PERILS updated insurance loss for Windstorm Ciarán (Emir) in Europe
PERILS has updated its insurance loss estimate for Windstorm Ciarán (also known as Emir) that impacted parts of Europe on 1-2 November 2023
Insurance News
PERILS’ final estimate for insurance losses from North Island floods
PERILS, an independent organization based in Zurich, has released its final estimate of NZD 2,230 million for the insurance market losses from the North Island floods
Insurance industry reservated about the EU Corporate Taxation Directive
Insurance Europe has shared its views on the European Commission’s proposal for a ‘Business in Europe: Framework for Income Taxation
UNIQA Insurance Group becomes a member of the Eurapco Alliance
UNIQA Insurance Group will become a permanent member of the Eurapco Alliance in 2024. The cooperation is based on the regular exchange of knowledge
WTW unveiled a parametric insurance for coral reef ecosystems
WTW has unveiled an innovative parametric insurance policy designed to safeguard the coral reef ecosystems within the South Pacific Ocean’s Lau Group. This pioneering insurance… Read More »WTW unveiled a parametric insurance for coral reef ecosystems
Chris Mackinnon becomes Lloyd’s regional director for Asia Pacific Middle East & Africa
Chris Mackinnon, with over three decades of experience in the insurance industry, is poised to become Lloyd’s Regional Director for Asia Pacific, Middle East, and Africa
UK insurers will experiences the significant NatCat losses in 2023-2024
UK home insurance market experienced its worst performing year on record in 2022, according to EY’s latest UK Home Results Analysis
Vienna Insurance Group will elect a new Chairman for the Supervisory Board
Günter Geyer, the Chairman of the Supervisory Board of Vienna Insurance Group (VIG), has announced that he will not be available for reappointment
UNIQA Group launches HUB for International Programmes in Poland
The UNIQA Group launches a HUB for International Programmes in Poland, which will be a competence center for 15 countries in Central and Eastern Europe
In Poland, there is only one Motor Hull policy for every 4 MTPL policies
According to the Polish Chamber of Insurance, the number of active mandatory MTPL policies exceeded 27.7 million in Poland
Aviva will receive an additional £80 mn from sale of Singapore Life
Aviva plc has announced expectations to receive an additional £80 million (approximately SGD 0.1 billion) from the sale of its shares in Singapore Life Holdings Pte Ltd (Singlife)
Croatian insurance market exhibits a dynamic landscape in 2023-2024
The Croatian insurance market exhibits a dynamic landscape, with key segments being life insurance and general insurance
PERILS estimated loss from Babet-Aline floods & storms up to EUR 683 mm
PERILS has updated its loss estimate for floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang)
Bermuda reinsurers’ underwriting profitability peak up levels
Bermuda reinsurers’ underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists
CoreLogic estimated the insured loss from the earthquake in Noto below $5 bn
A shallow magnitude (Mw) 7.5 earthquake hit western Japan on Jan. 1, 2024, according to the U.S. Geological Survey (USGS
Verisk Estimates Insured Losses for the Noto Peninsula Earthquake
The Noto Peninsula earthquake caused damage across an extensive area around and south of the epicenter. While most of heavy damage occurred in Ishikawa prefecture
Moody’s RMS Estimated Total Insured Losses from Noto Earthquake $3-6 bn
Moody’s RMS, the leading global catastrophe risk modeling and solutions company, estimates total insured losses between $3-6 bn
Generali becomed the 100% shareholder of Generali China Insurance
Generali enhances its strategic position in China, becoming the 100% shareholder of Generali China Insurance Company
Lloyd’s explores the biggest threats to supply chains in transportation and logistics
Lloyd’s of London has published a new report – On the move – which explores the biggest threats to supply chains in transportation and logistics
20% of sports accidents happens to skiers – German Insurers’ Association data
One in five sports accidents happens to skiers, a study performed by the German Insurers’ Association (GDV) shows
Europe-wide comparative study on non-life insurance underwriting risk by EIOPA
The European Insurance and Occupational Pensions Authority (EIOPA) in the beginning of the year the results of a Europe-wide comparative study on non-life underwriting risk
