Maryland Senators are reviewing SB 985, a bill aimed at regulating third-party litigation financing contracts. The legislation would require specific disclosures
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025, Gov. Ron DeSantis announced. He claimed the state experienced the lowest average increase
Safepoint Holdings has partnered with ZestyAI to improve underwriting accuracy and risk assessment. ZestyAI specializes in AI-driven climate and property risk analytics
Duck Creek Technologies, a provider of technology solutions for P&C insurance sector, has partnered with Worldpay to improve payment processing for insurers
SelectQuote, a major Medicare insurance distributor and healthcare services provider, has secured a $350mn investment. Bain Capital, Morgan Stanley
CatIQ has disclosed its fourth industry loss estimate for the hailstorm that affected Calgary, Alberta, has risen to CAD 3.25 bn
The California FAIR Plan Association, a group of all insurers licensed to provide property coverage in the state, has secured approval for an additional $1bn
FEMA has raised its estimated losses for the National Flood Insurance Program (NFIP) due to Hurricane Helene to between $6.4bn and $7.4bn
Mercury General, a Los Angeles-based insurer, estimates gross losses from the January 2025 wildfires between $1.6 bn and $2 bn
Natural ecosystems like mangroves and salt marshes help shield coastlines from storms and reduce insured losses, according to Swiss Re Institute
CatIQ, has released its fourth industry loss estimate for the flooding caused by Hurricane Debby’s remnants
Bayer Foundation and insurtech Pula plan to insure 10 million smallholder farmers in Africa by 2030. This initiative protects farmers from climate risks
Tesla has introduced its first insurance discount for drivers using Supervised Full Self-Driving (FSD), cutting premiums by up to 10% for policyholders in Texas and Arizona
An 11-year review of insurers’ filing data for homeowners insurance multiperil coverage in California shows intermittent years of poor results
A Texas Senate bill aims to prevent health insurance companies from using AI-based algorithms as the sole basis for denying claims
MetLife reported a fourth-quarter net income of $1.2 bn, up from $574 mn in the same period last year, according to its earnings statement
Globe Life has expanded the number of individuals potentially affected by a cyber-extortion attempt last year
Allianz Commercial appointed Sandra Lee as head of claims for Canada. McNulty will continue as Allianz Commercial Canada’s chief agent
The North Carolina Rate Bureau has proposed a 22.6% statewide average increase in personal auto insurance rates for policies effective Oct. 1
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Flood Re is introducing a new Flood Bus, named Flo, as part of a national effort in Scotland to strengthen property-level flood protection and help communities prepare for future flooding
Relm’s FALTAWEB3 responds to the increasing frequency of such events, aiming to strengthen confidence among commercial users of crypto exchanges
A Texas appeals court overturned a $12 mn jury award granted to Baylor College of Medicine in a COVID-19 business interruption case
The California Senate is reviewing a bill that would let insurance companies and policyholders file civil lawsuits against fossil fuel firms for their role in climate-driven weather disasters
Allstate Corp. agreed to sell its group health business to Nationwide Mutual Insurance Co. for $1.25 bn in cash. The deal is expected to close in the second half of the year
A federal jury convicted life insurance broker James W. Wilson on 13 counts of fraud for orchestrating a $20 mn scam involving at least seven life insurers
U.S. District Judge Kari A. Dooley in Bridgeport ordered Epps to pay $1,001,058.43 in restitution to the Connecticut Medicaid program
A federal judge sentenced James Keating to 20 months in prison and three years of supervised release for stealing more than $1.4 mn from Allied World Insurance
A bill introduced in the U.S. House of Representatives seeks to repeal a Biden administration rule that restricts short-term health insurance and separates fixed indemnity insurance
A group of U.S. senators is urging the Federal Crop Insurance Corp. to create an index-based, or parametric, insurance policy
Pen Underwriting is expanding its multi-line strategic partnership with QBE through a new £420 mn capacity agreement
New York’s 2026 fiscal year budget includes proposed legislative changes aimed at improving insurance coverage for for-hire vehicles
Symetra Life Insurance Co. agreed to a proposed $32.5 mn settlement in a class-action lawsuit alleging it withdrew excessive amounts from policyholders’ cash value trusts
New South Wales insurer icare has hired Geniere Aplin to succeed Stuart Farquharson, interim chief executive officer, as permanent CEO
Generali and French banking and insurance group BPCE have agreed to form a 50-50 joint venture, creating a global asset management operation with €1.9 tn
Canadian mutual insurers Beneva and Gore Mutual plan to merge to drive growth, reinforcing the role of mutuals in the country’s insurance industry
FCA plans to eliminate unnecessary regulations, reduce reporting requirements, introduce digital service standards in the UK
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026. This increase is significantly lower than the 42.2% average
Catastrophe Indices and Quantification Inc. (CatIQ) has raised its industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
WTW’s Natural Catastrophe Review estimates the global insurance protection gap for natural catastrophes at 60%. Insured losses exceeded $140bn in 2024
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
Entities tied to GRAM’s Americas Buyout Fund, have made a majority investment in Miami-based UniVista Insurance
A lack of data readiness is the main obstacle preventing global life insurers from realizing AI’s full potential, according to research by Equisoft, LIMRA
Winter storms from Jan. 9-11 affected the southern U.S., potentially causing insured losses in the tens of mn, Aon reported
The Australian Competition Commission intends to deny Catholic Health Australia’s request to allow its hospital members to boycott large private health insurers
A regional passenger plane, a Bombardier CRJ700 operated by PSA Airlines, collided mid-air with a U.S. Army Sikorsky H-60 Black Hawk helicopter
AI Financial Technology (AIFT), which operates the insurtech platform OneDegree, announced plans to expand into Japan following its rebranding last year
Insured losses from the Palisades and Eaton fires in Los Angeles are estimated at $35 bn to $45 bn, according to CoreLogic’s catastrophe modeling
The Federation of European Risk Management Associations (FERMA) has called on the Council of the European Union to prioritize strengthening cyber insurance resiliency
Year-over-year, California FAIR Plan policies in Pacific Palisades (ZIP code 90272) increased by 85% to 1,430. This area has suffered significant damage
The U.S. Supreme Court will hear a challenge to the Affordable Care Act’s (ACA) preventive care provisions brought by individuals and small businesses citing religious objections
The International Underwriting Association (IUA) has prioritized technology and sustainability risks as part of its 2025 business plan for London insurers
Assicurazioni Generali’s investment arm is acquiring a 77% stake in U.S.-based middle-market investment firm MGG Investment Group for $320 mn
South Korea weighs health incentives for older adults while countries like Singapore, Japan, Germany and the Netherlands already reward healthy aging
Massachusetts’ Suffolk Superior Court ordered three UnitedHealth Group Inc. affiliates to pay $165 mn in penalties for deceptive practices
Frontier Risk closed of a $3 mn seed+ round, bringing investors from the cannabis and insurance sectors to build the industry’s first tech-enabled insurance ecosystem
Gallagher Re has estimated global economic losses from natural perils in 2024 at $417 bn. The insurance industry covered $154 bn, leaving a $263 bn protection gap
Pet insurtech ManyPets announced a net loss of £33 mn for the year ending March 31, 2024. This marks a significant improvement from the £67.5 mn loss reported the previous year
The family of Vichai Srivaddhanaprabha, former Leicester soccer club owner, filed a historic fatal accident claim in England following his death in a helicopter crash in 2018
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
