Coalition Re introduces Non-Proportional Cyber Reinsurance
Coalition has set up its reinsurance intermediary, Coalition Re, to offer capacity for non-proportional cyber reinsurance treaties along with a white-labelled cyber insurance
News
Court splits decision in AIG & RealPage recovery dispute over phishing attack
A Texas court reached a split decision in a dispute between an AIG unit and RealPage over the allocation of recovered funds from a phishing attack
AIG asking a judge to reject a request from Dellwood Insurance to dismiss the lawsuit
Lawyers for American International Group are asking a judge to reject a request from Dellwood Insurance Group to dismiss the lawsuit against the company
CoreLogic estimated Hurricane Francine insured losses to be up to $1.5 bn
CoreLogic estimated Hurricane Francine insured wind and storm surge losses to be up to $1.5 bn. Losses include damage to buildings, contents, and business interruption
Tropical Storm Francine hitting $1 bn insured losses – Gallagher Re
Tropical Storm Francine, hitting Louisiana, may cause over $1 bn in private insured losses, according to Gallagher Re, highlighted that a hurricane’s path significantly impacts
Insured losses from Hurricane Debby increased to $122 mn in Florida
Florida reported $121.5mn in estimated insured losses from Hurricane Debby, with 59.6% of claims closed, according to the Office of Insurance Regulation
American Transit Insurance, New York’s insurer of taxi cabs, is insolvent by $665 mn
The American Transit Insurance Co., New York’s largest insurer of taxi cabs, is insolvent by approximately $665 mn and must consider all options for recapitalization
Moody’s acquired Praedicat, casualty & liability modeling capabilities
Moody’s has acquired of Praedicat, a provider of casualty insurance analytics. This move strengthens Moody’s risk assessment offerings by adding casualty and liability modeling
Connect Underwriting launched BRICS UW, a reinsurance MGA
Connect Underwriting Limited, a specialist reinsurance MGA, has launched BRICS UW, a reinsurance MGA focused on emerging markets, pending regulatory approval
Hungarian insurance market reached €2.2 bn premiums, 5% YoY
Hungarian insurance market experienced about a 5% year-on-year increase in gross written premiums (GWP), reaching €2.2 bn, according to data from MNB
Motor insurers in Poland in H1 2024 generated $2.1 bn premiums
Motor insurers in Poland in the first half of 2024 generated PLN 8.85 bn ($2.1 bn) in premiums, marking a 10.42% increase year-on-year
Hannover Re anticipates reinsurance prices & conditions to remain on a stable level
Hannover Re anticipates prices and conditions to remain on a sustained stable level for the treaty renewals in property and casualty reinsurance as at 1 January 2025
Social Security Disability Insurance. What is retirement & disability insurance?
Many people know about Social Security Disability Insurance (SSDI) but are less familiar with retirement, survivors, and disability insurance (RSDI)
Korint Insurtech sequred €5 mn funding led by Ventech
Korint Insurtech, an emerging digital insurance company, secured €5 mn in a funding round led by venture capital firm Ventech, with continued backing from 360 Capital
Demex Group, reinsurance & analytics firm, raised $10.3 mn in Series A
The Demex Group, a firm specializing in stop-loss reinsurance protection and risk analytics, raised $10.25 mn through a Series A and previous SAFE funding round
Insurtech Insurity partnered with Gain Life to improve the claims process
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with Gain Life, a firm focused on improving the claims process
Renewals in 2024 have seen reinsurance pricing gradually decrease
Aon launched its Ultimate Guide to the Reinsurance Renewal – September 2024 report, which contrasts the robust financial results of the reinsurance industry against a backdrop
ICEYE and Aon enhances real-time disaster data for reinsurers
ICEYE, a satellite-based disaster management provider, announced that Aon has expanded its data licensing agreement. Aon will now include ICEYE’s Flood Insights data
Social Security Administration Digitizes or Removes Signature Requirements
The Social Security Administration (SSA) announced steps to reduce the burden on customers by digitizing or eliminating signature requirements for many forms
Fitch Ratings revised Global Reinsurance Sector Outlook to ‘Neutral’
Fitch Ratings has changed its outlook for the global reinsurance sector from “improving” to “neutral,” noting that the pricing cycle has likely peaked
Insurers to increase securitisation activity amid UK matching adjustment reform
Fitch Ratings expect to see more interest and activity in securitised assets from insurers following matching adjustment (MA) reform
Traditional risk management models face pressure due to natural disasters
Traditional risk management models face significant pressure due to unprecedented natural disasters, geopolitical conflicts, and economic instability
InsuranceDekho launches Heph, a SaaS platform for insurance distribution
Indian insurtech insuranceDekho has launched Heph, a SaaS platform designed to streamline insurance distribution
Clear Group acquired non-standard MGA Accelerate Underwriting
Clear Group announced the acquisition of MGA Accelerate Underwriting. This marks Clear Group’s fourth MGA acquisition as it strengthens its underwriting capabilities for brokers
Intermediary Specialist Risk Group (SRG) acquired MGA Capulus
Intermediary Specialist Risk Group (SRG) has acquired Capulus, a Wales-based managing general agent, to enhance its motor fleet capabilities
Lloyd’s of London Results: £4.9bn profit, £30.6bn premium for H1 2024
Lloyd’s of London, a leading global insurance and reinsurance marketplace, reported solid results for the first half of 2024 with a profit before tax of £4.9bn
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
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
Global reinsurance under pricing pressure in 2026, while U.S. P&C insurance stays stable despite slower growth, softer underwriting profits and earnings
US home claim severity rose 25.9% in 2025 as wildfire losses, repair inflation and peril shifts reshaped insurer loss trends
Global insurance pricing fell 6% in Q2, led by a 12% property drop, as capital, lower reinsurance costs and competition favored buyers
Florida’s property insurance market showed its clearest improvement in a decade, with the state’s share of US homeowners claims falling to 4.9% and lawsuits dropping to 41.3%