Morgan Stanley highlights the challenge of social inflation in insurance, to continue in 2024
Morgan Stanley’s recent report highlights the ongoing challenge of social inflation in the insurance industry, expected to continue through 2024
Cargo insurtech Parsyl increased capacity in Essential Consortium to $55 mn
Parsyl, a technology-driven cargo insurance consortium, has significantly increased its capacity in the Essential Consortium to $55 mn
Insured losses from the flooding in Germany will remain €1 bn if flood dykes hold
The insured losses from the recent flooding in various regions of Germany are expected to remain under €1 bn if the flood dykes hold, as per Onnen Siems
Total insured losses from Japan earthquake set to reach $5-6bn
CoreLogic estimates that insured losses in the country from the quake could be between $1 billion and $5 billion. Karen Clark said that total insured losses will reach $6.4 bn
Bain Capital Insurance invests a $200 mn in GuideOne Insurance Company
Bain Capital Insurance has announced a $200 mn investment in GuideOne, marking the inception of The Mutual Group, a new insurance platform
EU Agrees on Enhanced Solvency II Rules to Strengthen Insurance Sector’s Role
The Council of the European Union and the Parliament have come to a provisional agreement on amendments to the Solvency II directive
China Life Insurance and China Pacific saw declines in investment income
China Life Insurance and China Pacific Insurance (Group) saw sharp declines in investment income year over year through the first nine months of 2023
UNIQA is the first insurer in Austria to have ambitious targets to reduce emissions
UNIQA Group informed that is the first insurance company in Austria to have ambitious targets to reduce emissions
Lloyd’s of London will stay in its City Tower until at least 2035
Lloyd’s of London has extended its lease at the iconic One Lime Street headquarters until at least 2035, with an option to extend to 2040
Munich Re launches underwriting tool SARA for insurers in EU and Latin America
Munich Re Automation Solutions launches of new module Interview Screens for its automated underwriting point of sale solution, SARA
Greek insurance market experienced growth in 9M 2023, reaching EUR 3.8 bn
The Greek insurance market experienced growth in the three quarters of 2023, reaching EUR 3.8 billion. This represents a 9.7% year-over-year increase
Hungarian insurance market demonstrated growth during 2023
The Hungarian insurance market demonstrated healthy growth in both revenues and profitability during the 2023, according to the Central Bank of Hungary
SURE Trust Fund mitigates military risks for foreign investors in Ukraine by insurance
Ukraine’s Reconstruction and Economy (SURE) Trust Fund is crucial for rebuilding Ukraine in the wake of damages caused by Russia’s War
USAID create a system for insurance against war & political violence risks in Ukraine
The Financial Sector Reform Activity project of the United States Agency for International Development (USAID) has drafted a memorandum
Courts in Spain allowed a trial on crash SpanAir’s Boeing flight JK5022, killing 154 passengers
Courts in Spain are allowing a trial to move on SpanAir’s Boeing flight JK5022 which crashed on takeoff, killing 154 passengers
Howden acquired NORTH Risk, Denmark’s fourth-largest insurance intermediary
Howden has announced its definitive agreement to acquire NORTH Risk, Denmark’s esteemed fourth-largest insurance intermediary
Fitch Ratings’ holds a neutral sector outlook for U.S. P&C insurance
U.S. property and casualty insurers will see some relief in the coming year following a rough 2023 as a personal auto line recovery contributes
Petros Papanikolaou assumes role of CEO at Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty SE (AGCS) has revealed a host of leadership changes, pending regulatory approval, set to take place from January 1, 2024
Nationwide and Resideo empower homeowners to proactively safeguard
To address this issue, Nationwide, a largest home insurers, and Resideo Technologies, the global provider of Honeywell Home smart thermostats and First Alert solutions
Jonathan May becomes Lloyd’s Europe CEO
Lloyd’s of London confirmed that Jonathan May, currently CFO and COO for Lloyd’s Europe will become Lloyd’s Europe CEO
Fitch’s outlook for U.S. Health Insurance Sector in 2024 remains neutral
