Austrian insurtech Hi:health raised €6 mn in a pre-Series A financing
Vienna-based insurtech “Hi.health” raised €6 mn in a pre-Series A financing round led by existing investors SpeedInvest and Calm/Storm
News
Insurtech Hippo Insurance placed of reinsurance program’ 2023
Insurtech Hippo Insurance has placed of its reinsurance program for the 2023 year, which includes a 32% rise in per-occurrence excess of loss (XoL) limit
National Flood Insurance Program paid $2.2 bn in claims for Hurricane Ian
National Flood Insurance Program had paid $2.2 billion in claims for Hurricane Ian an increase of almost 28%
Insurtech Joyn secured a $17.7 mn Series A funding led by OMERS Ventures
Insurtech Joyn Insurance has announced it exceeded its target with a $17.7 mn Series A funding round led by OMERS Ventures, with participation from SiriusPoint
Saudi launched the Unified Compulsory Motor Insurance Policy
The Saudi Central Bank (SAMA) has introduced new amendments to the Unified Compulsory Motor Insurance Policy, allowing an option of repairing the vehicle instead of… Read More »Saudi launched the Unified Compulsory Motor Insurance Policy
Crypto Insurance. Why not require crypto projects to get special insurance after FTX crush?
There is extensive precedent for requiring companies providing critical infrastructure to get special insurance. Why not require crypto companies to back themselves
German non-life insurance market is ‘deteriorating’. Fitch Ratings’ outlook
Fitch Ratings’ sector outlook for the German non-life insurance market is ‘deteriorating’ for 2023, reflecting Fitch’s expectation that inflationary pressure on property and liability claims
InsurTech MGA Loadsure received capacity from insurer Tokio Marine Kiln
InsurTech MGA Loadsure has received capacity baking from leading specialist international insurer Tokio Marine Kiln to further enhance
Battleface rolles a new API-driven insurtech platform Robin Assist
Insurtech Battleface has rolled out a new tech-driven platform as a service to support insurance carriers, brokers, managing general agents (MGAs)
MS Amlin launched a special purpose reinsurance vehicle Phoenix 3 Re
Lloyd’s global specialty (re)insurer MS Amlin has strengthened its Asian reinsurance business by floating a local special purpose reinsurance vehicle (SPRV) with US$45 million
Munich Re helps Verisk Maplecroft to it enhance human rights due diligence
Munich Re has announced that it has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence
EU-ban on inducements would limit insurance consumer’s access to financial advice
Insurance Europe has sent a letter and a position paper to the European Commission to explain why an outright EU-wide ban on inducements would limit consumer’s access
Insurer Palomar implements the Phinsys suite of finance & accounting products
Phinsys, the leading finance automation software provider for the insurance sector, announced today that the specialty insurer Palomar Holdings is implementing
IG P&I Clubs completed pooling & GXL reinsurance structure for 2023/2024
International Group of P&I Clubs has seen a benign pool claims environment for its 2022/2023 program, but it notes that reinsurance partners have been impacted
Lloyd’s of London will report a combined ratio of 95%
Lloyd’s of London will report a combined ratio of around 95% at the year-end of 2022, anticipating the same for 2023
FloodFlash, insurer to pay catastrophic flood claims, entered the U.S. insurance market
Parametric flood insurance company FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as 4 hours, announced they have entered the U.S. insurance market
Insurance market in Poland ended 2022 with the largest reduction in MTPL premium
The insurance market in Poland ended 2022 with the largest reduction in the average MTPL premium in 5 years
Insurers call on EDPB to guarantee transitional period for Controller Binding Corporate Rules
Insurance Europe has responded to a consultation conducted by the European Data Protection Board (EDPB) on its draft recommendation on the application for approval
Insurtech Cowbell released Modeling Catastrophic Cyber Events
Cowbell, the provider of cyber insurance for small and medium-sized enterprises (SMEs), has released a new whitepaper, “Modeling Catastrophic Cyber Events”
Insurtech XILO raises $6 mn in seed round led by ValueStream Ventures
San Diego insurtech startup XILO offering workflow software for insurance agents and others in the insurance space, capped off 2022 by increasing its seed round
Philly-based insurtech Propeller Bonds raises $6.4 mn in seed funding
Philly-based insurtech, Propeller, has raised $6.4 mn in seed funding led by a consortium of industry partners
Insurance sector supports re-use of existing standards for cyber incident reporting
The insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives, Insurance Europe said
International Association of Insurance Supervisors (IAIS) published its 2023-2024 Roadmap
The International Association of Insurance Supervisors (IAIS) published its 2023-2024 Roadmap. The Roadmap outlines the IAIS’ work program for the next two years
Latvian insurance market totaled EUR 735 mn at 9M2022 (+18.7%)
Latvian insurance market totaled EUR 734.81 million at the end of September 2022, about 18.74% more y-o-y. There were 4 non-life insurance companies and 2 life
Slovak VIG insurer Kooperativa poistovna purchases 100% of pension fund 365.life
Austrian financial group Vienna Insurance (VIG) informed that its Slovak subsidiary Kooperativa poistovna has purchased 100% of the shares in 365.life d. s. s.
