Allianz Group creates of global commercial insurance & changes to the AGCS Board
Allianz Group has announced the creation of Allianz Commercial, a global commercial insurance segment encompassing its AGCS business serving large corporate clients
Insurance News
PERILS estimates of AUD 6.5 bn for the devastating floods loss Eastern Australia
Catastrophe loss aggregator PERILS has released a final industry loss estimate of AUD 6.53 bn, for the devastating Eastern Australia floods that occurred over February
Personal Auto & Property Insurance premiums in Canada increased year by year
Average premiums for Personal Auto and Property insurance lines increased in Canada year over year in the fourth quarter of 2022
Apollo will provide re/insurance capacity to Moonrock Drone Insurance
Independent specialist insurer and reinsurer Apollo has started a new drone insurance facility in partnership with Moonrock Drone Insurance
FED creates a backstop for uninsured deposits at Silicon Valley Bank, using Federal Deposit Insurance Act
Financial regulators are discussing two different facilities to manage the fallout from the closure of Silicon Valley Bank if no buyer materializes
Insurance Europe responded to methodology for cyber stress testing for insurers
Insurance Europe has responded to a discussion paper by the European Insurance and EIOPA on methodologies for cyber stress testing for insurers
Natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
JP Morgan have estimated that total natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
AXA XL offers contract review benchmarking for Construction insurance
To help their contractor clients improve their contract management and negotiation practices, AXA XL and Document Crunch have teamed up to launch a Contract Review
Global insurance M&A activity saw a 10-year high
Global insurance mergers and acquisitions (M&A) activity saw a 10-year high in 2022, though a marked downturn in H2 as economic pressures began to impact investor
Former insurance executive indicted for $2bn fraud scheme to deceive state Regulators
A federal grand jury in Charlotte returned an indictment charging a North Carolina man with masterminding and directing a massive scheme to deceive state insurance regulators
2023 U.S. Title Insurance Industry outlook switched to negative
AM Best has revised its market segment outlook on the U.S. title insurance industry to negative from stable, owing to significant decline in home sales and refinancing activity
UNIQA Insurance Group improved 2022 consolidated earnings to EUR 425 mn
Austrian UNIQA expects significantly improved consolidated earnings before taxes for the financial year 2022 in the range of EUR 420 million to EUR 425 million
National Association of Insurance Commissioners announces Regulatory Priorities
National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2023. Each year, NAIC Members finalize the priorities
Expected credit losses at U.S. banks increased for Q4 2022 to $20.4 bn
Provisions for expected credit losses at U.S. banks increased for the seventh consecutive quarter in the last quarter of 2022, reaching $20.37 billion during the period
QBE Insurance Group announced 2022 net profit of $770mn, premium $20 bn
QBE Insurance Group has announced its 2022 (FY22) statutory net profit after tax of $770mn, compared with $750mn in FY21
Brazil Insurance Market in 2023. Top 25 Life & Non-Life Insurers
Brazilian Insurance Industry premiums continued with a double-digit growth trajectory in 2022, with an increase of 16.2% versus 12% in 2021
Middle Eastern insurance market: Fitch Ratings Outlook
Middle Eastern insurers’ company profiles are heavily influenced by the regional industry profile and operating environment (IPOE) ranges
What Insurer Riders Should I Consider for My Property?
A basic home policy covers the loss or theft of possessions, property’s interior and exterior, and personal liability for harm to others
Chinese Reform of Health Insurance will help urban employees and retirees
Chinese localities are implementing a reform of health insurance for urban employees and retirees, drawing widespread attention
A new Florida law have potential to reduce cost of homeowners insurance
A new Florida law and proposals have the potential to reduce the cost of homeowners insurance in the state, according to the Insurance Information Institute
Combined ratio for the property & casualty insurance is forecast to be 106%
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 105.8%, a worsening of 6.3 points from 2021
Job Trends in the European Insurance Sector 2023
The number of active job postings in the Insurance sector of the Europe region increased by 13.8% MoM, and increased by 29.4% since December 2022
Trends at Europe’s largest insurers illustrate an upward movement in insurance pricing
Trends at Europe’s largest insurance companies illustrate an upward movement in commercial insurance pricing which is set to continue, albeit at a slower pace
Lawyers sequred award in legal fees in $2.7 bn Blue Cross health insurance antitrust case
A group of plaintiffs’ lawyers has asked a U.S. appeals court to uphold what it called a “historic” $2.7 billion health insurance antitrust settlement
Allianz reports record operating profit, targets 2023 profit of 14.2 bn euro
Allianz reports record operating profit. Total revenues increased 2.8 percent to 152.7 (12M 2021: 148.5) billion euros
Fairfax Financial Holdings announces 2022 net earnings of $1.1 bn
Fairfax Financial Holdings announces fiscal year 2022 net earnings of $1,147.2 million ($43.49 net earnings per diluted share after payment of preferred share dividends)
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
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
Are you ready to travel to Dubai? Even though it's typically safe to go to the United Arab Emirates, unanticipated events might occasionally occur and ruin your holiday