Globe Life submits business plan to BMA to establish reinsurance affiliate
Globe Life has submitted a preliminary business plan to the Bermuda Monetary Authority (BMA) to establish a reinsurance affiliate later this year
News
Canada’s total insured catastrophe losses for 2024 to a record C$9.2 bn
Canadian insurers reported estimated losses of C$1.3 bn from the Jasper wildfire—C$80 mn above initial projections made in January
Marsh USA sues former Florida executives over alleged mass defection to Howden
Marsh USA has filed a lawsuit in U.S. District Court for the Southern District of New York, accusing four former Florida-based executives of orchestrating a large-scale employee
North Carolina adds $20 mn to roofing grant program for insurance policyholders
North Carolina’s Department of Insurance announced a $20 mn funding boost for its Strengthen Your Coastal Roof program, expanding grants for homeowners upgrading
Massachusetts Division of Insurance finalized 2026 premium rates for health insurance plans
The Massachusetts Division of Insurance (DOI) has finalized 2026 premium rates for individual and small group health plans, securing lower-than-requested increases from 6 insurers
Insurer Santam received approval from Lloyd’s to establish Syndicate 1918
South Africa-based Santam has received in-principle approval from Lloyd’s to establish a London-based syndicate, part of its strategy to expand international operations
UK High Court allows COVID-19 business interruption insurance claims on per-premises basis
The UK High Court of Justice ruled that racecourses and affiliated businesses can pursue business interruption (BI) insurance claims on a per-premises basis for COVID-19-related closures
LA Judge allows legal challenge to $1 bn FAIR Plan assessment to proceed
Los Angeles Superior Court judge has ruled that a lawsuit challenging the California Department of Insurance’s approval of a $1 bn assessment on insurers
Judge approves distribution plan for $318 mn asset sale tied to Greg Lindberg fraud case
A federal judge has approved the distribution of funds from the $318 mn sale of Clanwilliam Group, an Irish software company formerly owned by Greg Lindberg
UnitedHealth confirms DOJ investigations into Medicare practices
UnitedHealth Group has confirmed that the U.S. Department of Justice is conducting both criminal and civil investigations into its Medicare Advantage operations
Lawmakers propose review of FEMA mitigation program’s long-term impact
Three members of Congress—two Democrats and one Republican—have introduced a bill directing the Federal Emergency Management Agency (FEMA) to assess the long-term value
Allianz Life confirms data breach affecting majority of U.S. customers
Allianz Life Insurance Company of North America has confirmed a data breach impacting most of its 1.4 mn U.S. customers
California workers’ compensation rates rise as costs climb, Ricardo Lara warns lawmakers
California Insurance Commissioner Ricardo Lara has approved an 8.7% increase in advisory pure premium rates for workers’ compensation policies renewing on or after September 1
Munich Re announces leadership transition and Board of Management changes
Munich Re’s Supervisory Board has confirmed a leadership transition and new appointments to its Board of Management
Munich Re recorded strong H1 2025: net profit raised to €3.2 bn
Munich Re recorded a strong second quarter 2025. The Group’s preliminary net profit of approximately €2.1bn significantly surpassed analysts’ consensus estimate of €1.624bn
U.S. road fatalities dropped by 6.3% in Q1 2025
U.S. traffic deaths dropped to 8,055 in Q1 2025, down from approximately 8,596 during the same period in 2024. This marks a 6.3% decline and continues a 12-quarter downward
£592 mn cyberattack hits Marks & Spencer and Co-op – Insurance Sector on Alert
The April 2025 cyberattacks on Marks & Spencer and Co-op have officially been classified as a single coordinated insurance incident
Funding reductions and layoffs at the NOAA are drawing serious concern across P&C insurance sector
As the U.S. braces for another intense hurricane and wildfire season, a new concern is emerging—not from environmental threats, but from federal budget decisions
Morningstar forecasts mild U.S. economic slowdown through 2026
The U.S. economy is set for a modest deceleration in the second half of 2025, with consumer spending cooling and trade policy uncertainty weighing on growth
Colorado State University’s hurricane team revised 2025 Atlantic hurricane season outlook
Colorado State University’s hurricane team, one of the most widely cited in the U.S., slightly revised its 2025 Atlantic hurricane season outlook last week—now forecasting 8 hurricanes
New York Court dismisses lawsuit against social media over Buffalo Mass Shooting
A New York appellate court ruled that social media companies cannot be sued for their alleged role in the 2022 racially motivated mass shooting at a Buffalo grocery store
Southwest Airlines Flight maneuvers to avoid midair conflict; two crew members injured
Two Southwest Airlines flight attendants sustained injuries on Friday after a sharp in-flight maneuver prompted by traffic alerts forced a sudden altitude change shortly after departure
Cincinnati Specialty seeks ruling on liability in Kansas City Chiefs’ Super Bowl rally shooting case
A federal court in Missouri will now determine whether Cincinnati Specialty Underwriters Insurance Company must provide coverage in connection with the deadly shooting during the Kansas City Chiefs’ Super Bowl rally
Global credit faces downside risks despite insurance market resilience
Fitch Ratings reports that global credit conditions remain tilted toward downside risk, citing slowing economic growth, volatile U.S. trade policy
Catastrophe bond market hits record $6.5 bn in Q1 2025
Aon reports that Q1 2025 saw $6.5bn in new catastrophe bond issuance, setting a first-quarter record and surpassing the previous high by over $2.6bn.
