PERILS releases 2nd insurance loss estimate for Cyclone Alfred at AUD 2.25 bn
PERILS has published its second insurance industry loss estimate for Cyclone Alfred, which impacted Queensland and New South Wales
Insurance News
PERILS releases final insurance loss for Southern Germany Floods at €1.56 bn
PERILS AG has issued its final industry loss estimate for the floods that occurred in southern Germany between 31 May and 6 June 2024
UK insurance leaders call for industry-wide adoption of single data standard
A group of executives from U.K. insurance firms, trade bodies, and standard-setting organizations published an open letter urging the insurance industry and related sectors to adopt a single data standard
Hawaii passed Senate Bill 1044, which reactivates the Hawaii Hurricane Relief Fund
The Hawaii Legislature passed Senate Bill 1044, which reactivates the Hawaii Hurricane Relief Fund and expands the authority of the Hawaii Property Insurance Association
California approved Senate Bill 495, introducing new requirements for P&C insurers
The California Senate approved Senate Bill 495, which introduces new requirements for property insurers and has drawn opposition from industry groups
U.S. lawmakers reintroduce bill to ban non-driving factors in auto insurance pricing
House Resolution 336, reintroduced in the U.S. House of Representatives as the Prohibit Auto Insurance Discrimination Act, seeks to ban auto insurers from using non-driving-related factors
Trucordia will receive a $1.3 bn investment from Carlyle’s Global Credit platform
Trucordia, formerly known as PCF Insurance Services, will receive a $1.3 bn investment from Carlyle’s Global Credit platform
Aon appoints Dan Hartung as global head of event response for Risk Capital
Aon announced that Dan Hartung has been named global head of event response for Risk Capital, effective immediately
Aon appointed Andy Marcell to serve as CEO of Global Solutions
As CEO of Global Solutions, Marcell now leads Aon’s integrated Risk Capital and Human Capital capabilities across the firm’s Reinsurance, Commercial Risk
EMEA insurers maintain strong capital positions and buffers
Insurers based in Europe, the Middle East, and Africa (EMEA) maintain strong capital positions and buffers, enabling them to absorb external shocks effectively
FCA revised enforcement insurance guidelines and expands transparency measures
FCA released a revised version of its enforcement guidelines, reducing the document by 250 pages through the removal of duplicate content and more concise formatting
U.S. annualized premium for individual life insurance reached $3.9 bn in Q1 2025
New annualized premium for individual life insurance in the U.S. reached $3.94 bn in the first quarter of 2025, marking an 8% increase compared to the same period in 2024
Florida Court backs Amerisure’s denial of condo defect claim, rejects $8.5 mn settlement
A federal court in Florida upheld Amerisure Insurance Co.’s denial of coverage in a dispute over construction defects at a condominium complex
BaFin reviews German insurers’ exposure to alternative assets
Germany’s financial regulator BaFin is reviewing the investment strategies of 30 to 40 insurance companies with unusually high exposure to alternative assets
EIOPA proposed guidelines on artificial intelligence use in insurance
European Insurance and Occupational Pensions Authority (EIOPA) has proposed draft guidelines on artificial intelligence use in insurance
Mid-May storms drive up U.S. insured losses to $4-7 bn
Severe convective storms across central U.S. states in mid-May, including destructive tornadoes and hail, likely caused insured losses between $4 bn and $7 bn
Canada launches changes to Life Insurance Capital Adequacy Test
Canada’s Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and introduced changes to the Life Insurance Capital Adequacy Test
Louisiana Senate deferred proposed insurance bills to cut auto insurance rates
Louisiana Senate Judiciary A Committee deferred four proposed insurance bills after none of the authors appeared to present them
New York court ordered Millennia Assurance to deposit $4.75 mn
New York court ordered Millennia Assurance Inc. to deposit $4.75 mn in collateral into a trust account after siding with New York Marine and General Insurance
Canada expands data pooling program that uses AI to detect potential fraud
The Canadian Life and Health Insurance Association (CLHIA) is expanding its data pooling program that uses artificial intelligence to detect potential fraud
Louisiana enacts sweeping auto insurance reforms to cut rates
Louisiana Governor Jeff Landry signed a six-bill legislative package aimed at lowering automobile insurance costs by limiting certain legal claims
Canadian life insurance new premium rose 13% YoY to C$508 mn
Canadian life insurance new annualized premium rose 13% year over year to C$508 mn in the first quarter of 2025
California FAIR Plan paid $2.7 bn after receiving more than 5,000 claims from LA wildfires
California FAIR Plan paid $2.7 bn after receiving more than 5,000 claims from the Palisades and Eaton fires in Los Angeles
Sweden tightens insurance controls on Russian vessels in the Baltic Sea
Sweden is increasing oversight of insurance coverage for Russian vessels operating in the Baltic Sea. This was reported by Swedish radio outlet Ekot
Glenn Renwick, former CEO of Progressive, died following car accident
Glenn Renwick, the former President, CEO and Chairman of the Board of the Progressive Corporation, has died at age 69 following a car accident in Florida
In 2025, U.S. individual life insurance new annualized premium reached $3.94 bn. Total U.S. pension risk transfer new premium reached $7.1 bn
AM Best maintains a stable outlook for the UK life insurance market, supported by strong pension-related activity, steady expansion in defined contribution (DC) pensions
Life reinsurers based in Bermuda have recorded increased activity as annuity sales rise in the U.S. and recent regulatory changes
UK life insurers are poised to continue benefitting from strong bulk annuity volumes in 2025 despite potential challenges from regulatory changes