Net-Zero Insurance Alliance launched the first Target-Setting Protocol
United Nations-convened Net-Zero Insurance Alliance launched the first Target-Setting Protocol at the World Economic Forum’s Annual Meeting
Insurance News
Total insured losses from Turkey Earthquake estimated $2.4 bn, property losses $20 bn
Total property losses from the M7.8 and M7.5 earthquakes are expected to be close to $20 billion, with the M7.8 earthquake accounting for the bulk of those losses
Insurance losses of earthquakes in Turkey & Syria will be in the $5 bn, economic losses $10 bn
Insurance losses relating to the series of earthquakes in Turkey and Syria are expected to be in the billions of dollars
Creditworthiness of Japan’s insurers will likely remain stable
With inflation and its consequences roiling global financial markets, preparations for tougher times by Japan’s insurers are looking to have paid off
MIM, an investment arm of insurance giant Metlife, acquires Raven Capital Management
The investment arm of insurance giant Metlife had agreed to acquire Raven Capital Management, a U.S. private credit manager with $2.1 bn in assets under management
GlobalData predicts gig economy insurance market growth
The market for gig economy insurance is set to grow amid continuing cost-of-living pressures, according to GlobalData survey
Fitch Ratings’ Outlook for UK Life Insurance
Neutral Sector Outlook Fitch Ratings’ sector outlook for the UK life insurance market is ‘neutral’ relative to actual fundamentals
French Insurance Market Outlook by Fitch Ratings
The ‘neutral’ outlook for the French life insurance sector reflects Fitch Ratings’ view that the fundamentals will be resilient in 2023
New challenge for Central American Insurance Market in 2023
Significant macroeconomic conditions in Central America will continue to challenge the operating environment and industry growth for the Central American insurance market
Allianz with Bridgestone EMIA to co-create new offers – tires insurance
Allianz Partners is working with tire manufacturer Bridgestone EMIA to co-create new offers and services around each partner’s key areas of expertise
Powerful earthquakes in Turkey & Syria could result in $1 bn of losses & 2,600 people killed
A huge earthquake killed more than 2,600 people across a swathe of Turkey and northwest Syria on Monday, with freezing winter weather adding to the plight
Losses pressures U.S. P&C Insurers needing to service financial obligations
A confluence of factors, including rising interest rates, increased unrealized losses and declines in capital has led to leverage ratios ticking up among U.S. property & casualty
Trade credit insurers are expected to report strong results, despite the war in Ukraine
Despite the Russia-Ukraine war, trade credit insurers are expected to report strong results for 2022, according to analysts at insurance credit rating agency AM Best
Nat Cat losses and volatility made property cat exposures a less favourable play for reinsurers
The reinsurance segment has been generating return-on-equity ratios of approximately 4-5%, in a market where the cost of capital is at least twice that
Insurer Nippon Life invested an additional commitment of $1 bn in Resolution Life
Nippon Life Insurance Company has agreed to invest an additional commitment of $1 bn in Resolution Life, a leading global life and annuity insurance consolidation business
Top 10 Global Economic & Insured Loss Events. List of natural disasters
At least five events topped the economic loss threshold of $10 billion. Hurricane Ian dominated the ranking with an aggregated toll of approximately $95.5 billion
Elon Musk shared insights about Tesla Insurance results
Tesla has discussed its results. CEO Elon Musk and CFO Zach Kirkhorn shared some insights about Tesla Insurance
Insurers must be able to offer many sustainable insurance products
Insurance Europe has responded to the European Supervisory Authorities’ call for evidence on greenwashing
Southeastern Australia floods insurance loss estimates to AUD 840mn – PERILS
The catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the Southeastern Australia floods, amounting to AUD 840 mn
Japanese insurers increases insurance premiums by 80% for LNG ships in Russian waters
Japanese insurers are planning to increase insurance premiums for ships carrying liquefied natural gas (LNG) that traverse Russian waters
German regulator Bafin wants to put a stop to excessive costs in life insurance
German Financial regulator Bafin wants to put a stop to excessive costs in life insurance. High costs do not always mean an appropriately increased return
Unemployment insurance fraud in U.S. totaled more than $60 bn
Unemployment insurance fraud since April 2020 could total more than $60 bn, according to a report by the U.S. Government Accountability Office
National Flood Insurance Program paid $2.2 bn in claims for Hurricane Ian
National Flood Insurance Program had paid $2.2 billion in claims for Hurricane Ian an increase of almost 28%
Saudi launched the Unified Compulsory Motor Insurance Policy
The Saudi Central Bank (SAMA) has introduced new amendments to the Unified Compulsory Motor Insurance Policy, allowing an option of repairing the vehicle instead of… Read More »Saudi launched the Unified Compulsory Motor Insurance Policy
Crypto Insurance. Why not require crypto projects to get special insurance after FTX crush?
