PERILS estimated insurance loss for Australia Christmas Storms at $1 bn
PERILS, the Zurich-based providre of industry-wide catastrophe insurance data, has disclosed its second industry loss estimate for the Australia Christmas Storms
News
Swiss Re announced that Andreas Berger will become Group CEO
Swiss Re announced that Andreas Berger will become Group Chief Executive Officer effective 1 July 2024, taking over from Christian Mumenthaler, who will step down
Florida’s insurance market continues to strengthen in 2024
Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on property and casualty insurance market
Insurtech Empathy sequred $47 mn Series B funding led by Index Ventures
Insurtech Empathy announced the closure of a $47 mn Series B funding round, spearheaded by Index Ventures, alongside notable contributions from General Catalyst
CoreLogic estimated insurable losses from Earthquake in Taiwan up to $1 bn
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $0.5 and $1 bn
AGCS to sell US Fireman’s Fund insurance businesses to Arch for $1.4 bn
Allianz Global Corporate & Specialty to sell its Fireman’s Fund insurance businesses in the United States to Arch Insurance North America for total transaction value of $1.4 bn
Reinsurance market’s underlying ROE improved to 14.3%
Global reinsurance industry’s underlying ROE was above the cost of capital for the second consecutive year in 2023, improving to 14.3%
Verisk launched its Next Generation Models for re/insurers
Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers
High Court: $10 bn insurance aircraft payouts should be heard in London
London’s High Court has decided that the $10 bn battle between reinsurers and a host of aircraft leasing companies seeking payouts for more than 200 jets stuck
Largest European reinsurers achieved an earning of €10.2 bn in 2023
The largest European reinsurers achieved a combined earning of €10.2 bn in 2023, more than double their earnings in 2022, attributed to higher prices
Insurtech Coterie secured a substantial $27 mn in post-Series B round
Insurtech Coterie, which specialises in services for small businesses, has secured a substantial $27 mn in funding during a post-Series B round
Insurtech Vouch raised $25 mn Series C-1 funding led by Ribbit Capital
Insurtech Vouch announced the closure of a $25 million Series C-1 funding round, led by Ribbit Capital
Insurtech Sostengo raised $3.8 mn seed funding for Latam & U.S. Hispanic entry
Central American Insurtech Sostengo raised $3.8 mn seed funding for Latam markets and U.S. Hispanic entry. With 103% premium growth
IDfy secured a substantial financial injection of $27 mn funding
IDfy has secured a substantial financial injection of $27 mn in a recent funding round, signifying a pivotal moment for the company’s trajectory
Japanese Dai-ichi Life Insurance acquired of a 19.9% stake in Canyon Partners
Japanese insurance company Dai-ichi Life Holdings has acquired of a minority stake in Canyon Partners, a leading alternative investment manager based in the United States
Reinsurance industry faced $50bn of SCS-related losses
(Re)insurance industry has already faced about $50bn of SCS-related losses in 2023. Over the past five years, SCS insured losses averaged around $15b
Brazilian cybersecurity insurtech Bluecyber raised $1.5 mn in funding
Brazilian insurtech Bluecyber, specialising in cyber insurance, has raised $1.5 mn in funding led by venture capitalists Invisto and Bossa Invest
Agio Ratings, a crypto risk analytics startup, raised a $4.6 mn
The UK startup Agio Ratings, specializing in crypto risk analytics, has announced a fundraising round totaling $4.6 mn led by Superscrypt
M&A in UK insurance industry rose, in contrast to a EU slowdown
M&A in the UK insurance industry rose in 2023, in contrast to a wider slowdown in deal activity across Europe, the Middle East and Africa
Pool Re have confidence in members’ support for terrorism risk coverage
Pool Reinsurance, the UK terrorism reinsurer, have confidence in members’ support for operational changes and new reinsurance coverage
Most global M&A deals announced with transaction values >$10 bn
February marked the third straight month in which four global M&A deals were announced with transaction values greater than $10 billion
LGI developed behaviour based insurance for insurtech Carrot
Insurtech Carrot General Insurance has partnered with Lippo General Insurance, Indonesia to develop a Behaviour Based Insurance solution.
