Coupang to pay $1.17 bn after data breach hits 34 mn users
Coupang announces ₩1.69trn ($1.17bn) compensation plan for 34mn users affected by a major data breach, offering purchase vouchers from Jan. 15
Insurance News
Tata Steel Netherlands faces $1.6 bn collective action over emissions
Dutch NGO files WAMCA claim seeking $1.6bn from Tata Steel Nederland over alleged health, environmental, and property impacts near IJmuiden
Louisiana insurance market softens, but homeowners still feel squeezed
Louisiana agents say availability and pricing are improving as the market softens, yet many homeowners report property insurance premiums remain high.
Ohio House Bill 636 would force OEM parts option into auto insurance policies
Ohio lawmakers propose HB 636, requiring insurers to offer OEM parts options and disclose non-OEM use in auto repair estimates
ACA subsidy cliff could double exchange premiums for Kentuckians
Enhanced ACA tax credits expire in days, pushing 2026 exchange premiums sharply higher for Kentuckians and raising fears of coverage losses
States scramble to limit health insurance premium hikes after ACA subsidy lapse
At least a dozen states are acting to curb health insurance premium increases after Congress let enhanced ACA subsidies expire, leaving millions facing higher costs.
Colorado’s soaring home insurance premiums add new strain to housing affordability
Rising homeowners insurance premiums are becoming a significant new pressure point for Colorado’s already strained housing market, reshaping affordability calculations
Oklahoma insurance proposals spark backlash over lawsuit limits
Oklahoma regulators unveiled insurance proposals critics say dodge premium spikes and tilt the system against policyholders seeking legal relief
Nevada allows wildfire exclusions, reshaping home insurance risk
Nevada will allow insurers to exclude wildfire coverage from homeowners policies in 2026, signaling deeper risk segmentation in property insurance
Title insurance compliance tightens as FinCEN rules loom in 2026
FinCEN AML rules, rate pressure, and state scrutiny reshaped title insurance compliance in 2025, forcing firms to prepare for sweeping change
Atmospheric rivers raise California flood risk as insurance gaps grow
Climate change is intensifying California’s atmospheric rivers, increasing flood and mudslide risk while most homeowners lack flood insurance
China’s non-life insurance sector maintained strong financial stability in Q1 2025
Fitch Ratings reports that China’s non-life insurance sector maintained strong financial stability during the first quarter of 2025
Court voids residential exclusion in New York fire excess insurance coverage case
Federal court orders excess insurer to cover Manhattan fire losses, ruling a residential exclusion created illusory coverage due to mutual mistake
Globe Life launches Bermuda reinsurer Globe Life Re for affiliate business
Globe Life forms and licenses Globe Life Re in Bermuda to assume affiliated quota share reinsurance under arm’s-length arrangements
Insurtech Reliance Global sells benefits units, cuts debt by over 50%
Reliance Global completes sale of two benefits units, applies half the proceeds to debt reduction, and refocuses investment on digital platforms
New Jersey Senate backs pet insurance bill to curb premium growth
New Jersey lawmakers advance pet insurance legislation adding transparency, limits on preexisting condition denials, and new consumer protections
New York curbs litigation funding with new insurance consumer law
New York enacts the Consumer Litigation Funding Act, capping fees, adding oversight, and aiming to limit insurance cost pressures
Alabama hospital blames BCBS Alabama underpayments for bankruptcy
Jackson Hospital sues Blue Cross Alabama for over $250mn, alleging monopolistic reimbursement practices drove it into bankruptcy
Florida approves 124k Citizens policy transfers as market steadies
Florida regulators approved six insurers to assume over 124,000 Citizens policies, continuing depopulation as the state market stabilizes
JAB Insurance to buy Utmost UK life and pensions platform
JAB Insurance agrees to acquire Utmost’s UK life and pensions arm, gaining £5bn in assets and a foothold in the bulk annuity market
