Howden Ventures launched an innovative insurance products development
Howden has unveiled an innovative venture known as Howden Ventures, pending approval from Lloyd’s, aimed at accelerating insurance product development.
Insurance News
Insurance prices in Europe will have to rise, according to Lloyd’s
Prices for US reinsurance have risen by between 20% and 40% over the past year or so. In Europe, prices have risen by just 10-12%
EU supports of subsidizing premiums on the Caribbean parametric insurance
The European Union continues to provide support to Caribbean Catastrophe Risk Insurance Facility SPC as a means of subsidizing premiums on the parametric insurance
Israel will approve of $5 bn state guarantees for airlines’ war risk insurance
Israel’s parliamentary finance committee said it would debate the approval of state guarantees for providing war risk insurance for Israeli airlines
Reinsurance costs for Asia-Pacific insurers are rising due to frequency of weather losses
Asia-Pacific insurers plan to increase asset allocations to fixed-income investments over the next 12-18 months, in order to take advantage of rising yields
Dutch insurers compensates the effect of high inflation in insurance in 2023
Dutch insurers achieved solid results in 1H2023 on stable underwriting and better investment results, and maintained their very strong Solvency II ratio
AM Best and Fitch’s outlook for the Indonesia insurance market
AM Best has confirmed that it is maintaining a negative outlook on the Indonesia insurance segment. AM Best cities heightened reinsurance credit ris
Royal Bank of Scotland lost an appeal over unfair commissions by protection insurance
Royal Bank of Scotland (RBS) lost an appeal over unfair commissions that were charged to customers who were sold payment protection insurance (PPI)
Henderson Insurance, Hoffman Kool and Life Line Brokers are merging into a new entity
Henderson Insurance, Hoffman Kool Insurance and Life Line Brokers will combine to operate under the new banner of HK Henderson
Munich Re Green Tech completed the final certification of warranty insurance
Munich Re Green Tech Solutions has successfully completed the final certification of photovoltaic warranty insurance in collaboration with Sunova Solar
Insurance Capital Standard – most significant regulatory development for insurers in 2024
Finalisation of the Insurance Capital Standard (ICS), a new global solvency standard for internationally active insurance groups
Verisk launched of update to the ISO Businessowners program
Verisk, a global data analytics and technology provider, has announced the launch of its latest update to the ISO Businessowners (BOP) program
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
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
The US P&C insurance industry recorded a $16.3 bn net underwriting gain in the first three months of 2026, up significantly from a $1 bn loss recorded in the prior-year period
US insurance sector outlook for 2025-2026: capital strength, social inflation risks, P&C returns peak, Florida reforms, life insurance resilience and alt capital trends
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
2026 Atlantic hurricane season passed without a single US hurricane landfall for the first time in ten years, yet still delivered deadly storms, elevated major hurricane activity, and meaningful losses