Hungarian insurance market demonstrated growth during 2023
The Hungarian insurance market demonstrated healthy growth in both revenues and profitability during the 2023, according to the Central Bank of Hungary
News
SURE Trust Fund mitigates military risks for foreign investors in Ukraine by insurance
Ukraine’s Reconstruction and Economy (SURE) Trust Fund is crucial for rebuilding Ukraine in the wake of damages caused by Russia’s War
USAID create a system for insurance against war & political violence risks in Ukraine
The Financial Sector Reform Activity project of the United States Agency for International Development (USAID) has drafted a memorandum
TOP 10 insurtech companies in Australia, based on total funding raised
The Australian insurance market is worth $100 bn annually and $7 trln worldwide, offering a massive opportunity for startups
Courts in Spain allowed a trial on crash SpanAir’s Boeing flight JK5022, killing 154 passengers
Courts in Spain are allowing a trial to move on SpanAir’s Boeing flight JK5022 which crashed on takeoff, killing 154 passengers
Insurtech OneDegree received new investment for digital asset insurance in UAE
Hong Kong-based crypto assets insurtech OneDegree announced it had received an undisclosed investment amount from Dubai Insurance
Insurtech CyberCube launched new version of Account Manager SaaS solution
Cyber analytics insurtech company CyberCube has launched Version 5.0 (v5) of Account Manager, the software-as-a-service solution
S&P raised financial strength ratings for Lloyd’s
S&P Global Ratings raised its financial strength ratings on the Society of Lloyd’s and its core operating entities to ‘AA-‘ from ‘A+’
Startup platform Sønr will accelerate innovation for polish insurer PZU
Innovation management platform Sønr is entering a strategic one-year collaboration with insurance group PZU to leverage platform to source startups
Swiss Re acquired Fathom, a water risk intelligence and flood models UK provider
Swiss Re has acquired Fathom, a UK-based company specializing in water risk intelligence and flood modeling
Howden acquired NORTH Risk, Denmark’s fourth-largest insurance intermediary
Howden has announced its definitive agreement to acquire NORTH Risk, Denmark’s esteemed fourth-largest insurance intermediary
Insurtech Surer partnered with digital insurer FWD and Etiqa Insurance
Insurtech Surer announced a partnership with digital insurer FWD Singapore (FWD) that will see them jointly offer a bespoke maid insurance plan
London-based e-bike insurtech Laka raised €7.6 mn
London-based insurtech Laka has raised €7.6 mn in new funding led by French mobility fund Shift4Good. Other investors in the funding include Autotech Ventures
Insurtech Bikmo raises £3.4 mn in Series A expansion
UK insurtech Bikmo, the company that provides coverage to Deliveroo’s fleet of bikes and e-bikes, has successfully secured £3.4 mn in funding
Fitch Ratings’ holds a neutral sector outlook for U.S. P&C insurance
U.S. property and casualty insurers will see some relief in the coming year following a rough 2023 as a personal auto line recovery contributes
Re/insurtech Ki offers digital follow capacity from multiple Lloyd’s syndicates
Ki, digital and algorithmically driven Lloyd’s syndicate, is pleased to announce that Travelers and Aspen will offer additional follow capacity
Petros Papanikolaou assumes role of CEO at Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty SE (AGCS) has revealed a host of leadership changes, pending regulatory approval, set to take place from January 1, 2024
Insurtech Clover Health exites from Medicare & Medicaid’s ACO Program
Medicare Advantage insurtech Clover Health has delivered notice to the Centers for Medicare and Medicaid Services that it will be exiting the ACO REACH Program
Insurtech Lami will not acquire Bluewave
Kenyan insurtech firm Lami Technologies announced in 2022 its intent to acquire Bluewave, a fellow startup in the insurance sector
Cloud-based insurtech Novidea launches into the Southeast Asia
Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, launched into the Southeast Asian
Insurtech Kota secures $5.2 mn in seed funding to transform employee benefits
Irish insurtech Kota, formerly known as Yonder, an all-in-one platform to automate insurance and retirement benefits for modern teams, secures $5.2 million
