Major change in the U.S. Supplemental Security Income program
The federal agency announced that starting in December 2024, the SSI application process will move entirely online through the iClaim platform
News
Federal Deposit Insurance Corp’s proposals will slow investors’ share purchases in banks
The Federal Deposit Insurance Corp. (FDIC) has proposed a rule that may delay investors’ bank share purchases by up to six months, with potential effects on mergers and acquisitions
Real estate AI-startup Placy sequred €1 mn in pre-seed funding
Cypriot real estate AI-startup Placy sequred €1 mn in pre-seed funding led by Zubr Capital, an European Fund regulated by CySEC, focused on investing in high potential IT companies
Social Security is simplify the sign-in experience with authentication standards
Social Security Administration announced that users who set up an online account, such as a my Social Security account must switch to a Login.gov
U.S. life insurance applications increased by 9.3% in 2024 – MIB report
U.S. life insurance applications increased by 9.3% in July 2024 compared to July 2023, and the year-to-date growth stood at 1.7%
Tesla offers state-specific discounts for car insurance policyholders with various limits
Tesla now offers state-specific discounts for car insurance policyholders in the 12 states where Tesla Insurance operates. These discounts aim to lower insurance costs
Insurers faced significant threats of risks during the Paris Olympics
During the Paris 2024 Olympics insurers were on high alert over potential risks that could lead to event cancellations and significant insurance losses
Insured losses from the Jasper Wildfire Complex exceeded $653.4 mn
Insured losses from the Jasper Wildfire Complex have exceeded C$880 mn ($653.4 mn), according to Catastrophe Indices and Quantification Inc
Swiss Re reported a net income of $2.1 bn, ROE of 20% for H1 2024
Swiss Re reported a profit of $996 mn in the second quarter of 2024, resulting in a net income of $2.1 bn and a return on equity (ROE) of 20% for the first half of the year
Vienna Insurance Group’s premiums reached EUR 7.9 bn in H1 2024
Vienna Insurance Group’s robust growth in H1 2024. Gross written premiums increased by 7.9% year-over-year, reaching EUR 7.89 bn in the first half of 2024
Risk management platform CultureAI secured $10 mn in Series A
CultureAI, a human risk management platform, secured $10 mn in Series A funding led by Mercia Ventures and Smedvig Ventures
Australian insurers faced $1.46 bn losses during 2024 catastrophe season
Australian insurers faced losses of A$2.19 bn ($1.46 bn) from four events during the 2023-2024 catastrophe season, according to the ICA
Catastrophe losses amid severe weather events in Canada estimates $809 mn
Intact Financial Corp. reported that recent extreme weather events, including floods in Toronto and Montreal, wildfires in Jasper, and hailstorms in Calgary, estimated $809 mn
Insurers agree to $4 bn settlement for Maui wildfires insurance claims
A global settlement of $4 bn has been tentatively reached to resolve all lawsuits stemming from the Maui wildfires. Insurers cannot independently pursue subrogation claims
Insurers estimate losses from Greece wildfires and European storms
Aon reports that wildfires in Greece and severe convective storms across Europe could result in hundreds of millions of dollars in losses. Beginning August 12, storms in Switzerland and Austria brought heavy rain
Insurers faced $688 mn in losses after storms triggered flash floods in Ontario
Insurance companies faced $688 mn in losses after mid-July storms triggered flash floods in southern Ontario, reported Catastrophe Indices and Quantification
Fintech Jetty migrates to Socotra’s cloud insurtech platform
Insurtech Socotra announced that Jetty, the fintech company on a mission to make renting a home more affordable and accessible, has gone live and migrated Jetty Deposit
Verisk launched a new offshore renewable energy module
Verisk Specialty Business Solutions, a software provider for the re/insurance markets in London and the US, has launched a new offshore renewable energy module
Canadian insurtech YouSet secured $2.6 mn in seed funding
Canadian insurtech startup YouSet has secured $2.57 mn in an oversubscribed seed funding round aimed at improving the insurance shopping experience
Insured losses from CrowdStrike incident exceed $1 bn – Guy Carpenter
