The insurance & reinsurance industry losses from Hurricane Ian could reach $47bn – CoreLogic
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn.
Fitch warnes insurers of a potential increase in cyber risk
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure
Hurricane Ian in Florida is unlikely to affect credit for rated P&C reinsurers
Hurricane Ian, which hit Florida in recent days, is unlikely to affect credit for rated P&C reinsurers because of ample capital levels and the ability to increase premium rates
Polish Insurance Market in 1H2022 reaches EUR 7.6 bn
According to Polish Chamber of Insurance (PIU) data, the local insurance market ended the first half of 2022 with GWP slightly under the 1H2021 level
Czech insurance market ended 1H2022 with GWP worth EUR 4.1bn (+17%)
According to the latest information provided by the Czech National Bank (CNB), the insurance market ended 1H2022 with GWP worth EUR 4.094 billion, up by 17.18%
Latvian insurers’ 1H2022 aggregate GWP expanded by more than 20% to EUR 490 mn
Latvian insurers' January-June 2022 aggregate GWP (local and EU branches, summed-up) expanded by more than 20% to almost EUR 490 million
Polish Financial Supervision Authority issued recommendations about MTPL insurance claim
The new recommendations of the Polish Financial Supervision Authority (KNF), concerning the liquidation of motor insurance claims
Swiss Re expandes partnership with healthcare-tech Verily – subsidiary of Alphabet
Swiss Re has expanded its partnership with Verily by exchanging an investment in Granular Insurance Company for an equity stake in Verily.
Insured losses from Hurricane Fiona are predicted to be between $300 mn to $700 mn
Hurricane Fiona has caused loss of life, extensive property damage, flight cancellations and power loss for hundreds of thousands of homes across Atlantic Canada
Marine & Energy division RB Jones acquires Smart Cargo Insurance business from Corvus
Specialty risk coverage solutions provider RB Jones announced its Marine & Energy division acquired the Smart Cargo Insurance business from Corvus Insurance
Aviva launches a standalone insurance coverage for electric vehicle (EV) charging stations
Aviva has launched a standalone insurance product that specifically covers electric vehicle (EV) charging stations, responding to a “boom” in the number being installed in the UK
California-based insurtech Bamboo raises $15mn in Series A led by Eos Venture
California-based US home insurtech Bamboo that offers a range of homeowners, car and personal insurance, has raised $15mn in a Series A funding round
Crop monitoring insurtech PlanetWatchers raises $11mn for ensuring global supply chains
PlanetWatchers, an insurtech that uses radar and machine learning to provide insights to insurers about changes to a crop, has raised US$11mn in funding of its Series A
FintechOS has partnered with Admiral to power its digital pet insurance products
FintechOS has partnered with UK insurance leader, Admiral, to power its new, digital pet insurance product. FintechOS is a leader in high-productivity fintech infrastructure
Insurtech Wefox: the insurance industry must improve the customer experience
Insurtech Wefox is calling on the insurance industry to improve customer experience and trust in the industry. The insuretech surveyed more than 12,850 consumers
How the Poseidon Principles for Marine Insurance create a benefits for insurers?
Marine insurers have agreed to increase the standards by which they measure climate alignment in the maritime industry
Fannie Mae transferes $700mn of mortgage credit risk to 23 re/insurers
Fannie Mae has announced the transfer of $700m of mortgage credit risk to private re/insurers through its Credit Insurance Risk Transfer (CIRT) 2022 program
McDonald’s moves global insurance operation from Dublin to Bermuda
McDonald’s is moving its global insurance operation to Bermuda from Dublin and is tailing off its Irish vehicle, says a report from the Irish Independent
Japanese Life Insurance Industry will grow to $313 bn in 2026
Japanese life insurers face a series of tough challenges over the next five years because of the country’s ageing demographic and economic factors
The safe deployment of autonomous vehicle technology could revolutionise the mobility space
Safe deployment of autonomous vehicle technology could revolutionise the mobility space, though the insurance industry might not be equipped with the right knowledge
Insurers need partners to reduce the threat flooding poses to life and property worldwide
Insurance Information Institute have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide
Avanta Ventures announces $225 mn fund for early-stage insurtech startups
Avanta Ventures announced a $225 million early-stage Fund II, bringing its assets under management to over $300 million.