Nationwide and Resideo empower homeowners to proactively safeguard
To address this issue, Nationwide, a largest home insurers, and Resideo Technologies, the global provider of Honeywell Home smart thermostats and First Alert solutions
Health insurtech CoverSelf extended seed round to $8.2 mn
CoverSelf, an insurtech platform for healthcare claims, has extended its seed round to $8.2 mn, with funding from BEENEXT & 3One4 Capital
Jonathan May becomes Lloyd’s Europe CEO
Lloyd’s of London confirmed that Jonathan May, currently CFO and COO for Lloyd’s Europe will become Lloyd’s Europe CEO
Fitch’s outlook for U.S. Health Insurance Sector in 2024 remains neutral
Fitch’s outlook for the U.S. health insurance sector in 2024 remains neutral. Companies continue to navigate elevated healthcare utilization
Insured losses from U.S. wildfires are growing as frequency decreases
The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside
Data privacy startup Mine raised $30 mn in Series B co-led by Battery Ventures and PayPal Ventures
Israeli data privacy startup Mine has raised $30 mn in Series B funding, co-led by Battery Ventures and PayPal Ventures
Fitch Ratings’ outlook for German non-life insurance in 2024
Neutral Fitch Ratings’ sector outlook for German non-life insurance reflects its expectation that inflationary pressure on motor and property claims
Taiwanese insurance industry have more time to adjust investment strategies
The Taiwanese regulator’s latest adjustments and transitional measures for interest-rate risk will ease the negative spread pressure on life insurers
Insurtech Breeze digitalizes cargo insurance process
Insurtech platform Breeze has integrated with international shipping and freight forwarding firm Barrington Freight
Cyber insurtech Enveedo raised $3.15 mn seed funding led by Silverton Partners
Enveedo, a cybersecurity insurtech company with an innovative approach to integrated risk management, announced the closing of its $3.15 mn seed funding round
Aon announced an increase crop insurance capacity across Africa
Aon announced a collaboration with the African Development Bank (AfDB) and Amini, a leading innovator in space technology and artificial intelligence
Insurance Europe reviewed of EuroCommission ESG Rating Regulation proposal
Insurance Europe and Pensions Europe welcome the measures included in the European Commission’s ESG Rating Regulation proposal
Insurtech Insurity expanded AI-driven solutions for P&C insurance
Insurity, the insurtech provider of cloud software for insurance carriers, brokers, and MGAs, has expanded an AI-driven solutions for P&C insurance
Pet insurtech Lassie sequred €23 mn in Series B led by Balderton Capital
Pet insurtech Lassie has raised €23 mn in its Series B funding. The financing round led by Balderton Capital, with participation from existing investors such as Felix Capital
Insurtech Ondo raised $1.3 mn through a new placement
UK-based Insurtech Ondo has successfully raised $1.3 mn through a placement completed after the close of the market
Insurtech Cover Genius partnered with online marketplace Catawiki
Insurtech Cover Genius has partnered with Catawiki, the leading online marketplace for special objects, to protect the shipping of special objects
Insurtech Igloo raised $36 mn in pre-Series C round
Insurtech Igloo has raised $36 mn pre-Series C funding round led by global investment firm Eurazeo, with participation from Openspace Ventures
Leading insurtechs launches of the InsurTech Coalition
Insurtechs Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition
Insurtech Prima Assicurazioni looks to attract a new minority partner
Italian insurtech Prima Assicurazioni is seeking indicative offers from potential parties for a minority stake in the company
Aviva acquired Optiom O2, a canadian vehicle insurance MGA, of $124 mn
Aviva announces the acquisition of Optiom O2 Holdings from Novacap and other minority shareholders for consideration of CAD$170 mn
BNP Paribas Cardif acquires a 51% stake in BCC Vita life insurance in Italy
BNP Paribas Cardif will acquire a 51% stake in BCC Vita along with an agreement with BCC Banca Iccrea for the exclusive distribution
Vienna Insurance Group acquires an additional 35% in Corvinus’ Hungarian business