Insured losses from the CrowdStrike incident could exceed $1 bn in the cyber insurance market, though the total may be reduced to half since it wasn’t a cyberattack
“Time Is Money”: The White House urged health insurers to implement online claims submissions
The White House has urged health insurers to implement online claims submissions, eliminating the need for paper forms. This request is part of broader efforts
Hurricane Debby caused $90 mn in insured losses in Florida
Hurricane Debby caused $90 mn in insured losses, according to an initial estimate from insurers to the Florida Office of Insurance Regulation
U.S. District Court: Greg Lindberg must pay $167 mn to a Dutch insurer after dispute
Former insurance executive Greg Lindberg must pay over $167 mn to a Dutch life insurer Conservatrix N.V. after a prolonged dispute over solvency capital ratios
California Insurance Commissioner Ricardo Lara is revising the state’s rate review process
California Insurance Commissioner Ricardo Lara is revising the state’s rate review process by introducing a “data reconciliation tool” to ensure carriers complete their filings properly
State Farm subsidiaries accounted for 7 of the top 10 personal auto premium hikes
State Farm subsidiaries in multiple states accounted for 7 of the top 10 personal auto premium hikes in Q2, according to an S&P Global
Aon launched the D&O Risk Analyzer, a digital tool for U.S. companies
Aon launched the Directors and Officers (D&O) Risk Analyzer, a digital tool for U.S.-listed public companies. This application helps risk managers make data-driven decisions
Reinsurance market reset by global reinsurers led to strong technical profits
A strategic reinsurance market reset by global reinsurers led to strong technical profits and altered industry dynamics, according to AM Best
AI insurtech CLARA Analytics announced two pivotal executive hires
AI insurtech CLARA Analytics , a provider of artificial intelligence technology for insurance claims optimization, announced two pivotal executive hires
Insurtech QuickFacts sequred $2 mn funding round led by Sandpiper Ventures
QuickFacts, an insurtech startup dedicated to enhancing efficiency in the insurance industry, sequred of an oversubscribed $2 mn funding round led by Sandpiper Ventures
Insured losses from Hurricane Debby in the US to reach $1.4 bn – KKC
Karen Clark & Company estimates privately insured losses from Hurricane Debby in the US to reach approximately $1.4 bn, based on the US Hurricane Reference Model
LM Re, Sprout & Britam launched a parametric insurance product for Kenya
Liberty Mutual Re (LM Re), Sprout, and Britam have launched a parametric insurance product aimed at protecting Kenyan coffee farmers from climate-related risks
Fintech Capitalize sequred $19 mn in Series B funding round
Capitalize, the first platform to help consumers and financial institutions digitally find and transfer retirement assets, sequres of a $19 mn Series B funding round
AM Best estimates the property catastrophe bond market ~$45 bn by mid-2024
AM Best estimates the property catastrophe bond market reached approximately $45 bn by mid-2024, marking a $3 bn increase
Insurity survey highlights growing consumer concerns about P&C insurance
A recent insurtech Insurity survey shows that 56% of consumers report higher insurance premiums due to severe weather. Insurity conducted Consumer Pulse
Insurtech Companion Protect sequred $20.3 mn in Series A extension
Companion Protect, a Kansas City-based pet health administration company, announced it has closed a $20.25 mn extension round from Series A investors
Leader of major insurance fraud ring pleads guilty after years on the run
William Oldham Mize, the leader of a Washington state insurance fraud ring, pleaded guilty after orchestrating a scheme that defrauded carriers of $6.77 mn
Savvy Wealth raised $26.5 mn in Series A led by Canvas Ventures
Wealth management startup Savvy Wealth has raised an additional $15.5 mn as part of its Series A round, bringing the total raised to $26.5 mn led by Canvas Ventures
AXA acquired Gruppo Nobis, a retail P&C insurer in Italy
AXA announced an agreement to acquire Gruppo Nobis, a retail P&C insurance company in Italy with a diverse distribution network
ERGO generated a result of €535 mn in H1 2024
Munich Re generated a result of €284m (250m) in its ERGO field of business in Q2 and €535m (470m) in H1. Insurance revenue from insurance contracts issued in Q2 rose
