New rules for insurer responsibilities under California Privacy Act
The California Privacy Protection Agency moved forward with new rules clarifying insurer obligations under the California Consumer Privacy Act
News
Lloyd’s considers outsourcing key IT and operational functions
Lloyd’s of London has confirmed it is considering outsourcing certain information technology services and operational functions
Annualized life insurance premium in the U.S. rose 8% to $3.9 bn in Q3 2024
Total new annualized life insurance premium in the U.S. insurance market rose 8% to $3.9 bn in Q3 2024, and policy count increased by 3%
SCOR reported a net loss of €177 mn for Q3 2024
SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option.
Swiss Re reports $2.2 bn net income an ROE of 13.4% for 9M 2024
Swiss Re reports a net income of $2.2 bn and an ROE of 13.4% for 9M 2024. Resilient underwriting and investment contributions from all Business Units contributed to the results
Munich Re reported a net earnings €4.7 bn in 9M 2024
Munich Re reported a net result of €930 mn in Q3 2024, a decline due to higher-than-average natural catastrophe losses. For the three quarters, net earnings totaled €4.692 bn
Bulgarian insurance market generated €1.2 bn premiums in 1H2024
Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance
Swiss Re strengthened Property & Casualty Reinsurance reserves
Swiss Re has strengthened its Property & Casualty Reinsurance reserves in Q3, following an in-depth review. The company allocated $2.4 bn to prior-year US liability reserves for P&C Re
Insurtech Hippo released Q3 2024 results: TGP reached $368 mn (+21%)
Home insurtech Hippo released its Q3 2024 financial results, showing a 65% YoY revenue increase, supported by stronger premium retention aligned with risk retention
Hannover Re’s net profit increased by 30.4% to €1.8 bn in 9M 2024
Hannover Re has raised its 2024 profit target after net income rose 30.4% to €1.8 bn for 9M 2024, driven by a 36% jump in the reinsurance service result to €2.1 bn
Changes to UK Solvency rules will have a positive impact on UK insurers
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
Washington Insurance Commissioner proposes rule to improve health care timelines
Washington Insurance Commissioner Mike Kreidler has released the proposed language for a prior authorization rule aimed at updating timelines for health care services
Louisiana Supreme Court bars insurers from forcing arbitration in state insurance disputes
The Louisiana Supreme Court ruled that insurance companies cannot compel insured parties in Louisiana into arbitration, even if policies contain arbitration provisions
Steadfast Group expands London insurance market, with acquisition of H.W. Wood & HWI France
Australasia’s largest general insurance broker network Steadfast Group is set to enhance its London Market footprint through the acquisition of H.W. Wood and HWI France
California imposes home insurance moratoriums for wildfire-affected areas
California Insurance Commissioner Ricardo Lara announced one-year nonrenewal and cancellation moratoriums for home insurance policyholders affected by the Shelly Fire
Ontario considers making most auto insurance accident benefits optional
Ontario lawmakers are exploring a proposal to make most automobile insurance accident benefits optional, aiming to cut costs and improve policyholder accessibility
Aon acquired Griffiths & Armour, a UK-based insurance broker
Aon, a global professional services firm, today announced the signing of a definitive agreement to acquire Griffiths & Armour, a UK-based insurance broker
Allianz reports 9.6% total business volume growth to €134 bn in 9M 2024
Allianz SE has announced strong financial results for the third quarter of 2024, with a 13.6% increase in operating profit, reaching €3.9 bn
Bishop Street Underwriters acquired the Transactional Liability unit of Ethos Specialty
Bishop Street Underwriters, part of the RedBird Capital Partners portfolio, has acquired the Transactional Liability unit of Ethos Specialty
MDS Group acquired Cobian Insurance Brokers
The MDS Group, part of The Ardonagh Group, has announced it has agreed to acquire insurance broker Cobian Insurance Brokers
Ondo InsurTech expanded partnership with Nationwide to roll out LeakBot
Ondo InsurTech has expanded its partnership with Nationwide to roll out LeakBot, a device designed to prevent water damage, across 16 states
Progressive Home discontinued offering the Dwelling Fire line (DP-3) of business
Progressive Home announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. The move is a continuation of various actions Progressive Home
SaaS Agicap raised €45 mn in Series C funding led by AVP
SaaS platform for SMBs to manage and forecast their cash flows Agicap has raised €45 mn in Series C funding led by AVP. This investment aims to bolster Agicap’s presence in Europe
Delos Insurance raised $9 mn in a Series A funding round
Delos Insurance Solutions, a property insurance MGA, raised $9 mn in a Series A funding round led by HSBC Asset Management. IA Capital Group, Blue Bear Capital, Generation Space
Insurtech ManyPets leaves the US pet insurance market to focus in the UK
Insurtech ManyPets, a pet insurance provider, will leave the US market to focus on operations in the UK insurance market. The company has partnered with Odie Pet Insurance
Insurtech Vertafore acquired cloud-based software platform Surefyre
North America’s insurtech Vertafore announced its acquisition of Surefyre, a leading platform focused on submission and underwriting for MGAs and wholesalers
Insurtech Akur8 announced partnership with Windward Risk Managers
Akur8, an insurance pricing and reserving solution, has announced its partnership with Windward Risk Managers, known for Florida Peninsula Insurance
Centana Growth Partners acquired a majority stake in First Connect Insurance
Centana Growth Partners has acquired a majority stake in First Connect Insurance Services, an insurtech platform connecting independent insurance agents with carriers
PERILS released final insurance loss estimate for Windstorm Ciarán (Emir) of €2.07 bn
PERILS, a provider of catastrophe insurance data, has released its final industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands
Perils estimated insurance losses from Storm Boris in Central and Eastern Europe at €1.9 bn
Insurers in Central and Eastern Europe and Italy are facing estimated losses of €1.89 bn from Storm Boris, which brought devastating floods to the regions
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
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
US employer healthcare costs will rise 9.5% in 2027, taking average annual spending above $19,000 per employee. The forecast extends a run of healthcare cost increases approaching double digits
California health insurance enrollment: learn Covered California deadlines, open enrollment dates, special enrollment options, subsidies and Medi-Cal eligibility
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
Health insurance is an integral part of employee benefits packages in the United States. However, any employer federally required to provide this compensation could admit that their costs can be burdensome