Louisiana insurer nonrenewals barely rise after rule repeal
New data shows Louisiana insurers have largely avoided mass policy cancellations despite repeal of the three-year homeowner protection rule
Trupanion-owned American Pet Insurance names Pawp as insurance agent
Pawp enters carrier distribution as American Pet Insurance appoints it as an agent, expanding beyond tele-vet into regulated pet insurance
Alpha Bank plans Cyprus insurance merger to form top-three group
Alpha Bank agrees terms to merge Universal Life and Altius Insurance, targeting a top-three position in Cyprus life and non-life markets
Pennsylvania House backs real-time auto insurance tracking bill HB 710
Pennsylvania lawmakers unanimously advance HB 710 to modernize auto insurance verification and curb erroneous registration suspensions
GlobalData flags AI, cyber and climate as 2026 insurance drivers
GlobalData says AI, cyber insurance, and climate risk will shape insurance markets in 2026, reshaping products, M&A, and profitability
Wildfire risk drives Montana insurance hikes, report outlines fixes
A Headwaters and Columbia Climate School report flags wildfire risk as an urgent driver of Montana insurance costs and maps potential market reforms
US Department of Agriculture rolls out major crop insurance overhaul for 2026 season
USDA finalizes crop insurance reforms for 2026, easing rules, expanding access, and updating subsidies as part of a broader deregulation push
Kentucky court backs Westport on timing of wrongful conviction cover
Kentucky’s Supreme Court ruled occurrence-based law enforcement policies trigger at charge filing, not incarceration, backing Westport in a coverage dispute
Pre-arranged disaster finance hits $9.4 bn, insurance gap widens for poorest
Pre-arranged disaster finance reached a record $9.4bn in 2024, but low-income and fragile states still receive less than 7% of support
Getlink secures €55 mn insurance payout for ElecLink outage
Getlink agrees €55mn insurance settlement covering ElecLink losses after a 2024–2025 shutdown of the Channel Tunnel power interconnector
German life insurance sector run-off deals to accelerate in 2026 – Fitch
Fitch expects faster consolidation in German life insurance as closed-book sales rise, with up to EUR25bn in run-off transactions possible
Fitch Ratings keeps neutral view on U.S. P&C insurers into 2026
Fitch Ratings holds a neutral 2026 outlook for U.S. P&C insurers, citing solid underwriting, stable earnings, and manageable macro headwinds
Fitch Ratings sees neutral 2026 outlook for LatAm insurance market
Fitch Ratings sets a neutral 2026 outlook for Latin American insurers, flagging Mexico as deteriorating amid tax reforms and margin pressure
U.S. Senate bill would tighten FSOC steps before nonbank SIFI calls
A bipartisan Senate bill backed by insurers would raise the bar for FSOC before labeling nonbanks as SIFIs and expand state regulator inpu
New York State Insurance Fund cuts disability premiums by 28%
New York State Insurance Fund lowers standard disability premiums by 28%, pushing rates among the lowest in the state for 2026
North Carolina miner sues Zurich Insurance unit over $130 mn Hurricane Helene losses
Sibelco North America sues Zurich American for $130mn, alleging unpaid property damage and business interruption from Hurricane Helene
Cove Risk data breach hits 49,400 in workers’ comp sector
Cove Risk Services reports a data breach affecting almost 49,400 people after unauthorized system access, with sensitive personal and health data exposed
Geico names Nancy Pierce CEO as Todd Combs exits for JPMorgan
Geico appoints longtime executive Nancy Pierce as CEO, replacing Todd Combs, who departs to lead a $10bn JPMorgan investment group
Hildene Capital Management to buy Silac Insurance for $550 mn in cash deal
Alternative asset manager Hildene Capital Management has signed a definitive agreement to acquire annuities provider Silac Insurance for $550mn in cash
AM Best keeps U.S. commercial P&C insurance outlook stable on profits, yields
AM Best holds a stable outlook for U.S. commercial P&C insurance, citing strong underwriting, solid capital, and higher investment returns amid claims pressure
New York court backs denial of workers comp claim over lawyer-doctor call
