Allianz SE announces leadership updates to Board of Management
The Supervisory Board of Allianz SE announced the following leadership updates to the Allianz Board of Management
Insurance News
Digital life insurance agency Haven Life partnered with Origin8
Haven Life, a digital life insurance agency, announced a new partnership with Origin8cares. This partnership will further Haven Life’s commitment
California’s home insurers paid out more than they collected in premiums
California’s homeowners insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums in both 2017 and 2018
Rental e-scooters cause more insurance accidents than privately used scooters
E-scooters in rental fleets cause significantly more accidents than privately used scooters, according to the German Insurance Association
August severe storms in Germany reach up to EUR 900 mn losses
Losses caused by end of August severe storms in Germany are expected to reach up to EUR 900 million, the German Insurance Association
Insurance Europe welcomes Climate Resilience Dialogue
The primary task of the Climate Resilience Dialogue is to exchange views on how to address the losses incurred from climate-related disasters and to identify
Insurance Europe welcomed the transparency ESG rating
Insurance Europe, the European insurance and reinsurance federation, has welcomed the European Commission proposal to improve the availability ESG rating
Swiss Re estimated insured losses from single quake in Japan of $130-150bn
Swiss Re estimate a single quake could cause insured losses of USD 130-150bn. A 100 years on from Great Kanto Earthquake
Insured losses for Hurricane Idalia $2.5-4 bn – Verisk estimates
Verisk estimates industry insured losses to onshore property for Hurricane Idalia will range from USD 2.5 billion to USD 4 billion
Italian life insurance market: Fitch Outlook
The Italian life insurance sector’s policyholder surrender rates remain high but may have peaked and should not have a material impact on most insurers’ profitability
ERGO generated of €4.9 bn insurance revenue in 1H2023
Munich Re generated a result of €250m (147m) in its ERGO field of business in Q2 and €470m (303m) in 1H2023. ERGO grew considerably, with insurance revenue
Aon & Lloyd’s unveiled a financial tool for International Federation of Red Cross
IFRC, along with Aon, Lloyd’s Disaster Risk Facility, and the Centre for Disaster Protection, has unveiled a revolutionary financial tool
Allianz Net-Zero Transition Plan 2030 targets to decarbonize insurance
Allianz is publishing its first comprehensive net-zero transition plan, which substantiates the company’s long-term strategic climate commitment
Fintech Acrisure acquires MGA Modus Underwriting
Acrisure, a fintech that operates a top-10 global insurance broker, announced its acquisition of Modus Underwriting, an technology driven, MGA
Vienna Insurance Group reports 1H 2023 results: GWP €7,3 bn
Vienna Insurance Group (VIG) reports strong results for the first half of 2023, presented for the first time in accordance with the IFRS 9
HSBC Insurance Brokerage received fund sales licence in China
HSBC Holdings said its insurance brokerage unit in China had secured a license to sell a range of investment fund products in the country
Ping An Insurance will focus on the medical and healthcare in China
Ping An Insurance will focus on the medical and healthcare industry in China, hoping to turn its coverage for the ageing society into an engine of growth
Large U.S. property insurers excludes natural disaster from insurance coverages
At least five large U.S. property insurers have told regulators that extreme weather patterns caused by climate change have led them to stop writing insurance coverages
Karen Clark & Co estimated insured losses from Hurricane Idalia at $2.2 bn
Karen Clark & Company, a catastrophe risk modeller, has estimated privately insured losses from Hurricane Idalia at close to $2.2 bn
Verisk launched ClaimSearch system against insurance fraud in Israel
Verisk announced the launch of its new ClaimSearch system in Israel. Developed in collaboration with the Israel Insurance Association
ReinaGreen: cargo insurance does not cover the risks of fruit shipping
According to ReinaGreen, standard cargo insurance policies may not provide adequate coverage for fresh fruit exporters
FSRA of Ontario established an Innovation Office for insurance services
The Financial Services Regulatory Authority of Ontario (FSRA) has established an Innovation Office to help identify, support and enable opportunities
Results for North American insurers: premium growth at 11%
GAAP results for North American (re)insurers reveals strong written premium growth at 11%, much of which came from reinsurers
K-ICS implementation will reshape South Korean insurers’ strategy
The implementation of the Korean Insurance Capital Standard (K-ICS) will continue to reshape Korean insurers’ operational strategy
Hurricane Idalia plowed into Florida. Insured losses in Florida run to $9.4 bn
Hurricane Idalia plowed into Florida’s Gulf Coast. Insured property losses in Florida were projected to run $9.36 billion
Beazley partnered with Sola Technologies and Spinnaker Insurance
Specialist insurer Beazley has partnered with Sola Technologies and Spinnaker Insurance Company to provide the first admitted parametric tornado disaster benefit insurance for homeowners
NAIC adopts change to life insurer capital & investments monitoring
Members of the National Association of Insurance Commissioners (NAIC) will adopt a change to the Life Risk-Based Capital (RBC) formula
Allianz increased business volume in 6M2023 by 4.8% to 85.6 bn euros
Allianz Group total business volume in 6M 2023 rose by 4.8% to 85.6 billion euros, driven by the Property-Casualty business segment
Insured losses from deadly Hawaii wildfires estimated $2.5-4bn
The Lahaina conflagration and Kula wildfires in early August burned between $2.5 bn and $4 bn worth of insured properties
Ledger Investing syndicated $250 mn of ILS transaction to institutional investors
Ledger Investing has announced the successful syndication of a secondary transaction to three institutional investors. The transaction of nearly $250 mn
