Severe hailstorm in Calgary drives C$3.25 bn in insured losses – CatIQ estemates
CatIQ has disclosed its fourth industry loss estimate for the hailstorm that affected Calgary, Alberta, has risen to CAD 3.25 bn
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ICEYE and SATIM partnered for AI-powered SAR imagery analysis products development
ICEYE and SATIM, a world-leading provider of AI-based solutions, announced the signing of partnership agreement for joint product development
California FAIR Plan secured approval for an additional $1 bn
The California FAIR Plan Association, a group of all insurers licensed to provide property coverage in the state, has secured approval for an additional $1bn
Total insured losses paid by the NFIP stemming from Hurricane Helene to be $6.4-7.4 bn
FEMA has raised its estimated losses for the National Flood Insurance Program (NFIP) due to Hurricane Helene to between $6.4bn and $7.4bn
Mercury General estimates gross losses from the January 2025 LA wildfires up to $2 bn
Mercury General, a Los Angeles-based insurer, estimates gross losses from the January 2025 wildfires between $1.6 bn and $2 bn
Natural ecosystems help shield coastlines from storms & reduce insured losses
Natural ecosystems like mangroves and salt marshes help shield coastlines from storms and reduce insured losses, according to Swiss Re Institute
CatIQ estimates C$2.82 bn in insured losses from Ontario and Quebec flooding
CatIQ, has released its fourth industry loss estimate for the flooding caused by Hurricane Debby’s remnants
Insurtech Weecover secured €4.2 mn to support international expansion
Weecover, a Barcelona-based insurtech specializing in embedded insurance, secured €4.2 mn in funding to support growth and international expansion
Bayer and Insurtech Pula plan to insure 10 million farmers in Africa
Bayer Foundation and insurtech Pula plan to insure 10 million smallholder farmers in Africa by 2030. This initiative protects farmers from climate risks
Tesla launched insurance discount for Texas and Arizona drivers using FSD tech
Tesla has introduced its first insurance discount for drivers using Supervised Full Self-Driving (FSD), cutting premiums by up to 10% for policyholders in Texas and Arizona
Duck Creek Technologies introduced Payments Marketplace
Duck Creek Technologies, a software provider for property and casualty (P&C) and general insurance, has introduced Payments Marketplace
California homeowners insurance: 11-year underwriting losses and market trends
An 11-year review of insurers’ filing data for homeowners insurance multiperil coverage in California shows intermittent years of poor results
Fidelis secured 5% private placement at Lloyd’s on $3.1 bn IG P&I Clubs reinsurance treaty
Fidelis Partnership placed a 5% private placement at Lloyd’s on the $3.1bn reinsurance treaty for the International Group of Protection and Indemnity Clubs
Texas Senate Bill 815 aims to prevent health insurers from using AI-based algorithms
A Texas Senate bill aims to prevent health insurance companies from using AI-based algorithms as the sole basis for denying claims
MetLife reported a $4.8 bn net income in FY2024, up from $3.1 bn
MetLife reported a fourth-quarter net income of $1.2 bn, up from $574 mn in the same period last year, according to its earnings statement
Globe Life expands cyber-attack impact, notifies 850,000 more individuals
Globe Life has expanded the number of individuals potentially affected by a cyber-extortion attempt last year
Allianz Commercial appointed Sandra Lee as head of claims for Canada
Allianz Commercial appointed Sandra Lee as head of claims for Canada. McNulty will continue as Allianz Commercial Canada’s chief agent
North Carolina proposed a 22.6% increase in personal auto insurance rates
The North Carolina Rate Bureau has proposed a 22.6% statewide average increase in personal auto insurance rates for policies effective Oct. 1
ICA classified flooding in Queensland as a significant event and activated an Insurance Hub in Townsville
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Merchants Insurance Group adopts CLARA Analytics AI to improve claims processing
CLARA Analytics announced that Merchants Insurance Group has adopted Claims DocIntel Pro and CLARA Triage for its auto liability claims
Wopta Assicurazioni, a phygital insurtech MGA, launched a €50 mn Series B
Italian insurtech firm Wopta Assicurazioni secured €12 mn in new funding through a club deal led by Belluzzo International Partners. The company also launched a €50 mn Series B
Insurtech XILO secured $7.2 mn in a Series A led by Altos Ventures