Google Cloud and Travelers Insurance to create a cloud-based data ecosystem
Google Cloud and Travelers announced they are working together to create a cloud-based data ecosystem that will quickly synthesize vast amounts of information
Medicare online insurance broker GoHealth receives $50 mn investment
Medicare-focused online insurance broker GoHealth has received a $50 million private investment
Indian auto-insurtech Zopper raises $75mn in Series C funding
The New Delhi-based auto-insurtech Zopper raises US$75mn in capital in latest Series C funding drive. Investment round will boost startup's plans to launch international rollout
UK insurtech ARMD has won a place on the Lloyds Lab accelerator programme
The UK insurtech startup ARMD has won a place on the latest Lloyds Lab accelerator programme. The innovation lab, which offered a place to nine insurtech startup
CEO Vienna Insurance Group Elisabeth Stadler will retire in 2023
VIG's Deputy CEO and Deputy Chairman of the Board Hartwig Loeger, ex-Federal Finance Minister and short-term Chancellor, may become the Austrian Group's CEO
Norbert Rollinger – new President of the German Insurance Association (GDV)
Norbert Rollinger is the new President of the German Insurance Association (GDV). The Executive Committee elected the CEO of R+V Versicherung AG to head the association
The Vermont Supreme Court revives a military shipbuilder’s lawsuit for BI insurance coverage
The Vermont Supreme Court has revived a military shipbuilder’s lawsuit for insurance coverage of lost income and extra expenses incurred during the COVID-19 pandemic
Insurtech Inclined raises $15m in a Series A funding round
Fintech startup Inclined has announced it has raised $15m in a Series A funding round. HSCM Ventures led the round, with participation from Anthemis Group
India’s life insurance market swelles by 11% CAGR
The growth of India’s Life insurance market has reported a CAGR of 11% in the sector that has occurred consistently, between 2017 and 2022
UK insurtech Urban Jungle launches Home and Car Multiline Insurance Cover
UK insurtech startup Urban Jungle has become the first insurtech to offer Car and Home multiline insurance cover
Cyber insurance provider At-Bay acquires insurtech marketplace Relay
Cyber insurance provider At-Bay is to acquire Relay, a Toronto-based technology solutions provider, which has built a dynamic digital placement solution
Reinsurance market requires close attention ahead of the January 2023 renewals
Reinsurance market has materially shifted and requires close attention ahead of the January 1st, 2023, renewals
Insurtech provider of workers’ compensation Pie Insurance raises a $315 mn funding in Series D
Pie Insurance, a leading tech-enabled provider of workers’ compensation insurance to small businesses, has raised a $315 million Series D round of funding
Reinsurance capacity crunch could be one of the key catalyst for property catastrophe rate rises
A potential capacity crunch in the reinsurance sector could be one of the key catalysts for further property catastrophe rate rises at the January 2023 renewals
Swiss Re: cyber insurance premiums could be on a level footing with P&C by 2040
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class
UK regulator is paying close attention to the concentration risk due to insurers’ reliance on reinsurance
UK regulator the Prudential Regulation Authority (PRA) is “paying close attention” to the potential for concentration risk due to insurers’ reliance on reinsurance
Underwriting insurance platform Federato raises $15 mn in Series A funding
Federato, a portfolio strategy and underwriting platform for the insurance industry, has raised $15 million in Series A funding, led by Emergence Capital
Generali reaches an agreement to buy the former MetLife pension business in Poland
Generali announced that it has reached an agreement with NN Group to buy the former MetLife pension business in Poland
Hannover Re sees a number of reasons for rising primary insurance rates
Against the backdrop of a trend towards more expensive large losses, German reinsurer Hannover Re expects further price increases and improved conditions in property
Greek insurance market in H1 2022 totaled EUR 2.1 bn premiums
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.14 billion, up by 0.20% y-o-y
Hungarian insurance market in H1 2022 rose by 14.8%
Hungarian insurance market in H1 2022 rose by 14.81% to HUF 785.43 billion, according to the quarterly statistics published by the National Bank of Hungary
Global insurance-linked securities (ILS) market remains bogged with prior catastrophe losses
Global insurance-linked securities (ILS) market remains bogged with prior catastrophe losses as the overall performance of funds deteriorates
AI-powered Startup Kanverse signes up to Guidewire’s Insurtech Vanguards programme
A leading hyperautomation platform Kanverse has signed up for Guidewire's Insurtech Vanguards programme as part of a new innovative strategy
U.S. D&O insurance results in the 1H2022 have improved
U.S. Directors & Officers (D&O) insurance results in the first half of 2022 have improved, though premium growth has stalled
US life insurtech TCARE raises $17mn for aimed at family caregivers
US insurtech platform TCARE, which provides support to family caregivers and offers a “first-of-its-kind” caregiver insurance to protect against the cost of caring
Insurtech Planck raises $23mn for AI-powered data platform for commercial insurers
Insurtech startup Planck, which is building an AI-powered data and analytics platform for commercial insurers, has raised another $23mn
Insurtech Turaco raises $10mn funding from Series A
The Kenyan insurtech Turaco has raised US$10mn in funding from its latest Series A while maintaining a one billion user target and plans to roll out services across Africa
Insurtech Yokahu selected for inclusion in the 9 cohort of the Lloyd’s Lab
Insurtech Yokahu has been selected for inclusion in the ninth cohort of the Lloyd’s Lab to develop a new parametric loan default protection product
Verisk Maplecroft launches new Industry Risk Analytics
Verisk Maplecroft, a global risk analytics business of Verisk, has launched its new Industry Risk Analytics to provide companies, insurers, and financial institutions
The cost of a cyber claim for small business increased by 58% in 1H2022
The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before
Reinsurers are showing a diverging appetite for Florida property catastrophe risk
Reinsurers are showing a diverging appetite for Florida property catastrophe risk ahead of further anticipated price increases and coverage constraints going into 2023
International insurance broker Howden acquires Born Consulting
Founded in 2003, Born Consulting is based in Bern, Switzerland and is an independent insurance broker for national and international intermediaries
Insurance Europe: EU supervision of third-party litigation funding sector could benefit
The European Parliament plenary session adopted MEP Axel Voss' own initiative legislative report on responsible third-party litigation funding (TPLF)
Insurtech provider Patra announced a $146 mn growth investment
Patra Corporation announced a $146 million growth investment as part of a recapitalization from FTV Capital, a sector-focused growth equity firm
Reinsurance market expects underlying profitability in 2022 and 2023
Fitch Ratings has maintained its global reinsurance market outlook at neutral and expects underlying profitability to remain broadly stable in 2022 and 2023
Natural catastrophe events in Germany caused damages of €3bn in the 1H2022
The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022
Parsyl, Lloyd’s syndicate-in-a-box 1796, transferred from Ascot to Asta Managing Agency
Asta, a third-party managing agent at Lloyd’s, announced that the management of Parsyl syndicate-in-a-box 1796 transferred to Asta Managing Agency
Sun Life Insurance is acquiring a 51% Advisors Asset Management for $214 mn
Sun Life Financial is acquiring a majority stake in the US-based retail distribution firm Advisors Asset Management (AAM).
