Global Insurtech Market will grow to $29.8 bn in 2026
The global insurtech market is expected to grow from US$8.07 billion in 2021 to $10.42 billion in 2022, at a compound annual growth rate (CAGR) of 29.2%
Insurance News
Global Premium income to grow by +67% or EUR2.8trn by 2032
2022 was expected to be another bumper year for the insurance industry, but the invasion of Ukraine has dashed those hopes. Premium income is likely to grow
Thailand’s Life Insurance Outlook. Thai Insurers to gain from rising rates
Higher interest rates are likely to benefit Thai life insurers, but to a smaller extent than those in other Asian markets
Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlights… Read More »Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
World GDP Forecasts for 2023 revised down again
World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China’s property market deteriorates
U.S. Mortgage Insurance Market Outlook for 2025
Sector outlook for the U.S. mortgage insurance market is based on underlying economic fundamentals expected in 2025
Florida P&C insurance market’s weak with the destruction by Hurricane Ian
Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian
European P&C insurers may struggle to register positive returns on their portfolios
Many European insurers have struggled to meet their cost of capital, and pressure to do so better on this front is likely to build. This in turn could prompt further consolidation
Stable Outlook on the U.S. Health Insurance Industry for 2023
AM Best is maintaining a stable market segment outlook on the U.S. health insurance industry for 2023, citing reduced pressure from COVID-19-related medical costs
Negative Outlook on the U.S. Personal Lines Insurance Segment for 2023
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration
40% of commercial properties in UK are underinsured
The effect of rising inflation on businesses in the UK, 40% commercial properties found to be ‘underinsured’
Auto insurer Progressive offers Motive’s AI-based safety solutions
Motive, an automated operations company, has partnered with Progressive Commercial, an auto and truck insurer to offer Motive’s AI-based safety solutions
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral, as the sector should maintain its strong credit fundamentals in both life and non-life insurance
US & Canadian life insurers are heading in solid shape. Fitch Outlook
US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months
US P&C Insurance Market recorded a $24.3 bn underwriting loss
US P&C Insurance Market recorded a $24.3 bn net underwriting loss in the 9M2022, down $17.9 bn from the prior year period
Insurers should look at reserving, investment & pricing strategies. WTW Outlook
Insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves
Moody’s changed outlook for Global P&C insurers to negative from stable
Moody’s has decided to change its outlook for global property and casualty (P&C) insurers to negative from stable, citing high claims inflation
UK’s regulator FCA warned car insurers about valuing vehicles below fair market rate
The UK’s financial regulator has warned insurers about undervaluing cars and other insured assets when settling insurance claims
Fitch’s outlook for Italian insurance market is deteriorating for the non-life sector
The outlook for Italian insurance in 2025 is deteriorating for the non-life sector, while life remains neutral
The financial leverage of Europe’s insurance companies rose to 28.2%
The financial leverage of Europe’s leading insurers rose to a record high of 28.2% on average in the first half of the year
Fitch Ratings make a neutral sector outlook for North American insurers
Fitch Ratings says that it has a neutral sector outlook for North American insurers next year, saying that they will continue to benefit from rising interest rates
Following the North Atlantic hurricane season, losses from all storms amounted to $110 bn
Munich Re has estimated that, following the North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion
Insurance market in Singapore is grow to more than $5bn in premium by 2026
The general insurance industry in Singapore is set to grow at a CAGR of 7.2%, growing from US$3.5bn to more than US$5bn in gross written premium (GWP) by 2026
Fitch expects lower earnings for the French non-life insurance sector
Credit fundamentals in the French non-life insurance sector will worsen in the next 12 months as insurers adapt to new market and macroeconomic regimes
Insured losses estimated after hurricane Ian stand at $10.3 bn – Florida OIR
Insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion
Insurance fraud costs the insurance industry $309 bn annually
The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the $308.6 billion. In 1995 this number at $80 billion
Reinsurance rates for property catastrophe business should increase by over 10%
Reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims
Most Non-life re/insurers are expecting rate rises to repeat in 2023 of 10%
Non-life and composite re/insurers in the European market appear to be “categorically bullish” on the outlook for pricing and their prospects for growth
Global insurance broker Marsh acquires the majority of shares in Beassur Marsh (Africa)
Global insurance broker Marsh has announced that it intends to exercise its option to acquire the majority of shares in Beassur Marsh, following its acquisition of a stake
One Call Insurance with Trackm8 launches innovative ‘Pay as you Drive’ car insurance
Doncaster based insurance broker One Call Insurance has unveiled a new car insurance product, enabling customers to pay for their policy on a ‘pay as you go’
Premium rate for Auto & Property Insurance in Canada decreased in Q3 2022
Insurance premiums for both Personal Auto lines and Personal Property lines in Canada decreased year over year in Q3 2022
US inflation remains above target, Fed will induce a recession