Cayman insurance market adds 21 new international licenses in H1 2025
The Cayman Islands Monetary Authority (CIMA) approved 21 new international insurer licenses in the first half of 2025, reflecting continued growth in the commercial insurance, reinsurance
PERILS raises insurance industry loss estimate for Windstorm Éowyn to €747 mn
PERILS has increased its third industry loss estimate for extratropical windstorm Éowyn (also referred to as Gilles) to €747mn, up from €696mn in April
FBI and cybersecurity firms warn airlines of Scattered Spider attacks
The FBI and major cybersecurity firms are warning that Scattered Spider, a well-known hacking group, is now targeting the airline and transportation sectors
InsurTech & FinTech expansion drive growth of Dubai International Financial Center in 2025
The Dubai International Financial Centre (DIFC) recorded its strongest half-year performance to date, led by significant momentum in the insurance and FinTech sectors
Max Financial confirms data breach at Axis Max Life Insurance following hacker alert
India’s Max Financial Services has confirmed that its insurance arm, Axis Max Life Insurance, experienced unauthorized access to customer data following a tip-off from an anonymous source
Sputnik Digital launches AI Tool ‘Invntry’ to automate home contents valuation for insurers
The tool, Invntry, automatically compiles and estimates the value of items from images, streamlining a traditionally time-consuming process for both insurers and policyholders.
InsurTech Loxa secures £1.69 mn in seed funding to expand product protection platform
London-based InsurTech Loxa has raised £1.69 mn in seed funding to scale its retail-focused product protection platform
Insurance data platform Percayso Inform backs Pizza Insurance ahead of consumer launch
Insurance data platform Percayso Inform has partnered with startup motor insurance broker Pizza in preparation for Pizza’s official rollout later this year
RAC Insurance partners with Ticker to launch connected motor insurance products
RAC Insurance has formed an exclusive agreement with Ticker, a UK-based telematics insurance provider, to distribute a range of connected motor insurance products
Digital insurance MGA Ripe reported its 17th straight year of double-digit growth
A Manchester-based digital insurance MGA Ripe reported its 17th straight year of double-digit growth, with turnover reaching £20.6mn in 2024
Short-term car insurtech Cuvva reported growth – profit reached £12.8mn
Cuvva, a London-based short-term car insurance provider, reported record growth in 2024. Profit reached £12.8mn—triple the previous year’s result
UK motor insurance premiums rise driven by factors beyond insurers’ control
FCA stated that the recent increase in motor insurance premiums results largely from factors outside insurers’ control
Insurtech financing in Latin America reached $240 mn in 2025, a 370% increase
Insurtech financing in Latin America reached $121 mn in H1 2025, a 370% increase compared to the same period in 2024, according to a report by Digital Insurance LATAM
Lloyd’s granted ‘in principle’ approval for the new Atradius Syndicate 1864
Global credit insurer Atradius announces that Lloyd’s has granted ‘in principle’ approval for the new Atradius Syndicate 1864, targeting 1st January 2026
North American life reinsurance grew significantly – reserves increased to $2.4 tn
North American life reinsurance grew significantly in 2024, driven by expanding partnerships between insurers and alternative investment managers
Munich Re reported net result of €3.2 bn for H1 2025
Reinsurer Munich Re reported a preliminary net profit of €2.1 bn for Q2 2025 and a net result of approximately €3.2 bn for H1 2025
European Commission proposes Solvency II reforms to free capital and strengthen stability
The European Commission launched a consultation on draft technical measures under the Solvency II framework, including updates to insurance regulations covering areas
California proposes Federal Reinsurance Program to stabilize insurance and cut costs
California Democrat Sen. Adam Schiff introduced legislation to establish a federal catastrophic reinsurance program intended to stabilize state property insurance markets and reduce premiums
California FAIR Plan exposure surges 42% to $650 bn as wildfire risks rise