A New York appellate court upheld denial of a workers comp claim, ruling a lawyer’s call to a doctor justified excluding medical evidence
Wildfire cat bonds draw ILS investors as modeling improves, issuance jumps
Investors move into wildfire-linked cat bonds as modeling improves, driving over $5 bn in issuance and pushing the market toward $60 bn in 2025
US home insurance shows stabilisation after years of sharp hikes
Matic data shows US home insurance rates rose 8.5% in 2025, down from 18% in 2024, pointing to stabilisation despite record premiums and climate risk
Singapore leads TPRM maturity yet vendor cyber breaches keep rising
BlueVoyant data shows Singapore ranks among the world’s most mature TPRM markets, yet 93% of firms still suffered supply-chain cyber breaches
North Carolina sets May 2026 hearing on 68.3% dwelling insurance rate hike
NC Insurance Commissioner schedules a May 2026 hearing after rejecting a proposed 68.3% average increase in dwelling insurance rates
81% of small firms hit by cyber incidents as AI fuels attacks
ITRC data shows 81% of small businesses suffered cyber incidents last year, with AI-driven social engineering overtaking insiders as the main cause
California jury hits Liberty Mutual with $103 mn age bias verdict
A California jury awards $103mn against Liberty Mutual after finding age discrimination in the firing of a long-time claims case manager
Citizens seeks 2.6% insurance rate cut as Florida reforms steady market
Florida’s insurer of last resort requests a 2.6% personal lines rate cut, citing legal reforms, depopulation gains, and stabilizing conditions
State Farm faces probes over California wildfire claims delays
State Farm says it paid $5 bn after California wildfires as Los Angeles County and state regulators investigate claim delays and possible AI use
Florida Citizens Property Insurance enrollment sinks after reforms reshape market
Enrollment at Florida’s insurer of last resort has fallen sharply, as lawmakers credit legal reforms with restoring competition and stabilizing property insurance
Beneva shifts auto products to Guidewire APD with GFT support
Beneva completes early Guidewire APD conversion for auto insurance, cutting timelines in half and unlocking faster digital product changes
US House blocks ACA subsidy extension as premiums set to rise
Expanded ACA subsidies are set to expire after a narrow House vote, leaving millions facing higher health insurance costs amid party infighting
Pinpoint Predictive partners with Trexis Insurance to optimize auto payments
Trexis Insurance deploys Pinpoint Predictive’s loss models to tailor payment plans, cut downpayments, and lift premium output during quoting
John Garamendi attacks California insurance chief over premiums, drops
Former insurance commissioner John Garamendi accuses Ricardo Lara of failing California consumers amid rising premiums, policy nonrenewals, and insurer profits
California court limits insurance commissioner’s power over FAIR Plan
A California appeals court says the insurance commissioner can’t force the FAIR Plan to add liability-style coverages beyond basic property insurance
Millions of UK travellers hide medical conditions on travel insurance
One in four UK travellers conceal medical conditions to cut travel insurance costs, risking rejected claims and massive overseas medical bills
Toyota launches brand-only motor insurance for Ireland drivers
Toyota enters the Irish insurance market with exclusive cover for Toyota and Lexus drivers, partnering with Wrisk Europe amid weak competition.
Chubb plans up to 20% workforce cut tied to digitisation push
Chubb expects to reduce headcount by as much as 20% over four years as automation spreads across underwriting, claims, and support functions
Florida approves pet insurance rate hikes averaging 9.25%
Florida regulators approved 12 pet insurance rate increases this year, averaging 9.25%, as veterinary costs continue to rise faster than inflation
Australia’s competition regulator blocks IAG bid for RAC Insurance
Australia’s competition regulator opposes IAG’s planned takeover of RAC Insurance, warning it would weaken motor and home insurance competition in WA
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