A former fugitive, who led a large-scale insurance fraud scheme, received a 144-month prison sentence and was ordered to pay over $7.09 mn in restitution to insurance carriers and the IRS
The U.S. insurance industry added 5,100 jobs in November compared to October, according to preliminary data from the U.S. Labor Department’s Bureau of Labor Statistics
The Maryland Insurance Administration has issued regulations for pet insurance companies, outlining new disclosure and notification requirements
Home insurance costs in Canada are climbing due to frequent and severe natural disasters. Rising construction expenses add to affordability challenges
Insurtech CyberCube has expanded its partnership with HUB International, a leading insurance broker and financial services firm
Insurers faced $51 bn in losses from North American hurricanes and Northwest Pacific cyclones in 2024, surpassing the 10-year average
Workers’ compensation rates in Washington will rise by 3.8% in 2025, as reported by the Washington State Department of Labor and Industries
Allianz Australia has partnered with the Royal Automobile Association of South Australia (RAA) in a deal valued at AUD$642.2 mn
Abacus Life, a global alternative asset manager specializing in longevity data and actuarial technology, has completed its acquisition of Carlisle Management Company S.C.A. Carlisle
Florida insurers have paid approximately $5.2 bn following hurricanes Helene and Milton, according to data from the Florida Office of Insurance Regulation
The Bermuda Monetary Authority (BMA) issued licenses to 10 captive insurers in 2024, further solidifying Bermuda’s position as a leading domicile for these structures
New York has enacted a law to standardize definitions for hurricane windstorms, aiming to create consistency in deductibles and how triggering events are determined
In New York City, on Manhattan, the CEO of UnitedHealthcare, a leading American health insurance company, was fatally shot. Brian Thompson sustained a fatal gunshot
Aon announced a definitive agreement to acquire the in-house insurance agency of Mitsubishi Chemical Group (MCG). The move expands Aon’s risk and health offerings in Japan
The National Flood Insurance Program (NFIP), managed by FEMA, has paid over $1.4 bn to policyholders for flood losses caused by Hurricane Helene
Near Space Labs, a provider of aerial imagery for insurance and other applications, has launched stratospheric robots across the United States
UK P&I Club, a global provider of protection and indemnity insurance for the shipping industry, has appointed Richard Offord as Chief Executive of its Singapore
Chartered commercial broker Konsileo has raised £8 mn to accelerate its growth across the UK. The company specializes in mid-market insurance solutions
Alberta is launching a no-fault automobile insurance system designed to be privately delivered and care-focused. The province estimates the change will save the average driver C$400 annually
Vienna Insurance Group (VIG) released its 9M 2024 results, showcasing continued growth across key metrics despite challenges from natural catastrophe (NatCat) events
Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, announced its plans to acquire Landmark Underwriting, a specialty MGA in the London Insurance
Property and casualty insurers in the UK paid £4.1 bn in insurance claims during the first nine months of 2024, marking a record for that period
Blue Cross Blue Shield of North Carolina owes the state’s residents more than $2.05 mn from the carriers failed lawsuit over the North Carolina State Health Plan
Insured losses have surpassed C$110 mn following severe storms and flooding in southern British Columbia, as reported by Catastrophe Indices and Quantification
Premiums in the commercial property and casualty (P&C) insurance market rose 5.1% in Q3 2024, nearly matching the 5.2% increase in Q2, based on The Council of Insurance Agents
The Massachusetts Division of Insurance has approved Point32Health’s acquisition of Health New England and its subsidiaries, HNE Holding and HNE Insurance
The Mountain Fire that broke out on November in Ventura County, Southern California, is projected to result in significant insured losses
Argyle Insurance has entered into a multi-year capacity agreement with Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group
Grace Ocean Private and Synergy Marine Private, the companies behind the ship that struck Baltimore’s Francis Scott Key Bridge, have agreed to a $102 mn settlement in the U.S. Justice Department’s civil suit
Fairfax expected catastrophe losses from Hurricane Milton in the fourth quarter should fall within the company’s normal margin for such expenses
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
Total new annualized life insurance premium in the U.S. insurance market rose 8% to $3.9 bn in Q3 2024, and policy count increased by 3%
SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option.
Swiss Re reports a net income of $2.2 bn and an ROE of 13.4% for 9M 2024. Resilient underwriting and investment contributions from all Business Units contributed to the results
Munich Re reported a net result of €930 mn in Q3 2024, a decline due to higher-than-average natural catastrophe losses. For the three quarters, net earnings totaled €4.692 bn
Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance
Hannover Re has raised its 2024 profit target after net income rose 30.4% to €1.8 bn for 9M 2024, driven by a 36% jump in the reinsurance service result to €2.1 bn
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
Washington Insurance Commissioner Mike Kreidler has released the proposed language for a prior authorization rule aimed at updating timelines for health care services
The Louisiana Supreme Court ruled that insurance companies cannot compel insured parties in Louisiana into arbitration, even if policies contain arbitration provisions
California Insurance Commissioner Ricardo Lara announced one-year nonrenewal and cancellation moratoriums for home insurance policyholders affected by the Shelly Fire
Ontario lawmakers are exploring a proposal to make most automobile insurance accident benefits optional, aiming to cut costs and improve policyholder accessibility
Aon, a global professional services firm, today announced the signing of a definitive agreement to acquire Griffiths & Armour, a UK-based insurance broker
Allianz SE has announced strong financial results for the third quarter of 2024, with a 13.6% increase in operating profit, reaching €3.9 bn
The MDS Group, part of The Ardonagh Group, has announced it has agreed to acquire insurance broker Cobian Insurance Brokers
Progressive Home announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. The move is a continuation of various actions Progressive Home
Centana Growth Partners has acquired a majority stake in First Connect Insurance Services, an insurtech platform connecting independent insurance agents with carriers
PERILS, a provider of catastrophe insurance data, has released its final industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands
Insurers in Central and Eastern Europe and Italy are facing estimated losses of €1.89 bn from Storm Boris, which brought devastating floods to the regions
Insurers face extensive financial impact from extreme rain that led to severe flooding in eastern and southern Spain during late October, according to Aon
Washington Insurance Commissioner Mike Kreidler is considering postponing the implementation of phase two of the state’s new premium change transparency rule for auto and home insurance
Munich Re faced losses of about €500 mn ($540.8 mn) from Hurricane Helene, impacting third-quarter profits due to above-average natural catastrophe expenses
Shares of major managed care insurers have dropped in recent weeks following an earnings season affected by rising costs tied to government-subsidized plans
Fannie Mae, a GSE, has announced its seventh Credit Insurance Risk Transfer (CIRT) transaction of 2024, CIRT 2024-L4, with support from 26 re/insurers
In Q3 2024, Fairfax Financial Holdings reported net earnings attributable to shareholders of $1,030.8 mn, down slightly from $1,068.9 mn in Q3 2023
ICEYE reports that over 2,600 buildings have been impacted by recent flooding in southeastern Spain
WTW, a global advisory, broking, and solutions company, has launched WTW Broker Japan Co., Ltd., expanding its Corporate Risk & Broking (CRB) business in Japan
Vienna Insurance Group has launched CyRiSo, a cybersecurity firm focused on small and medium-sized businesses. Christiana Bruckner and Michael Ganzwohl will lead CyRiSo
Fitch Ratings upgraded its outlook for Assicurazioni Generali S.p.A. to Positive, affirming the Insurer Financial Strength (IFS) Rating at ‘A+