The California FAIR Plan’s exposure rose 42% to $650 bn during the nine months ending in June, as more insurers declined to renew or offer policies
Florida approves assumption of up to 228,947 Citizens policies by 7 insurers
The Florida Office of Insurance Regulation approved seven companies to assume up to 228,947 multiperil and wind-only personal residential policies from Citizens Property Insurance
Life insurtech Meanwhile releases audited bitcoin-denominated financial statements
Meanwhile Insurance Bitcoin (Bermuda), the life insurer fully denominated in Bitcoin (BTC), announced the completion and public release of audited financial statements
Ethena Labs partners with Re integrated real-world reinsurance via $sUSDe and $USDe
Ethena Labs, an established Ethereum-based synthetic dollar protocol, announced an exclusive collaboration with Re, a blockchain-based reinsurer that allows consumers to stake tokens
Crypto:com announced $120 mn insurance policy to protect digital assets
Crypto:com, a global crypto exchange platform, has strengthened its security measures by announcing a $120 mn insurance policy to protect its digital assets
Mercurity Fintech signed a $200 mn Equity Line of Credit Agreement with Solana Ventures
Mercurity Fintech Holding, a blockchain-powered fintech group, signed a $200 mn Equity Line of Credit Agreement with Solana Ventures
Coface Lloyd’s Syndicate 2546 is expected to begin underwriting in 2025
Trade credit insurer Coface SA announced it received in-principle approval from Lloyd’s to establish a new short-term trade credit syndicate, which will be managed by Apollo Syndicate
AI insurtech Quandri raised $12 mn in a Series A funding round
Quandri, a Canadian AI startup improving how insurance brokerages and agencies handle servicing work, raised $12 mn in a Series A funding round
AI startup Heron raised $16 mn in Series A led by Insight Partners
Heron, a startup applying AI to automate workflows in business lending, equipment finance, and insurance, raised $16 mn in Series A funding led by Insight Partners
Cargo thefts in the US increased by 27%, with losses estimated at $1 bn+
Cargo theft in the United States reached a record level in 2024, with stolen goods and estimated losses exceeding $1 bn for the first time and rising another 27% in 2025
American International Group appointed John Neal as president
American International Group Inc. appointed John Neal as president, effective Dec. 1. In this role, Neal will oversee AIG’s general insurance organization
Personal insurance litigation in Florida declined ~25% in H1 2025
Personal insurance litigation in Florida declined nearly 25% in the first half of 2025 compared with the same period in 2024, according to the Florida Office of Insurance Regulation
U.S. insurers absorbed 92% of the $84 bn in global NatCat insured losses
U.S. insurers absorbed 92% of the estimated $84 bn in global insured weather- or climate-related losses in the first half of 2025, illustrating the increasing impact of so-called non-peak perils
California Regulator Orders Innovative Partners to Stop Illegal Health Coverage Sales
The California Department of Insurance (CDI) issued a cease-and-desist order to Innovative Partners LP, stating the company operated illegally as an insurance provider
Insurtech Retirable raised $10 mn Series A round led by IA Capital Group
Retirable, a startup offering a retirement platform for everyday Americans, announced a $10 mn Series A round led by IA Capital Group
Startup Hourly is merging with business insurance provider WeSure Digital
Hourly, a startup providing workers’ compensation, time tracking, and payroll solutions, is merging with small business insurance provider WeSure Digital
Insurtech Coverflow raised $4.8mn in seed funding led by AIX Ventures
Insurtech Coverflow, which provides a platform that automates policy analysis, data entry, and workflow management for insurance brokers, has announced $4.8mn in seed funding
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
The first notice of loss (FNOL) is the starting point for every insurance claim. It sets the tone for the entire claims cycle. And for years, this process has been manual
InsurTech funding crossed a significant milestone in Q2 2025, with $60.8bn raised since records began in 2012. The data reflects the scale of investor appetite over 10Y