Increases in US insurers’ underwriting expenses offsets by increases in premiums
Increases in US P&C insurers’ underwriting expenses have been offset by commensurate increases in net premiums written, which has resulted in stable expense
Insurance News
Japan’s largest insurers continues providing marine war insurance coverage for ship
Some of Japan’s largest non-life insurers continues providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers
Cat loss-hit treaties reinsurance rate in the U.S. increased of more than 100%
Some catastrophe loss-hit treaties in the U.S. witnessed rate increases of more than 100% at the 1/1 2023 reinsurance renewals, as Hurricane Ian
US health insurers will withstand the effects of high inflation & rising rates
US health insurers should be able to withstand the effects of high inflation and rising interest rates, amid their expectations for a mild US recession in 2023
25% of Russian crude oil ships insured by western insures
25% of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western insurance companies
Average cost of UK Motor Insurance deals rose by 17.4%
The average cost of the most competitive motor insurance deals rose by 17.4% in the 2022 year, according to the latest motor insurance price index
Inflation stands out as the insurance industry’s biggest challenge in 2023
As we enter 2023, record-high inflation and the consequent cost-of-living crisis will be the greatest challenge faced by the insurance industry according to industry experts
Boat renters will face new insurance requirements in Florida
Boat renters and rental operators will face new insurance requirements in Florida from the start of 2023, and insurance businesses have leapt in with new products
60% of travel insurance buyers are born before 1980, incl. Generation X & Baby Boomers
Recent research by Squaremouth, a travel insurance marketplace, has revealed that 2023 will be the year for international travel to fully recover
UAE moves to Compulsory Health Insurance
According to UK Home Insurance Consumer Research Report by Research & Markets, the first thing that a consumer looks at when choosing home insurance is price
India’s largest insurer LIC takes a composite licence after passage of Insurance Laws Bill
The India’s largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament
QBE P&I operations in Singapore will take on the name of British Marine
Insurer QBE Asia has announced that its P&I operations in Singapore will take on the name of British Marine, beginning Jan. 1
International insurance broker Howden acquires Italian broker Assimovie
International insurance brokerage Howden has agreed to acquire Assimovie, a TV, film and advertising insurance broker based in Italy
Dubai International Financial Centre granted an licence to Sukoon’s Syndicate 2880
Dubai International Financial Centre (DIFC) has granted an operating licence to Sukoon’s Syndicate 2880, making it the first syndicate-in-a-box
Global digital twin financial & insurance services will grow to $6.8 bn in 2026
The global digital twin financial and insurance market services is expected to grow from $2.95 billion in 2021 to $3.57 billion in 2022 at a compound annual growth rate
Ireland will exempt from needing to be insured for e-scooters
The government in Ireland plans to relax rules around e-scooters – including making them exempt from needing to be insured – as part of a set of measures designed
Indian insurance companies’ stock prices have rallied after Finance Ministry proposal
Indian insurance companies’ stock prices have rallied in the month following Finance Ministry proposal to use a common licence for all insurance segments.
2024 year will be a challenging time for P&C and auto insurers
2023 year will be a challenging time for P&C and auto insurers. Property cat rates will need to rise by 50% on renewal in 2023 to offset rising claims costs
US Life & Annuity Insurance Market premiums in 2022 rose 7%
Total income in the US life and annuity insurance market rose 4.1% during the 2022, that was driven by a 7% increase in premiums and annuity considerations
US bicycle insurtech BikeInsure hired Ira Becker as President
BikeInsure, an insurtech company specializing in bicycle insurance for cyclists in the United States, is pleased to announce that it has hired Ira Becker as President
Net loss exposure by Bermuda insurers increased by 9.8% to $84 bn
Net loss exposure assumed by Bermuda insurers for the year 2021 increased by 9.8% to $84 billion. With a gross loss impact of $30 billion and a net loss impact of almost $10.6 billion
Insurance Europe supports the integration of sustainability risks in Solvency II
Insurance Europe has published a report supporting the integration of further sustainability risks in Solvency II
Rates to stay flat for Ukraine grain cargo marine insurance
A cargo insurance facility providing cover for shipments via Ukraine’s grain export corridor will continue 2023 year with no reinsurance rate increases
JPMorgan Insurance Trust represents 4 flagship investment strategies
J.P. Morgan Asset Management and Lincoln Financial Group announced that they have strengthened their partnership to have J.P. Morgan’s world class investment capabilities
Allianz Global Corporate & Specialty establishes a in-house organization for ESG activities
Allianz Global Corporate & Specialty (AGCS) has established a dedicated in-house organization for Environmental, Social & Governance (ESG) activities
Emirati fund ADQ Holding wants to buy a Israeli Phoenix Holdings
Emirati holding ADQ wants to buy a controlling stake in Israeli insurance giant – Phoenix Holdings. The Israeli company controls most of Israel’s most significant pension funds
Typhoon Nanmadol inflicted $912 mn losses on the Japanese insurance industry
Typhoon Nanmadol has inflicted $912 mn in property losses on the Japanese insurance industry, according to PERILS’ second industry loss estimate
European Council agreed a the Insurance Recovery and Resolution Directive (IRRD)
Member states’ representatives agreed a negotiating mandate (general approach) on the Insurance Recovery and Resolution Directive (IRRD)
Metallica vs Lloyd’s underwriters: band will recover concert losses by other means
Frantic, or what’s better known as Metallica, will have to recover its losses from the postponement of its 2020 South American concerts by other means and not through insurance
Foreign venture investors presents in half of all European deals 2022 worth €65 bn
Foreign venture investors were present in nearly half of all European venture deals 2022 year, their highest level of participation to date
Insurers refuses to cover planes flying to Ukraine or ships sailing through the Black Sea
Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers, who insure the insurers, propose excluding the region from policies
The International Association of Insurance Supervisors issued about FinTech & Digital innovation
The International Association of Insurance Supervisors (IAIS) issued two publications showcasing work on digital innovation, focusing on FinTech and the role of supervisory
Austrian Insurance Market increases premiums by 6% to EUR 16.2 bn
Austrian insurance market in Q3 2022 undertakings observed an increase in premium volume by 4.7% to EUR 4.8 billion
Ukrainian Insurers will be able to pay under nonresident’s reinsurance contracts
As of 13 December2022, insurers will be able to make reinsurance payments under reinsurance contracts concluded with nonresidents
Ford striking up telematics partnerships with insurtechs Wejo, CerebrumX & J.D. Power
Automaker Ford has been busy in the insurance and insurtech space lately, striking up partnerships with insurtechs Wejo, CerebrumX and J.D. Power
Bupa adoptes insurtech SaaS platform CoverGo as new health insurance system
Bupa (Asia), a health insurance specialist, and CoverGo, the leading global no-code insurtech SaaS platform for health, P&C, and life, are joining forces
Insurers may change insurance rates depending on a policyholder’s vaccination status
Study has found a strong correlation between drivers who have passed on taking vaccinations on COVID-19 and higher vehicle collision risk levels
Health & Longevity insurers Fountain Life raises $15 mn led by Eos Venture
Fountain Life, a preventative health and longevity company, closed a $15 million funding round led by Eos Venture Partners
US & UK pushes for Turkey to reconsider the sea cargoes proof-of-insurance requirement
A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated, leaving millions of barrels of crude stuck
Hong Kong billionaire Richard Li invests $200 mn in his insurer FWD Group
Hong Kong billionaire Richard Li is weighing investing about $200 million in his insurance company FWD Group Holdingsas part of a funding round
Higher profits for European Largest Insurers after COVID-19-related losses
Mergers, divestments and fluctuations in foreign exchange brought more volatility to the ranking of Europe’s largest insurers
AM Best maintains Negative Outlook on U.S. Personal lines insurance market
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration
Proliferation of electric vehicles impacts across the ecosystem and EVs insurance
Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in 2024, which is up from 2.6% for the full year in 2022
What are the main reasons for slow growth of Philippine insurance industry?
The low level of Filipinos’ financial literacy is one of the causes of the slowing growth of the country’s insurance industry, according to a regulatory official.
Average UK Motor Insurance premium risen only by 2%
The average price paid by motorists for their motor insurance has risen only marginally by 2% over the last year despite sustained rising cost pressures faced by insurers
UK insurance industry contributed a record £17.2bn to economy in tax
The insurance and long-term savings industry has contributed a record £17.2bn to the UK economy in tax in 2021-2022, according to the Association of British Insurers
Insurance Europe`s feedback about Insurance Recovery & Resolution Directive
Insurance Europe has published a set of key messages on the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD)
Insurers outline benefits of official registers for beneficial ownership
Insurance Europe has published its response to a consultation conducted by the Financial Action Task Force (FATF) on beneficial ownership
Insurers consider there is no need to develop an extensive recovery
Insurers consider there is no need to develop an extensive recovery and resolution framework for insurers, Insurance Europe said in a statement
China Pacific Insurance launches of a digital currency account insurance product
China Pacific Insurance together with the Bank of Communications, announced the launch of a digital currency account insurance product
Tycoon Birla selling Insurance Brokerage Unit
Aditya Birla Capital, controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure
Turkey will continue to request insurance confirmation letters from crude oil tankers
Turkey will continue to request insurance confirmation letters from crude oil tankers transiting its Bosphorus Strait, the Maritime Authority said
Fitch`s Outlook for the Latin American insurance sector is neutral
Outlook for the Latin American insurance sector is neutral in most markets based on stable industry profile and operating environments (IPOE)
Extreme weather insurance losses in UK up to £1 bn, according to PwC
Costs from extreme weather events would top £1 billion, in today’s terms, according to report by PwC UK. The research comes as the British Red Cross warns that one
Insurance regulator IRDAI allowed foreign investors to invest in Indian insurers shares
With major Japanies insurers showing the way in promoting environmental, social, and corporate governance (ESG) and Sustainable Development Goals (SDGs)
$1.2 bn has gone to National Flood Insurance Program policyholders to help recovery
More than $1.2 billion has gone to National Flood Insurance Program (NFIP) policyholders to help their Hurricane Ian recovery, with over 46,000 policyholders
US lawmakers are enacting changes aimed at satisfying insurers’ needs, not homeowners
With Florida’s insurance industry rocked by insolvencies, lawmakers largely are enacting changes aimed at satisfying insurers’ needs
Evan Freely appointed WTW Global Head of Financial Solutions
Evan Freely will be responsible for the WTW’s global financial team of 130 credit and political risk professionals in 24 countries
RSA launches of a low-carbon underwriting policy and will rebalance insurance portfolio
RSA announced the launch of a low-carbon underwriting policy, effective 1 January 2023, and a commitment to achieving an underwriting portfolio for energy production
Nigeria launches a risk transfer scheme of parametric flood insurance
Flood risk capacity development for Nigeria within the underwriting community will be key in developing appropriate flood risk models and products
U.S. cyber insurance premiums rose nearly 11% in 2025 as policy volume jumped, but weaker pricing, higher losses, and AI-driven threats added fresh pressure
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
Insurers enter 2026 with longer settlement cycles, rising volumes, and slow AI adoption, increasing costs and operational risk, AutoRek finds
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities