Severe weather cost Canadian insurers C$1.7 bn, total insured damage exceeded C$8.5bn
Severe weather events cost Canadian commercial carriers over C$1.7bn ($1.19bn) in 2024, according to Catastrophe Indices and Quantification
News
The latest news and research on Global insurance, reinsurance, insurtech, fintech, healthtech and finance industry. Explore the latest insights, trends and breaking news from financial & insurance industry authority Digital Insurance Media
Allianz, BlackRock, T&D lead €3.5bn acquisition of Viridium, life insurance consolidator
A consortium led by Allianz SE, BlackRock, and Japan’s T&D Holdings will acquire Viridium Group, a German life insurance consolidator, for €3.5bn
PERILS released 3rd insurance industry loss estimate for the Central Europe and Italy floods
PERILS, a Zurich-based organization providing catastrophe insurance data, released its third industry loss estimate for the Central Europe and Italy floods
Lloyd’s reported a 6.5% increase in premiums written, raising to £55.5bn
Lloyd’s of London announces its full year 2024 financial result. 2024 saw the continuation of positive returns, with profit before tax of £9.6bn
U.S. medical liability insurer Doctors Co. acquires ProAssurance for $1.3 bn
The Doctors Co., the largest physician-owned medical liability insurer in the U.S., will acquire ProAssurance Corp. for $1.3 bn
IK Partners acquires stake in Seventeen Group to expand UK insurance presence
Private equity firm IK Partners announced that one of its funds will acquire a minority stake in Seventeen Group, a London-based company
Insurance Europe criticizes EU Sustainability Risk Rules for duplication & cost
The European Insurance and Occupational Pensions Authority’s proposed sustainability risk rules would duplicate existing regulations and increase costs
Vienna Insurance Group posts higher 2024 profit despite €617 mn flood loss
Vienna Insurance Group boosted its 2024 profit despite taking a €617 mn hit from flooding caused by storm Boris in Central and Eastern Europe
U.S. Senate moves to extend National Flood Insurance Program through 2026
A new Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 2026, aiming to end a decade of frequent short-term extensions
New York attorney general sues Allstate over National General’s cybersecurity failures
Allstate Corp. is being sued by the New York attorney general, who claims its subsidiary, National General Holdings Corp., failed to protect consumer data
25% of insurers have fully adopted digitalization across value chain
Only 25% of insurers surveyed have fully adopted digitalization across their value chain, while 10% have made minimal use of digital technologies
Fairfax Financial appointed Amy Sherk as CFO, replacing Jennifer Allen
Fairfax Financial Holdings Ltd. has appointed Amy Sherk as chief financial officer, replacing Jennifer Allen
Swiss Re published its Annual Report and Sustainability Report
Swiss Re published its Annual Report 2024, Sustainability Report 2024 and the invitation for the upcoming Annual General Meeting of shareholders
Insurtech Norm Ai, a compliance AI platform, secured $48 mn in new funding
Insurtech Norm Ai, a compliance AI platform, secured $48 mn in new funding, reflecting strong investor confidence in its technology
EU Insurance markets could benefit from public-private reinsurance for climate risks
EU insurance markets could gain from a proposed public-private reinsurance scheme for climate-related losses
Allianz extends Worldwide Olympic & Paralympic Partnership through 2030-2032
Allianz will continue as the worldwide insurance partner of the Olympic and Paralympic Winter Games French Alps 2030 and the Olympic and Paralympic Games Brisbane 2032
Allianz to sell 26% stake in Bajaj Insurance Joint Ventures for €2.6 bn
Allianz SE entered into binding share purchase agreements with Bajaj Finserv to sell its 26% stake in its successful non-life and life insurance joint ventures – Bajaj Allianz General Insurance
Property catastrophe reinsurance pricing to stabilize at US-focused renewal rounds
After a mixed pricing environment at the January 1, 2025, reinsurance renewals, Moody’s analysts expect property catastrophe reinsurance pricing to stabilize
Flood Re secured £140 mn in retrocession reinsurance coverage with catastrophe bond
Flood Re has secured £140 mn in retrocession reinsurance coverage with its first catastrophe bond, Vision 2039 – Series 2025-1
Insurity formed a partnership with insurtech InsCipher
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has formed a partnership with InsCipher
Insurtech Lemonade leverages ZestyAI’s advanced risk insights to strengthen coverage
ZestyAI announced today that Lemonade, the digital insurance company powered by AI and social impact, has adopted the ZestyAI platform to further optimize underwriting
Insurtech ZestyAI partnered with the Colorado FAIR Plan
Insurtech ZestyAI, an AI-driven climate and property risk analytics provider, has partnered with the Colorado FAIR Plan to improve insurance access for homeowners
The UK needs over £1 bn in annual flood defence investment to address rising climate risks
The UK needs over £1 bn in annual flood defence investment to address rising climate risks, according to a study by flood risk modelling firm Fathom
Re/insurance executives remain cautiously optimistic about 2025
Re/insurance executives remain cautiously optimistic about 2025, though expectations vary between property catastrophe and casualty lines
Canada Life completed a £361 mn full-scheme buy-in with an pension scheme
Canada Life has completed a £361 mn full-scheme buy-in with an undisclosed pension scheme, covering over 850 deferred members and about 650 pensioners
Insurance Europe supports the European Commission's ambition to build a Savings and Investments Union. The insurance sector plays a crucial role in achieving the SIU's goals
The directors and officers (D&O) insurance market has experienced favorable results in recent years, but ongoing risks and market uncertainties could challenge sustainability
Integrating real-time data analytics through big datasets, AI, and ML technologies empowers companies to detect high-risk policies before solidifying agreements
U.S. life insurers have used reinsurance to reduce exposure to long-term care (LTC) insurance. The transactions strengthen balance sheets, improve capital efficiency