Insurers face extensive financial impact from severe flooding in Spain
Insurers face extensive financial impact from extreme rain that led to severe flooding in eastern and southern Spain during late October, according to Aon
News
Washington may delay phase two of Insurance Transparency Rule to 2029
Washington Insurance Commissioner Mike Kreidler is considering postponing the implementation of phase two of the state’s new premium change transparency rule for auto and home insurance
Munich Re faced €500 mn losses from Hurricane Helene
Munich Re faced losses of about €500 mn ($540.8 mn) from Hurricane Helene, impacting third-quarter profits due to above-average natural catastrophe expenses
Helvetia partnered with Coinnect to adopt its advanced Cyber Insurtech platform
Helvetia Group has partnered with insurtech Coinnect to adopt its advanced Cyber Insurtech platform, enhancing cyber risk underwriting and helping clients manage cyber risks
Managed care insurers face stock declines amid rising costs & earnings pressures
Shares of major managed care insurers have dropped in recent weeks following an earnings season affected by rising costs tied to government-subsidized plans
Eugene Wong joins CLARA Analytics to guide insurtech through next phase of growth
CLARA Analytics, an AI technology provider focused on insurance claims optimization, has appointed Eugene Wong as Chief Financial Officer (CFO)
Fannie Mae announced 7th Credit Insurance Risk Transfer transaction
Fannie Mae, a GSE, has announced its seventh Credit Insurance Risk Transfer (CIRT) transaction of 2024, CIRT 2024-L4, with support from 26 re/insurers
Lloyd’s announced the appointment of Nathan Adams as Chief People Officer
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the appointment of Nathan Adams as its Chief People Officer
Fairfax reports strong Q3 2024 results with increased premiums
In Q3 2024, Fairfax Financial Holdings reported net earnings attributable to shareholders of $1,030.8 mn, down slightly from $1,068.9 mn in Q3 2023
Insurtech Lemonade Q3 2024 financial results: revenue growth & loss reduction
Insurtech Lemonade reported a net loss of $67.7 mn in Q3 2024, widening from the $61.5 mn loss in Q3 2023. However, its in-force premium (IFP) grew by 24% to reach $889.1 mn
ICEYE reports over 2.6k buildings affected by flooding in Spain
ICEYE reports that over 2,600 buildings have been impacted by recent flooding in southeastern Spain
WTW launched Corporate Risk & Broking business in Japan
WTW, a global advisory, broking, and solutions company, has launched WTW Broker Japan Co., Ltd., expanding its Corporate Risk & Broking (CRB) business in Japan
Vienna Insurance Group launched CyRiSo, a cybersecurity firm
Vienna Insurance Group has launched CyRiSo, a cybersecurity firm focused on small and medium-sized businesses. Christiana Bruckner and Michael Ganzwohl will lead CyRiSo
Fitch Ratings upgraded its outlook for Assicurazioni Generali
Fitch Ratings upgraded its outlook for Assicurazioni Generali S.p.A. to Positive, affirming the Insurer Financial Strength (IFS) Rating at ‘A+
Swiss Re sells iptiQ’s European P&C business to Allianz
Swiss Re will sell iptiQ’s European Property & Casualty (P&C) business to Allianz Direct, aligning with its strategic exit from iptiQ. This transaction, which covers iptiQ EMEA P&C S.A
Tune Protect Re partner with bolttech to launch AirAsia travel insurance
Tune Protect Re teamed up with bolttech Insurance, the Hong Kong insurance division of international insurtech bolttech, to launch AirAsia Travel Insurance
MetLife’s net income for the Q3 rose to $1.28 bn
MetLife Inc.’s net income for the third quarter rose to $1.28 bn, up from $422 mn a year prior, driven by an 8% increase in investment income and a derivatives gain
Rising demand for preneed insurance: growth in multi-pay policies & annuities
Demand for preneed insurance, covering prefunded funeral arrangements, rose in 2024, based on the Life Insurers Council (LIC) annual preneed sales survey
Wildfires expose underinsurance issues for spokane homeowners – Washington State Office
The Gray and Oregon Road wildfires in 2023 burned 20,000 acres, destroyed 366 homes, and highlighted widespread underinsurance among homeowners in Spokane
U.S. SEC faces challenge on insurance commission disclosure
A financial adviser in Massachusetts is questioning if the U.S. Securities and Exchange Commission (SEC) mandates that insurance agents tied to registered investment advisers
Allstate’s Q3 2024 net income surged to $1.16 bn