Fitch’s outlook for the U.S. health insurance sector in 2024 remains neutral. Companies continue to navigate elevated healthcare utilization
Insured losses from U.S. wildfires are growing as frequency decreases
The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside
Fitch Ratings’ outlook for German non-life insurance in 2024
Neutral Fitch Ratings’ sector outlook for German non-life insurance reflects its expectation that inflationary pressure on motor and property claims
Taiwanese insurance industry have more time to adjust investment strategies
The Taiwanese regulator’s latest adjustments and transitional measures for interest-rate risk will ease the negative spread pressure on life insurers
Aon announced an increase crop insurance capacity across Africa
Aon announced a collaboration with the African Development Bank (AfDB) and Amini, a leading innovator in space technology and artificial intelligence
Insurance Europe reviewed of EuroCommission ESG Rating Regulation proposal
Insurance Europe and Pensions Europe welcome the measures included in the European Commission’s ESG Rating Regulation proposal
Aviva acquired Optiom O2, a canadian vehicle insurance MGA, of $124 mn
Aviva announces the acquisition of Optiom O2 Holdings from Novacap and other minority shareholders for consideration of CAD$170 mn
BNP Paribas Cardif acquires a 51% stake in BCC Vita life insurance in Italy
BNP Paribas Cardif will acquire a 51% stake in BCC Vita along with an agreement with BCC Banca Iccrea for the exclusive distribution
Vienna Insurance Group acquires an additional 35% in Corvinus’ Hungarian business
Vienna Insurance Group (VIG) has agreed to acquire an additional 35% stake in its Hungarian insurance business from Corvinus
SCOR generated EUR147 mn net income in Q3 2023
SCOR generated EUR147 million net income in Q3 2023, contributing to a strong nine-month performance with a net income of EUR 650 million
Talanx acquired of insurance business of Liberty Seguros in Brazil
Talanx‘s Retail International division has successfully finalised the acquisition of Liberty Seguros in Brazil. The acquisition signifies HDI’s significant advancemen
Allianz is suing Revolut for $13 mn after neobank breached of contract with insurer
German insurer Allianz is suing neobank Revolut for $13 mn, claiming the neobank was in breach of contract after it moved its customers
Artificial intelligence isn’t the main cause of insurance industry layoffs
The credit rating agency AM Best does not believe artificial intelligence is the main cause of recent insurance industry layoffs
Howden launches new primary European Cyber & Tech E&O facility
Howden, the global insurance group, launches of one of the first dedicated European cyber and technology errors & omissions lineslips for primary business
The UK Government would reduce the rate of National Insurance social contributions
The UK Government would cut the amount of National Insurance social security contributions paid by 27 mn workers in a move that will save employees hundreds of pounds
Fitch Ratings’ German life insurance sector outlook is neutral
The neutral outlook for the German life insurance sector reflects Fitch Ratings’ expectation of a mixed operating environment, with improving investment yields
Global reinsurers providing less NatCat cover for European insurers
Global reinsurers have tightened their terms and conditions to limit their aggregate covers and the lower layers of their natural catastrophe protection
The U.S. Congress reauthorizated National Flood Insurance Program
The U.S. Congress passed a short-term reauthorization of the National Flood Insurance Program (NFIP) through Feb. 2 2024
Amazon Prime launched low-cost health care services from One Medical
Amazon announced a new Prime membership benefit that brings medical care to Prime members from One Medical, the health care business
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
Health insurance is an integral part of employee benefits packages in the United States. However, any employer federally required to provide this compensation could admit that their costs can be burdensome
Fitch Ratings warns U.S. health insurers face a tougher 2026 as medical costs rise, ACA subsidies expire, and policy uncertainty weighs on margins
Providing health insurance in California is becoming a competitive necessity for attracting and retaining top talent, particularly in industries such as technology, finance, cyber