Insurtech XILO, a San Diego-based workflow automation platform for insurance agencies, secured $7.2 mn in a Series A funding round
Insurtech Bold Penguin partnered with EMPLOYERS, expanding the workers’ compensation coverage
Insurtech Bold Penguin announced a new partnership with EMPLOYERS, expanding the workers’ compensation coverage options available in the Terminal
Strong earnings in 2024 bolstered reinsurers’ capital positions and marked a return to normal prices
Bolstered capital from strong earnings in 2024 led to ample capacity and strong reinsurer capital positions, contributing to a more orderly renewal season
Bermuda re/insurers’ underwriting results to weaken in 2025 due to pressure on premium rates
Fitch Ratings expects Bermuda re/insurers’ underwriting results to weaken in 2025 due to pressure on premium rates and rising loss costs
Flood Re launches Flood Bus, named Flo, to promote flood resilience in Scotland
Flood Re is introducing a new Flood Bus, named Flo, as part of a national effort in Scotland to strengthen property-level flood protection and help communities prepare for future flooding
KatRisk expands flood modelling software to Mexico, Central America, and the Caribbean
KatRisk, a catastrophe modelling software company, is expanding its advanced flood risk models to Mexico, Central America, and the Caribbean
30% of the natural catastrophe budgets set by Europe’s reinsurers for 2025 may be eroded
Fitch Ratings estimates that 30% of the aggregate natural catastrophe budgets set by Europe’s big four reinsurers for 2025 may be eroded
CyberCube and Acclaim Insurance Brokers partner to improve Cyber Risk Assessment
CyberCube, a provider of cyber risk analytics, has partnered with Singapore-based Acclaim Insurance Brokers to improve cyber risk evaluation
Relm Insurance launched of FaltaWEB3 to mitigate crypto exchange bankruptcy risks
Relm’s FALTAWEB3 responds to the increasing frequency of such events, aiming to strengthen confidence among commercial users of crypto exchanges
Texas Court overturns $12 mn jury award granted to Baylor College in a COVID-19 case
A Texas appeals court overturned a $12 mn jury award granted to Baylor College of Medicine in a COVID-19 business interruption case
California Senate reviews bill SB 222 allowing insurers to sue fossil fuel firms
The California Senate is reviewing a bill that would let insurance companies and policyholders file civil lawsuits against fossil fuel firms for their role in climate-driven weather disasters
TD Insurance launches C$150 mn catastrophe bond for Canadian reinsurance coverage
TD Insurance sponsored a new C$150 mn catastrophe bond to secure multi-year reinsurance capacity for earthquake and severe convective storm in Canada
Allstate agreed to sell its Group Health business to Nationwide Mutual Insurance for $1.25 bn
Allstate Corp. agreed to sell its group health business to Nationwide Mutual Insurance Co. for $1.25 bn in cash. The deal is expected to close in the second half of the year
Life insurance broker convicted in $20 mn fraud scheme spanning 30 years
A federal jury convicted life insurance broker James W. Wilson on 13 counts of fraud for orchestrating a $20 mn scam involving at least seven life insurers
Hartford Counselor sentenced to 27 months for $1 mn Medicaid insurance fraud scheme
U.S. District Judge Kari A. Dooley in Bridgeport ordered Epps to pay $1,001,058.43 in restitution to the Connecticut Medicaid program
Former Allied World Insurance executive sentenced to 20 months for $1.4 mn fraud scheme
A federal judge sentenced James Keating to 20 months in prison and three years of supervised release for stealing more than $1.4 mn from Allied World Insurance
U.S. House of Representatives seeks to overturn Biden rule on short-term health insurance
A bill introduced in the U.S. House of Representatives seeks to repeal a Biden administration rule that restricts short-term health insurance and separates fixed indemnity insurance
Suncorp Group completed the sale of Asteron Life, its New Zealand life insurer, for NZ$410 mn
Suncorp Group Ltd. completed the sale of Asteron Life Ltd., its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn
Lloyd’s algorithmic platform Ki partnered with QBE to expand digital follow capacity
Lloyd’s algorithmic digital platform Ki has partnered with QBE Insurance Group to expand digital follow capacity
Lloyd’s of London appointed Alexandra Cliff as CFO
Lloyd’s has appointed Alexandra Cliff as Chief Financial Officer, effective May 1, 2025. Alex joined Lloyd’s as Deputy CFO in November 2022
Lloyd’s with Accenture & mea Platform launched a Summary of Coverage service
Lloyd’s, partnered with Accenture and mea Platform, has launched a local ‘Summary of Coverage’ service, available for free to all managing agents
Blockchain Deposit Insurance Corp launched of an international crypto insurance division
Blockchain Deposit Insurance Consultant Group LLC announced the launch of an international cryptocurrency insurance division and plans to apply for Lloyd’s coverholder status
U.S. senators is urging the Federal Crop Insurance Corp. to create a parametric insurance policy
A group of U.S. senators is urging the Federal Crop Insurance Corp. to create an index-based, or parametric, insurance policy
Pen Underwriting expands partnership with QBE through a new £420 mn capacity
Pen Underwriting is expanding its multi-line strategic partnership with QBE through a new £420 mn capacity agreement
New York’s 2026 budget proposes Insurance Reforms for for-hire vehicles
New York’s 2026 fiscal year budget includes proposed legislative changes aimed at improving insurance coverage for for-hire vehicles
Symetra Life Insurance agreed to a proposed $32.5 mn settlement in a class-action lawsuit
Symetra Life Insurance Co. agreed to a proposed $32.5 mn settlement in a class-action lawsuit alleging it withdrew excessive amounts from policyholders’ cash value trusts
Geniere Aplin will be the new CEO of New South Wales insurer icare
New South Wales insurer icare has hired Geniere Aplin to succeed Stuart Farquharson, interim chief executive officer, as permanent CEO
Generali and BPCE form $1.97 tn asset management joint venture
Generali and French banking and insurance group BPCE have agreed to form a 50-50 joint venture, creating a global asset management operation with €1.9 tn
Canadian insurers Beneva and Gore Mutual plan to merge to drive growth
Canadian mutual insurers Beneva and Gore Mutual plan to merge to drive growth, reinforcing the role of mutuals in the country’s insurance industry
FCA eliminates unnecessary regulations in the UK and introduce digital service standards
FCA plans to eliminate unnecessary regulations, reduce reporting requirements, introduce digital service standards in the UK
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026. This increase is significantly lower than the 42.2% average
U.S. casualty reserve development poses major risk for reinsurers in 2025
Moody’s insurance executives have identified U.S. casualty reserve development as the biggest uncertainty for reinsurers in 2025
CatIQ raised insurance industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
Catastrophe Indices and Quantification Inc. (CatIQ) has raised its industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
WTW introduced CyCore Asia, a cyber insurance facility in Singapore and Hong Kong
Willis Towers Watson (WTW) has introduced CyCore Asia, a cyber insurance facility designed for businesses in Singapore and Hong Kong
Alpine Intel acquires BSC Forensics to enhance claims investigations
Alpine Intel, a US-based insurance solutions provider, has acquired BSC Forensics for an undisclosed sum. The acquisition is expected to improve efficiency and accuracy for its clients
WTW stresses importance of data & risk models as 2024 insured losses reach $140bn
WTW’s Natural Catastrophe Review estimates the global insurance protection gap for natural catastrophes at 60%. Insured losses exceeded $140bn in 2024
Re/insurance broker Miller expands in Asia with Miller Korea
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
GRAM ABF acquires majority stake in UniVista Insurance at $700 mn valuation
Entities tied to GRAM’s Americas Buyout Fund, have made a majority investment in Miami-based UniVista Insurance
78% of life insurers identified data readiness as biggest challenge in leveraging AI
A lack of data readiness is the main obstacle preventing global life insurers from realizing AI’s full potential, according to research by Equisoft, LIMRA
Google and CoverGo examine how Agentic AI could reshape insurance operations, underwriting, data architecture, governance and human oversight
AI-related credit downgrade risk is concentrated in a small group of sectors, while 86% of tested sub-sectors show limited or no rating impact
Research finds 78 women use generative AI for every 100 men. Workplace barriers, automation risks and unequal representation raise concerns about AI adoption
Global research with insurance leaders examines why AI investment often remains tied to existing processes and how insurers are redesigning operating models