Allstate Corp.’s Q3 2024 net income surged to $1.16 bn from a $41 mn net loss in the same period last year, driven by improved property-liability underwriting results
Embedded insurtech INSHUR secured $19 mn for global expansion
INSHUR, a global embedded insurance provider for the on-demand economy, has raised $19mn in a recent funding round. Viola Growth led this round, with support from MS&AD
Insurtech Igloo entered the direct-to-consumer (D2C) market in Indonesia
Regional insurtech Igloo has entered the direct-to-consumer (D2C) market in Indonesia, aiming to enhance insurance accessibility for digital consumers
Reinsurance market is structured to manage significant events and hurricanes
The reinsurance market is structured to manage significant events, such as hurricanes Helene and Milton, says Eric Andersen, President of Aon, a global insurance and reinsurance brokerage
AM Best holds a stable outlook on Canada’s property and casualty (P&C) insurance industry
AM Best is holding a stable outlook on Canada’s property and casualty (P&C) insurance industry, despite notable challenges from catastrophic events
Canada’s economic growth, bolstered by a strong labor market & rising population
Canada’s economy continues to grow, bolstered by a strong labor market, higher asset prices, and lower inflation, reports global credit ratings agency AM Best
French insurers’ ratings unchanged despite France’s revised negative outlook
The ratings of French insurers are unaffected by the recent revision of the Outlook on France to Negative, Fitch Ratings says, with the exception of CNP Assurances SA
Underwriting platform Inspectify secured $5.3 mn funding led by Munich Re
Inspectify, a property inspection and underwriting insurtech platform, has secured $5.26 mn in funding, led by Munich Re Ventures
Social Security benefits payments for 72.5 mn Americans will increase 2.5% in 2025
Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 mn Americans will increase 2.5% in 2025
Prudential Hong Kong launched of digital underwriting tool MedScreen+
Prudential Hong Kong has advanced the insurance industry with the launch of MedScreen+, a digital underwriting tool created in partnership with RGA
MetLife with insurtech YuLife launched a Group Income Protection in the UK
MetLife UK has teamed up with YuLife to launch a new Group Income Protection plan aimed at addressing the rising challenge of workplace absenteeism in the UK
Tokio Marine Kiln named Alexandros Ampatzis as Head of Marine for APAC
Tokio Marine Kiln (TMK) has named Alexandros Ampatzis as Head of Marine for the Asia-Pacific (APAC) region, effective November 1, 2024
Insurtech Branch raised $51 mn funding led by American Family
Insurtech Branch has raised $51 mn in a new funding round led by American Family Ventures. This investment supports Branch’s growth strategy
Insurtech Aurora raised £2.5 mn in seed funding from QBE Ventures
Insurtech Aurora, a digital commercial insurance platform, has raised seed funding from QBE Ventures, the investment arm of QBE Insurance Group
Lloyd’s of London introduces a Global Disaster Resilience Vehicle
Lloyd’s of London has partnered with the United Nations Capital Development Fund (UNCDF) to introduce a new disaster resilience vehicle
AI-driven insurtech COVU raised $12.5 mn in Series A funding
AI-driven insurtech COVU has raised $12.5 mn through equity and debt financing in its first Series A funding round led by Benhamou Global Ventures (BGV)
AI insurtech Stream Claims sequred $5.3 mn in seed funding
Insurtech startup Stream Claims, specializing in AI-powered medical document review for workers’ compensation, sequred $5.3 mn in seed funding
Insurtech Qantev raised €30 mn funding led by Blossom Capital
AI-powered claims management insurtech for health and life insurers Qantev has raised €30 mn in new funding led by Blossom Capital
Insurtech Herald secured $12 mn in Series A funding
Insurtech Herald has secured $12 mn in Series A funding co-led by Lightspeed Venture Partners and Brewer Lane Ventures, with participation from Afore Capital and Underscore Venture Capital
Florida’s Office of Insurance Regulation reported $2.3 bn Hurricane Milton insured losses
Florida’s Office of Insurance Regulation (OIR) reported $2.34 bn in insured losses from Hurricane Milton, with 189,858 claims filed and 8.4% closed
Agentech, AI workforce solution for insurance claims, raised $3 mn
Agentech, an AI-powered workforce solution for insurance claims, raised $3 mn in seed funding in just 30 days. This funding will support their expansion into Property & Casualty
HRCE launches inquiry into Australian insurers’ responses to flood claims