Vienna Insurance Group (VIG) has agreed to acquire an additional 35% stake in its Hungarian insurance business from Corvinus
Lloyd’s launched consultation on roadmap for insuring the transition
Lloyd’s of London has launched a consultation on its roadmap for insuring the transition approach for the next three years across all areas of sustainability for the market
SCOR generated EUR147 mn net income in Q3 2023
SCOR generated EUR147 million net income in Q3 2023, contributing to a strong nine-month performance with a net income of EUR 650 million
Talanx acquired of insurance business of Liberty Seguros in Brazil
Talanx‘s Retail International division has successfully finalised the acquisition of Liberty Seguros in Brazil. The acquisition signifies HDI’s significant advancemen
Insurer AXA UK joined forces with insurtech Synectics Solutions
Insurer AXA UK is joining forces with Synectics Solutions, specialises in combating financial crime through innovative technology, including a syndicated fraud database
Allianz is suing Revolut for $13 mn after neobank breached of contract with insurer
German insurer Allianz is suing neobank Revolut for $13 mn, claiming the neobank was in breach of contract after it moved its customers
Artificial intelligence isn’t the main cause of insurance industry layoffs
The credit rating agency AM Best does not believe artificial intelligence is the main cause of recent insurance industry layoffs
Insurtech CatX raised a $2.7 mn seed funding for alternative capital platform
CatX, a digital catastrophe and parametric risk exchange reinsurance startup, backed by Y Combinator, has raised a $2.7 mn seed funding round
Howden launches new primary European Cyber & Tech E&O facility
Howden, the global insurance group, launches of one of the first dedicated European cyber and technology errors & omissions lineslips for primary business
The UK Government would reduce the rate of National Insurance social contributions
The UK Government would cut the amount of National Insurance social security contributions paid by 27 mn workers in a move that will save employees hundreds of pounds
Insurtech Luko placed in receivership, after €14 mn deal with insurer Admiral fell
Insurtech Luko has been placed in receivership, after deal with incumbent insurer Admiral fell after audits through at the end of October
Fitch Ratings’ German life insurance sector outlook is neutral
The neutral outlook for the German life insurance sector reflects Fitch Ratings’ expectation of a mixed operating environment, with improving investment yields
Global reinsurers providing less NatCat cover for European insurers
Global reinsurers have tightened their terms and conditions to limit their aggregate covers and the lower layers of their natural catastrophe protection
The U.S. Congress reauthorizated National Flood Insurance Program
The U.S. Congress passed a short-term reauthorization of the National Flood Insurance Program (NFIP) through Feb. 2 2024
Amazon Prime launched low-cost health care services from One Medical
Amazon announced a new Prime membership benefit that brings medical care to Prime members from One Medical, the health care business
2024 net combined ratio for P&C Insurance Market forecasts 104%
The 2024 net combined ratio for the property & casualty insurance industry is forecast to be 104%, according to Insurance Information Institute
OpenAI believe Q* could be a breakthrough in Artificial General Intelligence
OpenAI believe Q* could be a breakthrough in the startup’s search for what’s known as artificial general intelligence (AGI)
US property & casualty insurers catastrophe losses in Q3 2023
The Allstate and Liberty Mutual Holding had the highest Q3 2023 catastrophe losses among US property and casualty insurers, with both topping the $1 billion
US insurance sector outlook for 2025-2026: capital strength, social inflation risks, P&C returns peak, Florida reforms, life insurance resilience and alt capital trends
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
The 2025 Atlantic season had no US hurricane landfalls yet delivered Category 5 storms, inland flooding, and losses, highlighting rising intensity and protection gaps
Triple-I and Milliman forecast the US P&C industry’s lowest net combined ratio in more than 10 years for 2025, helped by a quiet hurricane season