South Korean digital insurance carrier Carrot secures $250 mn funding
South Korean digital insurance carrier Carrot General Insurance has secured a fresh funding of $25 million. Led by private equity firm Affirma Capital
Duuo Insurance partneres with property management software Tenantcube
Duuo Insurance Services announced a partnership with property management software Tenantcube to allow tenants to get a renters insurance quote through the Tenantcube platform
Insurtech Hippo Insurance cutting 10% of workforce
Israeli-founded insurtech company Hippo has announced that it has laid off 70 employees, which represents approximately 10% of the company’s workforce
German health insurtech Ottonova raises €34 mn in Series F financing
German digital private health insurer Ottonova has closed its Series F financing with an equity raise of €34 million. The current round is led by private equity investor
Fitch: European insurance sector outlooks could move to deteriorating
Several European insurance sector outlooks could move to ‘deteriorating’ if high inflation persists and interest rate rises become more significant
Climate, war and capital are coalescing to create a tipping point for the reinsurance market
According to Howden’s Reinsurance Market Report, heightened volatility caused by various aspects of the current risk landscape has led the market
AIG launches IPO of its majority-owned subsidiary, Corebridge Financial
American International Group (AIG) has launched the initial public offering (IPO) of its majority-owned subsidiary, Corebridge Financial.
Only 7-10% of Bulgarian homeowners are insured against damages arising from natural disasters
A torrential rain caused rivers and streams to overflow flooding several villages in Bulgarian Plovdiv Province on September 2022, leaving over 500 people in need of safe
Insurtech Ownli offering a free consumer data monetization platform for insurance industry
Formerly known as Parked, Ownli is a startup founded in 2020 to focus on the insurance industry by offering a free consumer data monetization platform
Data insurtech startup Tarci closes a $17 mn Series A funding round
Tarci, formerly Leadgence, has closed a $17 million Series A funding round which saw participation from Liberty Mutual Strategic Ventures
US cyber insurance market premiums increasing by 76% to $4.83bn
The US cyber market saw continued and increasing demand for its products in 2021, according to a new report from re/insurance broker Aon
Russia-Ukraine war as a contained risk for re/insurance sector
The full extent of insurance and reinsurance losses stemming from the war between Russia and Ukraine remains a murky subject with many unknown factors
US life and health reinsurers’ earnings suffered from adverse mortality trends
According to AM Best, companies within the global life/annuity and health reinsurance segments are adopting different approaches as they react to elevated mortality trends
QBE will underwrite telematics insurtech Zego’s behavior-led fleet product
QBE Insurance will underwrite Zego’s behavior-led fleet product, which leverages telematics data to assess a fleet’s risk profile
Lloyd’s of London reportes an overall loss of £1.8 bn for the 1H2022
Lloyd’s of London reportes an overall loss of £1.8 billion for the first half of 2022, but despite reserving £1.1 billion for claims related to the war in Ukraine
S&P have opted to maintain their negative view on the global reinsurance sector
S&P Global Ratings have opted to maintain their negative view on the global reinsurance sector, but have said there are encouraging signs
Swiss Re intends to grow and diversify natural catastrophe portfolio
Swiss Re has reported that it intends to “further grow and diversify” its natural catastrophe portfolio as it capitalizes on opportunities to hedge the current volatile environment
US and Bermuda reinsurers have seen strong operating returns in the 1H2022
US and Bermuda reinsurers have seen strong operating returns in the first half of 2022 with the conflict in Ukraine contributing to “modest” losses
Malaysian insurance market will reach $27 bin in 2026
Led by the life insurance and pension segment the Malaysian insurance industry will reach $26.7 billion in 2026.
Catastrophe losses and pandemic risk have fuelled an increase in insurance and reinsurance protection
Reinsurance earnings will be strengthened by increasing prices and higher investment income amid rising interest rates
Morgan Stanley: reinsurance pricing will remain strong regardless of a hurricane season
Analysts at Morgan Stanley have said reinsurance pricing will remain strong regardless of a potentially benign hurricane season in 2022
Insurtech startup SureBright secures a $2.5 mn pre-seed round
Insurtech startup SureBright has secured a $2.5 million pre-seed round to hire more staff and build out its embedded insurance and warranty solution
SaaS insurance startup MetaMorphoSys raises $3 mn led by fund Capital2B
Business-to-business (B2B) SaaS insurance startup MetaMorphoSys has raised $3 mn in Pre-Series A funding led by Info Edge-backed technology fund Capital2B
MetLife to acquire Affirmative Investment Management, a specialist global ESG
MetLife Investment Management, the institutional asset management business of MetLife, is planning to acquire Affirmative Investment Management
Indian InsurTech Digit Insurance to enter life insurance sector
Digit Insurance is entering the life insurance space under the brand Go Digit-Life Insurance. Further, HDFC Bank may invest up to ₹69.9 crore in the company for a ~9.95% stake
RentSpree announced a partnership with Sure to offer renters insurance
Rental management software provider RentSpree announced a partnership with Sure to offer renters insurance to users directly via its platform
Insurtech Previsico launches live flood forecasting alert service in the US
UK-based insurtech Previsico has announced the launch of its live flood forecasting alert service in the US. The launch is in partnership with Nexus Alpha USA
Lloyd’s will post a robust underwriting performance in 2022-2024 as reinsurance rates harden
S&P Global Ratings’ latest Lloyd’s Market 2022 Review states a belief that the market will post a robust underwriting performance between 2022 and 2024
Insurers estimates that $5.3 bn is the cost of floods in Australia
The Insurance Council of Australia (ICA) has estimated that $5.28 billion is the cost of this year’s floods across South-East Queensland and northern New South Wales
Global insured losses from natural catastrophes in H1 2022 at $35 bn
Global estimated insured losses from natural catastrophes in first half of 2022 totaled USD 35 billion, 22% above average of past ten years (USD 29 billion)
UNIQA Insurance Group generated earnings of EUR 169 mn, premiums written grew to EUR 3.4 bn
In 1H2022, the UNIQA Insurance Group generated earnings before taxes of EUR 169 million, by 22% lower y-o-y, under the impact of the exposure to Russian bonds
Insurtech Synatic with Relativity6 will help insurance carriers accelerate underwriting
Synatic, a leader in data integration and automation, announced its partnership with…
European insurers are distancing themselves from EACOP, crude oil pipeline Uganda-Tanzania
A number of European insurers have ruled out underwriting a proposed crude oil pipeline linking Uganda’s oil fields with the Tanzanian port of Tanga
Covr launches digital platform for life insurance agents Covr Pro
Covr has launched Covr Pro, a digital platform for independent insurance agents offering access to life, long-term care, linked-benefit
Mental health and insurance network Alma raises $130 mn in Series D funding
Alma, a membership-based network that helps independent mental health care providers accept insurance and “build thriving private practices,” announced $130 million in Series D
Fair Square Medicare raises $15 mn in Series A funding led by Define Ventures
Fair Square Medicare, a brokerage helping seniors navigate Medicare Parts A & B, Medicare Advantage, and Medigap, has raised $15 million in Series A funding
Brazilian InsurTech startup Latú Seguros raises $6.7 mn in pre-seed round
Latú Seguros, a Brazilian commercial insurance startup, has closed a $6.7 million pre-seed round led by CRV and Monashees, with the participation of Onevc
Erie Insurance launches fund Erie Strategic Ventures to support entrepreneurs and InsurTechs
Erie Insurance, an auto, home, business and life insurance company based in Pennsylvania, announced the establishment of Erie Strategic Ventures
Reinsurance rates will continue to harden during the January 2023 renewals
Fitch Ratings have argued that reinsurance rates will continue to harden during the January 2023 renewals, even in the absence of significant catastrophe losses
Why average net combined ratio from P&C reinsurance deteriorated?
Europe’s big four average net combined ratio from property and casualty (P&C) reinsurance deteriorated to 98.9% from 95.5% a year earlier
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