There is extensive precedent for requiring companies providing critical infrastructure to get special insurance. Why not require crypto companies to back themselves
German non-life insurance market is ‘deteriorating’. Fitch Ratings’ outlook
Fitch Ratings’ sector outlook for the German non-life insurance market is ‘deteriorating’ for 2023, reflecting Fitch’s expectation that inflationary pressure on property and liability claims
EU-ban on inducements would limit insurance consumer’s access to financial advice
Insurance Europe has sent a letter and a position paper to the European Commission to explain why an outright EU-wide ban on inducements would limit consumer’s access
Insurer Palomar implements the Phinsys suite of finance & accounting products
Phinsys, the leading finance automation software provider for the insurance sector, announced today that the specialty insurer Palomar Holdings is implementing
FloodFlash, insurer to pay catastrophic flood claims, entered the U.S. insurance market
Parametric flood insurance company FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as 4 hours, announced they have entered the U.S. insurance market
Insurance market in Poland ended 2022 with the largest reduction in MTPL premium
The insurance market in Poland ended 2022 with the largest reduction in the average MTPL premium in 5 years
Insurers call on EDPB to guarantee transitional period for Controller Binding Corporate Rules
Insurance Europe has responded to a consultation conducted by the European Data Protection Board (EDPB) on its draft recommendation on the application for approval
International Association of Insurance Supervisors (IAIS) published its 2023-2024 Roadmap
The International Association of Insurance Supervisors (IAIS) published its 2023-2024 Roadmap. The Roadmap outlines the IAIS’ work program for the next two years
Slovak VIG insurer Kooperativa poistovna purchases 100% of pension fund 365.life
Austrian financial group Vienna Insurance (VIG) informed that its Slovak subsidiary Kooperativa poistovna has purchased 100% of the shares in 365.life d. s. s.
Türkiye introduces a new insurance requirement for arriving travelers & immigrants
To discourage irregular migration, Türkiye is expected to implement a new insurance requirement for anyone arriving in Türkiye with a permit
India’s insurance regulator to treat green bond purchases as infra investments
The Insurance Regulatory and Development Authority of India has said insurers will be allowed to classify their sovereign green bond purchases as infrastructure investments
Swiss Re appoints Velina Peneva as Group Chief Investment Officer
Swiss Re announced today the appointment of Velina Peneva as Group Chief Investment Officer and member of the Group Executive Committee
Willis Towers Watson announced the combination of Asia and Australasia operations
Willis Towers Watson has announced the combination of its Asia and Australasia operations into one Asia Pacific region, effective 1 January 2023
Embedded insurance could exceed $70 bn in premium by 2030
Embedded insurance could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 billion in premium by 2030
Rise in natural disasters over the last 5 years increased losses for global re/insurers
While reinsurers have managed to defend against a rising tide of natural catastrophe losses, more de-risking efforts, new opportunities and further re-pricing measures
Global catastrophes economic losses $270 bn, 44% covered by re/insurance
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance
Winter Storm Elliott delivered insured losses of $5.4 bn in U.S. & Canada
Winter Storm Elliott likely delivered insured losses of $5.4 billion across 42 states after sweeping the bulk of the United States at the peak of the Holiday season
Rising rates have been favourable for US life insurer investment portfolios
Rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields
Insurance protection gap in Europe: only 25% of natural catastrophes losses were insured
The new EU strategy on adaptation to climate change highlights the fact that affordability and insurability of natural catastrophes insurance coverage
Floods cost insurers $4.7 bn, while European winter storms $4.2 bn in claims
The largest event loss outside the US was the flooding in Eastern Australia in late February / early March, which CRESTA estimates has generated an industry loss of $4.7 billion
Healthcare Insurance premiums in U.S. increases. How is Medicare changing?
Healthcare costs are increasing for most Americans in 2023. Without a public healthcare system price rises in some states may put thousands onto worse coverage plans
Green Century’s resolution. Insurers should’n insure fossil fuel development
Green Century Capital Management filed shareholder resolutions with three big U.S. insurance companies — Travelers, Chubb and The Hartford – asking shareholders
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
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
Discover how a secondary reinsurance market could improve capital efficiency, lower WACC, boost underwriting flexibility and support more efficient pricing
Global reinsurance pricing fell more than expected at Jan. 1, 2026 renewals, with abundant capital, weak catastrophe support, and easing terms
Reinsurance rates in several lines softened quicker than anyone expected this year, especially in casualty and cyber, yet trading conditions across the Lloyd’s market still look reasonably favorable
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035