Vienna Insurance Group appointed of Christoph Rath as Managing Board’s deputy member
Austrian Vienna Insurance Group has announced the appointment of Christoph Rath as a deputy member of the Managing Board
Trading automation protocol Umoja raised $4 mn in seed round
Trading automation protocol Umoja seed funding round has successfully secured an additional $2 mn, bringing the total to $4 mn
California’s restrictions to fair insurance pricing are putting pressure on insurers
California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, are putting financial pressure on insurers
Genesis Global Capital will pay $21 mn penalty to SEC for crypto securities offer
Genesis Global Capital will pay a $21 mn penalty after pleading guilty to charges that it engaged in the unregistered offer
Insurtech Genasys updated a core Genasys Unify platform
Genasys, the provider of insurance administration software, announced Genasys Unify, a major update to the core Genasys platform
Sweet Security raised $33 mn in Series A led by Evolution Equity
Israeli startup Sweet Security, specialising in addressing cloud risks for companies, has successfully raised $33 mn in a Series A funding round
Insurity & OIP Robotics partnered for P&C insurance automation
Insurity, the cloud software insurtech for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR)
Outlier Ventures and peaq launched the DePIN Base Camp Accelerator
Outlier Ventures and peaq have launched of the DePIN Base Camp Accelerator program to accelerating the development and application of decentralized physical infrastructure
Insurtech Fijoya raised $8.3 mn in seed round
Fijoya, an insurtech startup specializing in health and wellness services for employers, recently secured $8.3 mn in seed funding
Aon acquired of the technology & intellectual property of Humn:ai
Aon announced its acquisition of the technology assets and intellectual property of Humn:ai, a move designed to enhance its commercial fleet services
National Flood Insurance Program secured $575 mn in reinsurance from ILS
U.S. Federal Emergency Management Agency has reinforced its dedication to enhancing the National Flood Insurance Program by securing $575 mn
Cyber Insurtech Coalition announced agreement with Aspen Insurance
Cyber insurtech Coalition has announced a new, multi-year capacity agreement with Aspen Specialty Insurance Company (Aspen)
UK Financial Conduct Authority commited to intensify efforts against crypto market
Financial Conduct Authority of the United Kingdom has outlined its commitment to intensify efforts against crypto market abuse within the cryptocurrency
UNIQA Insurance Group posted premium growth to EUR 7.2 bn
UNIQA Insurance Group posted premium growth to EUR 7.18 bn (+9.7%) while earnings before taxes exceeded expectations at EUR 426.4 mn
Lloyd’s with Bermuda Monetary Authority will sharing risk expertise
Lloyd’s along with the Bermuda Monetary Authority, have committed to jointly developing an initiative for closer collaboration
Lloyd’s reports results: premium increased by 11.6% to £52 bn
Reinsurance marketplace Lloyd’s of London announced its financial performance for 2023 year, alongside guidance for the full-year 2024 expectations
Vienna Insurance Group reported GWP worth EUR 13.8 bn
Vienna Insurance Group reported GWP for 2023 worth EUR 13.8 billion, 10% more y-o-y. Earnings before taxes reached around EUR 773 million
Guy Carpenter introduced CatStop+, a new cyber reinsurance
Guy Carpenter, a global risk and reinsurance specialist under Marsh McLennan, has introduced CatStop+, a new cyber reinsurance product
Insurtech Wisedocs sequred $9.5 mn in Series A Funding
Insurtech Wisedocs secured $9.5 million in Series A funding to enhance its AI-driven insurtech solutions, with Information Venture Partners
Polish insurer PZU dismissed President & Supervisory Board Members
Polish insurer PZU informed in a statement that on 23 February 2024, the Company’s Supervisory Board (SB) dismissed the President of the PZU SA Management Board
Laura Hay elected to MetLife’s board of directors
MetLife announced that Laura Hay has been elected to its board of directors, effective immediately
CIS insurers will expand presence in international reinsurance markets
To compete against international reinsurers’ better prices, and increase profitability, insurers in countries part of the Commonwealth of Independent States (CIS)
Greek insurance market totaled EUR 5.3 bn in 2023
The Greek insurance market totaled EUR 5.26 billion at the end of 2023, up by 8.9% from EUR 4.84 billion a year before, according to the year-end market figures
Berkshire Hathaway reported re/insurance underwriting earnings of $5.4 bn
Berkshire Hathaway has reported net underwriting earnings across its re/insurance operations of $5.4 billion for the full year 2023
Munich Re reported a 2023 net result of €4.6 bn
Munich Re has reported a net result of €4.6 billion for the 2023 financial year, which is above its revised €4.5 billion profit target
Reinsurers continue to generate strong ROE, with robust underwriting
Relative to other sub-sectors of insurance, reinsurers continue to have a solid path, generating strong ROE, with robust underwriting and steady premium growth.
Insurtech Lemonade rised in-force premium to $747 mn for 4Q 2023
Insurtech Lemonade has reported a 20% rise in in-force premium to $747 mn for 4Q 2023, while its gross loss ratio fell 12% to 77% in the quarter.
Fairfax Financial announced results in 2023: premiums grew by 4.8% to $28.9 bn
Fairfax Financial Holdings has announced its financial results for the fiscal year 2023. Gross premiums written grew by 4.8% to $28.9 bn
PERILS releases final insurance industry loss footprint for Cyclone Gabrielle
PERILS has disclosed its fourth and final industry loss estimate for Cyclone Gabrielle which impacted the North Island of New Zealand
Verisk increased its consolidated revenues in Q4’2023 for $677 mn
Verisk has reported an increase in its consolidated and organic constant currency revenues in Q4’2023, primarily due to solid growth in underwriting
Swiss Re increased net income to $3.2 bn in 2023
Swiss Re increased net income to USD 3.2 billion in 2023, with a net income of USD 748 million in the fourth quarter
Zurich Insurance reported strong growth across all businesses
Zurich Insurance has reported strong growth across all businesses in the first year of its 2023-2025 financial cycle, with the highest-ever Group business operating profit
US Cyber Industry Loss Index plays important role in cyber-ILS expansion
PERILS and CyberAcuView announced the use of their US Cyber Industry Loss Index in the first cyber insurance risk transactions
PERILS disclosed insured loss estimate for Australia Christmas Storms
PERILS disclosed insurance industry loss estimate for the Australia Christmas Storms which affected for Victoria, New South Wales, Queensland
Wipro acquired insurtech Aggne Global for $66 mn
Wipro, India’s fourth largest information technology (IT) services firm, will acquire US-based insurtech firm Aggne Global
AI-insurtech Indemn closed a $1.9 mn pre-seed funding
Indemn, a insurtech platform, has closed a $1.9 mn pre-seed funding round, marking its continued growth in delivering insurance products
Insurtech Cake sequred $1.3 mn in pre-seed funding led by Markd
Insurtech Cake, a marketplace designed for independent insurance agents, has announced the completion of a $1.3 mn pre-seed funding round
Saudi insurance market will consolidate in 2024 and 2025
The Saudi insurance market is expected to see further consolidation in 2024 and 2025 on the back of the ‘2030 Saudi Vision’
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