The Insurance Council of Australia (ICA) welcomed the House of Representatives Standing Committee on Economics’ report regarding insurers’ responses to claims from major floods
Moody’s estimates insurance losses from Hurricane Milton between $22-36 bn
Moody’s RMS Event Response estimates private insurance losses from Hurricane Milton to range between $22 bn and $36 bn
CoreLogic estimates Hurricane Milton insured losses up to $28 bn
CoreLogic released its initial wind and flood loss estimates for Hurricane Milton. The company projects insured wind and flood losses to range from $17 bn to $28 bn
Blue Cross Blue Shield agrees to $2.8 bn settlement in health care antitrust case
Blue Cross and Blue Shield (BCBS) has agreed to a $2.8 bn settlement as part of a long-standing antitrust class action filed by health care providers
U.S. Federal Court halves $185 mn legal fee in ACA risk corridor settlement
The U.S. Court of Federal Claims has cut in half the $185 mn legal fee sought by Quinn Emanuel Urquhart & Sullivan LLP from a $3.7 bn class action settlement over the government’s failure
FCA launches market study on premium finance and rising insurance costs
The UK FCA has initiated a market study focused on premium financing for motor and home insurance, aiming to determine if consumers are receiving competitive
Verisk estimated $30-50 bn insured property losses from Hurricane Milton
Verisk has estimated insured onshore property losses from Hurricane Milton between $30 bn and $50 bn. These estimates come from Verisk’s Extreme Event Solutions
HCI estimates insured losses up to $750 mn from Hurricanes Debby, Helene, Milton
HCI Group estimates insured losses between $600 mn and $750 mn due to hurricanes Debby, Helene, and Milton
Ardonagh Group completes acquisition of PSC Insurance, expanding APAC & UK platforms
The Ardonagh Group, a major independent insurance broking platform, has completed the acquisition of PSC Insurance Group Limited
Munich Re Specialty expands into Spanish insurance market with 2025 launch
Munich Re Specialty has initiated steps to enter the Spanish commercial market for primary specialty insurance, aiming to start underwriting in 2025
U.S. Supreme Court seeks opinion on Oklahoma’s PBM law appeal
The U.S. Supreme Court requested the opinion of the Office of the Solicitor General on Oklahoma’s appeal regarding a Tenth Circuit Court ruling
MGA Coterie Insurance announced its entry into the cyber insurance market
Coterie Insurance, a managing general agent (MGA) focused on simplifying small business insurance, announced its entry into the cyber insurance segment
UNIQA Insurance Group sold of the Russian insurer Raiffeisen Life
UNIQA Insurance Group has completed the sale of its Moscow-based subsidiary, Raiffeisen Life, to the Russian company Renaissance Life
GrovesJohnWestrup Private Clients ends new and renewal operations
GrovesJohnWestrup Private Clients, a managing general agent (MGA) under Munich Reinsurance Co., has ceased new and renewal business operations
Florida faces record flooding: Hurricane Milton threatens billions in insured losses
Florida faces its second major hurricane, with predictions of record-breaking storm surges and flooding. Private flood insurance premiums in the state
U.S insurers challenge subrogation ban in $4bn Maui Wildfire settlement
U.S. insurance companies has filed a request with the U.S. district court in Hawaii to allow them to subrogate losses related to the Maui wildfires
Morningstar DBRS estimates Hurricane Milton insured losses exceeding $100 bn
Morningstar DBRS estimates Hurricane Milton insured losses could reach $60 bn, with $10 bn linked to flooding
Insurance industry in Cyprus continued its growth in 2024
The insurance industry in Cyprus continued its growth in the first half of 2024, with total gross written premiums (GWP) reaching €631.8mn, marking a 7.8% year-on-year (y-o-y) increase
Top risks for UK businesses in 2024: Economic, Cyber, Workforce Challenges
Marsh McLennan highlights the primary concerns for UK businesses over the next year. The TOP-3 issues identified are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%)
Global cyber insurance premium is set to reach $16.4 bn in 2026 as rates fall, AI risks grow and SMEs remain the largest growth opportunity
Cyber insurers are reviewing policy wording as autonomous AI agents create new questions over cyberattack definitions, liability and coverage triggers
RiskScan 2026 reveals how cyber, climate, AI, inflation and business interruption are converging to reshape insurance priorities and risk management
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