Canadian wildfire insured losses in Q3 estimates $700mn – $1.5bn
Canadian wildfire-related insured losses in Q3 will amount to between $700 mn and $1.5 bn, but remain manageable for insurers, constituting an earnings event
2027 Indian property insurance market forcasts for premiums & growth
Indian property insurance industry’s loss ratio is expected to remain high at 75.2% in 2023. The trend is expected to continue over 2023–2027
PERILS disclosed 2nd insured loss estimate for floods in Italy for EUR 488 mn
PERILS, the provider industry-wide catastrophe insurance data, has disclosed its second industry loss estimate for the floods in the Emilia-Romagna region of Italy
Marsh acquires 100% of Honan Insurance Group by $448 mn
Marsh has acquires Honan as the US insurance broker giant seeks to expand its presence in Australia and New Zealand
QBE North America launched of Agora – medical stop loss insurance
QBE North America has launched of Agora, a group captive program with a focus on medical stop loss insurance
Rules for fair value to customers will negatively affect to UK life insurance
New rules requiring UK financial services companies to show that their prices represent fair value to customers will negatively affect life sector profitability
Cyclone Gabrielle & North Island Floods insurance loss estimated at $2.4 bn
PERILS, a provider industry-wide catastrophe insurance data, has released the third loss estimate for Cyclone Gabrielle which impacted of New Zealand
China will cracking down on corruption in the health insurance
The National Health Commission (NHC) of China has committed to cracking down on corruption in the country’s health insurance
Insurance reimbursements for medical cannabis in Germany reached €51 mn
Insurance reimbursements for medical cannabinoid products in Germany continued to grow in the first quarter of 2023
Insured losses for the Hawaii wildfires will be at $1 bn
Insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers
Egypt will launch the insurance pension policy in US dollars
The Egyptian Financial Supervisory Authority has announced the details behind launching the first insurance pension policy in US dollars
6 insurers allocate of $525 mn to Nuveen’s finance energy efficiency fund
Nuveen, the $1.1 trillion investment manager, have launched a new fund to give insurers access to a diversified portfolio
Allianz will serve the global commercial insurance segment as one go-to-market business
Allianz Group will serve the global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial
China’s insurers losses from floods & disasters totalled $1.4 bn
Estimated losses of the China’s insurance companies from floods and geological disasters has totalled 9.8 bn yuan ($1.4 bn)
Allianz and Munich Re renewed cover for Nord Stream 1 gas pipeline
German insurers Allianz and Munich Re have renewed cover for the damaged Nord Stream 1 gas pipeline
1 million people in the UK are now too overweight for life insurance
Even if an life insurer is willing to cover them, obese policyholders face paying up to times as much a year when compared to customers with a healthy weight
Perils released 3rd insured loss for the North Island of New Zealand floods
PERILS has released the third loss estimate for the floods across the North Island of New Zealand which occurred during the new period
Key rating drivers for U.S. P&C insurance companies
Both mutual and stock organization structure in U.S. property/casualty (P/C) insurance companies have been successful over time
Bank of England to gain powers to manage demise of UK large insurers
The UK government said it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system
David Skinn appointed as a Non-Executive Director at Prestige Underwriting
David Skinn has been appointed as a Non-Executive Director to the Board at Prestige Underwriting Services
Motor insurance industry of Malaysia will grow to $3 bn in 2027
The motor insurance industry of Malaysia is set for notable gains over the next few years, growing to US$3 billion in 2027
Aon completed a parametric insurance for Government of Puerto Rico
Aon has announced the completion of a historic parametric insurance program for the Government of Puerto Rico
Generali acquires of major asset manager Conning Holdings from Cathay Life
Generali has announced its acquisition of Conning Holdings, a global asset manager for insurance and institutional clients, from Cathay Life
Unprecedented riots in France hits to date for insurers €700 mn loss
After the start of the unprecedented riots in France, ~12000 insurance claims were reported. The total cost of claims declared to date has hit €650 mn
10 Postulates of Arsenal Insurance’s Success
Ukrainian insurance company Arsenal Insurance assets have grown more than fourfold, bonuses, and, accordingly, out payments have grown by 6.5 times
AGCS and Allianz P&C will be trade as Allianz Commercial
Allianz Global Corporate & Specialty with the insurance business of local Allianz P&C entities will be trade as Allianz Commercial
Florida’s property insurers are taking a cautious approach
Florida’s residential property insurers are taking a cautious approach when estimating how industry reforms passed in late 2022
Allianz Trade introduced a new standalone fraud insurance product in the UK
Allianz Trade, the trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses
Swiss Re structured and placed the issuance of $250 mn of ILS
Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked securities
Insurers suspensed of a cargo insurance Ukraine’s grain sea shipments
Marsh announced the suspension of a cargo insurance service safeguarding Ukraine’s grain shipments through a secure sea route
Marine insurers warn of soft pricing, major losses, and fragmented trade as geopolitical conflicts reshape shipping and supply chains
Norway launches a 6-month pilot urging tankers in its EEZ to disclose insurance, targeting shadow fleet risks and aligning with regional maritime safety efforts
The IG clubs collectively reported a record high level of free reserves in 2023/24 driven by high investment returns, mainly due to the reversal of prior year unrealised losses on fixed income portfolios
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure