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
Insurance News
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
Hong Kong Government issued a development roadmap for the insurance sector
Hong Kong Government has issued a development roadmap for the insurance sector, including targeted policy measures to consolidate the special administrative region’s status
Inflation at the front of European reinsurers’ challenging
Inflation at the front of European reinsurers’ minds, with this ongoing challenge to carriers’ profitability expected to become a significant issue at 1 January renewals
Chubb will launch a new technology services center in Thessaloniki, Greece in 2023
Chubb will launch a new technology services center in Thessaloniki, Greece in early 2023 to deliver innovative technologies that enhance the customer experience
Global Life Insurance Market Outlook overall is stable as rising rates
Global life insurance Market outlook overall is stable as rising interest rates boost investment incomes for insurers and improve the profitability of guaranteed products
U.S. Regulators are assailing the Biden’s plan for collecting climate risk data from insurers
State insurance regulators are assailing the Biden administration’s plan for collecting detailed information from insurance companies to analyze climate risk
The Review of Prudential Regulation for the European Insurance Sector, Solvency II
After a summer of keenly felt drought and heat waves across Europe, it is unsurprising that climate has been central to the debate on how the regulation of insurance
Australian Regulators APRA and ASIC request life insurers to review premium increases
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a joint letter to CEOs of life insurers
The impact of Hurricane Ian on reinsurance market in Florida will extend globally
Swiss Re Institute have warned that the impact of Hurricane Ian on an already strained re/insurance market in Florida will likely be significant and extend globally
Group & Individual Health plans premiums in 2023 will increase by 7.2% and 6.4%
Health plans are expecting 2023 premiums to increase by 7.2% for Group fully-insured plans and by 6.4% for Individual plans
China’s Insurance Market posted remarkable changes in terms of size & structure
China’s insurance market posted remarkable changes in terms of size and structure in the past decade, according to the country’s top insurance regulator
5.5 mn Americans signed up for health insurance 2023 Obamacare plans (+18%)
Nearly 5.5 million Americans so far have signed up for health insurance for next year through the Affordable Care Act’s marketplace, an 18% increase
Turkish maritime seeks proof of insurance from russian crude oil tankers
Turkey says it has started requesting proof of insurance from tankers loaded with Russian crude oil as Moscow expressed concern about a build-up of oil tankers
Breaches of the General Insurance Code of Practice are more rampant than ever
Breaches of the General Insurance Code of Practice are more rampant than ever, and a growing number of these significant breaches involve insurers overcharging
Insurer Generali plans sale of $21 bn of its Italian life insurance portfolio
Italian insurer Generali is planning to sell roughly 20 billion euros of its Italian life insurance portfolio
U.S. life insurers posted modest Prism score gains, with resilient capital strength despite rising annuity volumes and investment risk pressures
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
Life insurers keep stable portfolios in 2026, but rising private credit, PLRs, FABNs, and less-liquid assets lift investment risk and regulatory scrutiny
Life insurance costs and concerns for millennials plus types of insurance most important to young people. 26% of millennials had trouble affording their insurance