As US inflation remains above target, the Swiss Re Institute expects the Fed will induce a recession in 2023 to avoid a de-anchoring of inflation expectations
US Auto Insurers suffered underwriting loss of $766mn
US auto insurers suffered underwriting loss of $766 million, marking it as the segment’s worst half-year result in five years, as impacts from inflation on auto repair
European reinsurers declines in net income return on equity to 3%
The earnings of Europe’s four main reinsurers fell over the 9 months of this year, compared to the same period in 2021
Proposed change to Solvency II is neutral for creditworthiness of insurers in the UK
S&P Global Ratings suggest that the government’s announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers
Total U.S. insured losses from Hurricane Nicole at less than $2 bn
Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion
Florida Hurricane Catastrophe Fund do not face near-term risks
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks
Turkey warned oil shippers they will need to prove insured to cross straits
Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil
Total insured nat cat losses over the last 6 years have been $630bn
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark
UK Government scrap of certain EU rules for insurers in Solvency II reforms
The UK Government has received widespread approval from the insurance and reinsurance industry promised that scrapping of certain EU rules in Solvency II reforms
HUB Cannabis Dispensary Insurance available via Insureon
HUB International has launched HUB Cannabis Dispensary Insurance, which is accessible through HUB’s digital commercial insurance platform, and offers access to general liability
Vulnerable 20 Group of Finance Ministers and G7 launch Global Shield initiative at COP27
The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks
US auto insurers recorded an underwriting loss of $4bn
US private auto insurers recorded an underwriting loss of more than $4bn in 2023, and with a rapidly worsening loss ratio, analytics expects that carriers’… Read More »US auto insurers recorded an underwriting loss of $4bn
Insurance and financing becomes important in managing catastrophic risk for Egypt
Re/Insurance and other risk transfer and financing mechanisms will become increasingly important in managing catastrophic risk as countries transition to more climate-resilient
Insurance Information Institute Global P&C Industry Forcast
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line
85 insurers in Africa pledge $14bn of cover to take up floods and tropical cyclones
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people
Insured gross modelled losses from Hurricane Nicole will be $750mn
A new note from CoreLogic says that it estimates that privately insured gross modelled losses from Hurricane Nicole will be less than $750m
Aflac and Trupanion announce joint venture in Japan Aflac Pet Insurance
Aflac and Trupanion are announcing a joint venture between Aflac Life Insurance Japan and Trupanion to provide pet insurance in Japan
Insurers and investors struggles to grasp what role social or ‘S’ dimension
Since its launch by the United Nations, the ESG movement has grown into a global phenomenon that is reshaping the asset management
MetLife stock is up 20% this year and could gain even more
MetLife stock has actually had an eventful 2022. While the S&P 500 index has fallen 22% this year, MetLife stock has cruised to a 20% gain, including reinvested dividends
Guy Carpenter launches a reinsurance strategy optimization platform MetaRisk Live
Guy Carpenter launches of MetaRisk Live, a new tool that supports the structuring and optimization of reinsurance strategies in real time
Hurricane Ian have an substantial impact on E&S lines property insurance market
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market
Increases in interest rates globally affects to the insurers balance sheets
Substantial increases in interest rates globally have significantly affected the balance sheets of some insurers this year
Non-life Insurance Market in Italy rose by 6%
Non-life insurance premiums in Italy rose by 6%, according to data from Fitch Ratings, owing to strong growth in non-motor lines
Insurers are still willing to play important role in tackling climate change
Insurance Europe has said that the continent’s insurers and reinsurers are still willing to play their ‘important role’ in tackling climate change
Generali announces distribution deal with Portugal’s post office
Generali has reached an agreement with CTT, the Portuguese postal services group, for the distribution of life and P&C policies through the CTT Group network
Insurers’ underwriting and investment strategies influenced by ESG consideration
Insurers’ underwriting and investment strategies in the coming years will be increasingly influenced by ESG considerations, suggests a report from Fitch Ratings
Avolon taken legal action against Lloyds over Russia-Ukraine war losses
Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war
Berkshire Hathaway reports losses related to Hurricane Ian of $3.4 bn
Berkshire Hathaway has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company’s insurance and reinsurance units fell
US P&C reinsurers’ investment allocations shiftes to more riskier assets
Given the declining investment yields of the past decade, US property and casualty reinsurers’ investment allocations during this period have shifted to more riskier assets
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
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
2026 Atlantic hurricane season passed without a single US hurricane landfall for the first time in ten years, yet still delivered deadly storms, elevated major hurricane activity, and meaningful losses
Triple-I and Milliman forecast the US P&C industry’s lowest net combined ratio in more than 10 years for 2025, helped by a quiet hurricane season