expectations
Vienna Insurance Group reported GWP worth EUR 13.8 bn
Vienna Insurance Group reported GWP for 2023 worth EUR 13.8 billion, 10% more y-o-y. Earnings before taxes reached around EUR 773 million
Polish insurer PZU dismissed President & Supervisory Board Members
Polish insurer PZU informed in a statement that on 23 February 2024, the Company’s Supervisory Board (SB) dismissed the President of the PZU SA Management Board
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