A recent poll by RDT reveals that 54% of insurers expect traditional roles to require advanced technical skills due to increasing automation and digital transformation
Allianz UK has announced a series of hires and promotions within its commercial digital trading team, underlining its commitment to driving profitable growth
Chesnara, a European life and pensions consolidator, has acquired a closed portfolio of unit-linked bonds and legacy pensions totaling 17,000 policies
Overhaul, a supply chain risk management and intelligence provider, has raised $55 mn in equity funding. The round was led by Springcoast Partners
The North Carolina Court of Appeals overturned a $29 mn judgment against Penn National Security Insurance Co., ruling the insurer did not breach
DARAG Group, a prominent legacy acquirer, has agreed to purchase a run-off portfolio from wefox Insurance AG. The portfolio includes motor damage, third-party liability
Fitch Ratings states these losses are unlikely to impact the ratings of property and casualty (P&C) (re)insurers due to strong capital buffers, diversified risk exposure
West of England (West) P&I Club has announced plans to acquire full ownership of Nordic Marine Insurance, pending regulatory approvals
The US Government plans to spend $9.2 tn on Medicare Advantage (MA) payments over the next decade
AXA Mutuelles d’Assurance has become a founding patron of the Louvre Museum’s new Department of Byzantine Arts and Eastern Christianities
Knighthead Insurance Group has acquired Merit Life Insurance for an undisclosed amount, rebranding it as Knighthead Life
Bermuda-based Relm Insurance has introduced three new AI-focused insurance products to manage risks associated with AI use in business operations
Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage
California Insurance Commissioner Ricardo Lara finalized a regulation that mandates insurers to expand coverage in wildfire-prone areas while capping costs passed to consumers
Insurtech ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, secured an additional $65 mn in its 2024 growth funding
Fidelis Insurance Holdings’ Bermuda-based affiliate has finalized a $375 mn catastrophe bond to cover named storms and earthquakes in the U.S.
The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion
Root Insurance has expanded its auto insurance services to Minnesota, offering over 4 mn drivers a model based on driving behavior instead of traditional demographic factors
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
California, Virginia, North Carolina, and Utah will enforce higher mandatory automobile liability limits in 2025 due to previously enacted legislation
Fairfax Financial Holdings appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Independent Health Association and its subsidiary’s CEO have agreed to pay a $98 mn settlement over allegations of submitting invalid diagnosis codes
Flood events accounted for $18.2 bn in international fourth-quarter catastrophe losses, led by October floods in Valencia, Spain
Authorities have confirmed that a pickup truck used to kill at least 14 people during New Year’s celebrations in New Orleans displayed an ISIS flag
Dataveo, a French leader in data management and identification solutions, announces the launch of offerings designed to enhance inventory management
PERILS, an independent Zurich-based organization, has released its fourth and final industry loss estimate for the Australia Christmas Storms
A California state court ruled in favor of aviation insurers sued for $128 mn by aircraft lessors over three planes stranded in Russia due to the Ukraine war
Dubai Aerospace Enterprise (DAE) reported receiving $201 mn in settlements over the past three months for aircraft previously leased to airline carriers in Russia
MetLife announced that Nick Nadgauda will join the company as Executive Vice President and Chief Information Officer
PERILS has disclosed its second industry loss estimate for the floods in Central Europe and Italy to €2.08 bn
Marine protection and indemnity (P&I) mutual insurers faced increased claims in the 2024-2025 fiscal year, driven by a higher level of claims activity
American Transit Insurance Co. (ATIC), a provider of taxi and for-hire vehicle insurance, has filed a $450 mn lawsuit, alleging extensive fraud
Munich Re is aiming for an IFRS net profit of €6bn in 2025. Group insurance revenue is expected to reach €64bn in 2025, and return on investment
ICEYE has enhanced its Earth Observation services by launching two new SAR satellites, boosting its disaster management solutions
Effective Jan. 1, California auto insurance policies must meet higher liability coverage limits under a 2022 law. Liability limits for bodily injury or death are doubling
Aon, in partnership with the European Bank for Reconstruction and Development (EBRD), has introduced a facility aimed at addressing war risk insurance in Ukraine
The National Association of Insurance Commissioners (NAIC) will implement its new principles-based bond definition starting January
A new bipartisan bill in the U.S. Senate aims to support low- and middle-income homeowners facing rising flood insurance premiums. The Flood Insurance Affordability Tax Credit Act
The North Dakota Insurance Reserve Fund (NDIRF) closed 71.5% of third-party claims without payment, according to a market conduct report
77% of UK small and medium-sized enterprises (SMEs) plan to enhance their employee benefits. These changes aim to attract and retain talent, address workforce issues
The US nonstandard auto insurance segment posted a slight profit in H1 2024, marking a turnaround after two years of losses
Businesses in the Asia Pacific (APAC) region face mounting challenges from economic pressures and rising climate risks, according to a survey by the World Economic Forum,
Tesla General Insurance reported $35.7 mn in written premiums, a 94% year-over-year increase. The carrier reported a year-to-date net underwriting loss of $5.6 mn
Phyn, an intelligent water solutions company, announced a partnership with Nationwide, a leader in insurance and financial services, to offer leak detection solutions
The Nevada Division of Insurance (DOI) has introduced new regulations on annuity suitability and best interest standards
The UK-based managing general agent (MGA) Optio Group has finalized its acquisition of Den Hartigh Beheer & Exploitatie B.V.
Oklahoma Insurance Commissioner Glen Mulready issued a bulletin outlining regulatory guidance for insurers using artificial intelligence
Rokstone Parametric will initially provide a $10 mn global facility to cover earthquakes, hurricanes, tropical cyclones, and typhoons
California Insurance Commissioner Ricardo Lara submitted finalized regulations to allow insurers to use forward-looking wildfire catastrophe models
The UK Financial Conduct Authority (FCA) has proposed updated rules to boost transparency in its enforcement and investigation processes
U.S. appeals court rejected a homeowner’s lawsuit against his insurer over a $170,000 crypto scam loss. The three-judge panel ruled there was no error
The insurance industry has long struggled with issues of transparency, access, and operational efficiency. Blockchain technology offers potential solutions
Allianz, Germany’s largest insurer, has purchased 24.75% of MicroStrategy’s $600 mn convertible note offering. The deal was finalized in March 2024
CVS Health Corp. plans to cut nearly 800 jobs, following the layoff of about 2,900 employees earlier this year
Aviva has finalized a £1.7 bn pensioner buy-in with the National Grid Electricity Group of the Electricity Supply Pension Scheme