Munich Re achieves profit of €3.8 bn in H1 2024
Munich Re generated a net result of €1,623 mn in the second quarter of 2024 and €3,763 mn in H1 2024. Insurance revenue from insurance contracts issued rose
Allianz robusted operating profit of €3.9 bn for Q2 2024
Allianz has reported a robust operating profit of €3.9 bn for Q2 2024, a slight increase from €3.8 bn in Q2 2023. All segments of the company contributed to this result
California FAIR Plan Association will expand home insurance coverage
The California FAIR Plan Association is set to expand its insurance coverage, particularly benefiting homeowner and condo associations
Aon reported Q2 2024 results: total revenue increased 18% to $3.8 bn
Aon reported results for the three months ended June 30, 2024. Net income attributable to Aon shareholders decreased 9% to $2.46 per share
Earthquake struck off Japan’s southern coast, prompting a tsunami
A powerful earthquake struck off Japan’s southern coast, prompting a tsunami advisory from the Japan Meteorological Agency
Insurtech Lemonade’s Q2 2024 results: IFP increased by 22% to $839 mn
Lemonade, a leading insurtech company, has announced its financial results for the second quarter of 2024. In Force Premium (IFP) increased by 22%
AM Best upgraded Financial Strength Rating and Credit Ratings of Lloyd’s
AM Best has upgraded the Financial Strength Rating and the Long-Term Issuer Credit Ratings (Long-Term ICR) of Lloyd’s
Florida Department of Insurance approved 410,628 property insurance policy takeout requests
Citizens Property Insurance Corp. will reduce its business after Florida Insurance Commissioner Michael Yaworsky approved 410,628 policy takeout requests
Wildfire & flooding caused $354 mn in insured losses in Nova Scotia (Canada)
Wildfire and flooding caused more than $490 mn CAD ($354 mn) in insured losses over a two-month period last year in Nova Scotia
Cyber insurtech Inscora raised $2 mn in pre-seed led by Luge Capital
Montreal-based cyber insurtech Inscora has raised $2 mn in funding led by Luge Capital, with participation from Desjardins Capital, Accelia Capital
Startup Chaiz raised $3.7 mn in seed round
Austin-based startup Chaiz, the first comparison marketplace for extended car warranties oversubscribed $3.7 mn seed funding round
Boost Insurance announced a new funding from BHMS Investments
Boost Insurance announced a new equity investment from BHMS Investments, a private firm specializing in middle-market insurance and related businesses
Israeli travel insurtech Faye raised $31 mn in Series B funding
Israeli travel insurtech Faye raised $31 mn in Series B funding, bringing its total funding to $49 mn
Global insured losses from natural catastrophes to reach $60 bn in H1 2024
Frequent small to medium events caused global insured losses from natural catastrophes to reach $60 bn in the first half of 2024, according to Swiss Re
The U.S. insurance employment increased to 3 mn
The U.S. insurance employment increased by 46,800, consistently staying above the 3 mn mark. The industry surpassed this threshold earlier in the year
PERILS estimated final insurance industry loss for the Kahramanmaras Earthquake
PERILS released its fifth and final loss estimate for the Kahramanmaras Earthquake Sequence on 6 February 2023. This disaster impacted large areas
Insurtech Gradient AI sequred $56 mn in a Series C funding
Gradient AI, a enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has raised $56 mn in a Series C
Insurtech Canopy Connect launched new solution for insurance agencies
Insurtech Canopy Connect, an insurance verification technology provider, launched solution for insurance agencies that addresses gaps in the insurance
Number of M&A deals involving insurance brokers in North America increased by 8%
The number of M&A deals involving insurance brokers in North America increased by 8% sequentially to 120 in the second quarter, according to S&P
Climate & Digitalisation are challenging traditional insurance products
Developments such as climate change and digitalisation are changing risk pools and can challenge the viability of traditional insurance products
AI-insurtech CLARA Analytics launched Claims Document Intelligence Pro
Insurtech CLARA Analytics, a provider of artificial intelligence technology for insurance claims optimization, launched Claims Document Intelligence Pro
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