How Bolttech, SingLife & ZhongAn revolutionising insurance industry in Asia
The InsurTech industry in Asia is still relatively smaller as compared to the western world of Europe and North America
Insurtech bolttech and Thailand’s mobile operator AIS delivers embedded insurance
Insurtech bolttech and Thailand’s mobile network operator AIS have partnered to deliver embedded protection services including mobile device switch
Insurtech Lumera acquires of a supplier for Dutch pension funds AxyWare
Stockholm-based startup Lumera has acquired AxyWare, a renowned system supplier for Dutch pension funds. Lumera delivers unified policy administration environments
Ondo InsurTech won a new contract with insurer Topdanmark
Ondo InsurTech has won a new contract with insurer Topdanmark, to expand its roll-out to 20,000 new customers in Denmark
War in Ukraine & extreme weather drives up reinsurance cost by up to 150-200%
The war in Ukraine and extreme weather events have driven up the cost of reinsurance by as much as 200 per cent in crucial January renewals
Insurers benefit from interest rate hike in 2024
Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend
Türkiye introduces a new insurance requirement for arriving travelers & immigrants
To discourage irregular migration, Türkiye is expected to implement a new insurance requirement for anyone arriving in Türkiye with a permit
India’s insurance regulator to treat green bond purchases as infra investments
The Insurance Regulatory and Development Authority of India has said insurers will be allowed to classify their sovereign green bond purchases as infrastructure investments
Swiss Re appoints Velina Peneva as Group Chief Investment Officer
Swiss Re announced today the appointment of Velina Peneva as Group Chief Investment Officer and member of the Group Executive Committee
Willis Towers Watson announced the combination of Asia and Australasia operations
Willis Towers Watson has announced the combination of its Asia and Australasia operations into one Asia Pacific region, effective 1 January 2023
Embedded insurance could exceed $70 bn in premium by 2030
Embedded insurance could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 billion in premium by 2030
Rise in natural disasters over the last 5 years increased losses for global re/insurers
While reinsurers have managed to defend against a rising tide of natural catastrophe losses, more de-risking efforts, new opportunities and further re-pricing measures
Insurtech Cover Genius partners with HomeToGo to provide embedded protection for rentals
Cover Genius, insurtech for embedded protection, today announced it is partnering with HomeToGo, the marketplace with the world’s largest selection of vacation rentals
UK cyber insurance pricing increased 66% in 2022
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks
Reinsurers’ underwriting margins after retrocession will expand in 2023
Fitch Ratings has released a report suggesting that reinsurers’ underwriting margins after retrocession will expand by 4 percentage points on average in 2023
Insurtech Superscript completed of £45 mn Series B funding
London-based insurtech Superscript has announced the completion of its £45 million Series B funding round led by existing investor BHL UK
Global catastrophes economic losses $270 bn, 44% covered by re/insurance
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance
Winter Storm Elliott delivered insured losses of $5.4 bn in U.S. & Canada
Winter Storm Elliott likely delivered insured losses of $5.4 billion across 42 states after sweeping the bulk of the United States at the peak of the Holiday season
Rising rates have been favourable for US life insurer investment portfolios
Rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields
Insurtech Root launches investigation into $9.5 mn of marketing services transactions
In an SEC filing, insurtech Root Insurance has shared that it has engaged outside counsel to conduct an internal investigation with respect to a series transactions
MGA Johnson & Johnson acquires assets of Statewide Insurance
Managing general agency Johnson & Johnson announced that it recently acquired the assets of Statewide Insurance Corp as it looks to expand into a number of Southwestern states
Insurance protection gap in Europe: only 25% of natural catastrophes losses were insured
The new EU strategy on adaptation to climate change highlights the fact that affordability and insurability of natural catastrophes insurance coverage
Insurtech Alicia raises €7 mn in seed funding from Volta Ventures
Alicia Insurance, a Rotterdam-based insurance startup with an embedded insurance for freelancers proposition, has raised €7 million in seed funding from Volta Ventures
MetLife with EasyCancha introduces accident insurance coverage
MetLife has partnered with easycancha to introduce an on-demand accident insurance coverage in Chile
Trium Cyber, Lloyd’s Syndicate 1322, provides cyber coverage for US-domiciled risks
Trium Cyber has announced its US-based service company has begun to provide cyber and technology errors & omissions coverage for US-domiciled risks
Global reinsurance market improves profitability at enewals
Reinsurance market made significant strides to improve profitability at the recent January 1 renewals, particularly in underperforming property natural catastrophe business
Floods cost insurers $4.7 bn, while European winter storms $4.2 bn in claims
The largest event loss outside the US was the flooding in Eastern Australia in late February / early March, which CRESTA estimates has generated an industry loss of $4.7 billion
Reinsurers will work with ILS funds to bring new cyber reinsurance capacity
The reinsurance value chain will work together with insurance-linked securities (ILS) fund managers to bring new cyber reinsurance capacity to this market in 2023
CNA Hardy launches of cyber insurance products to technology businesses
CNA Hardy has announced the launch of an additional suite of cyber protection products specifically tailored to technology businesses
Healthcare Insurance premiums in U.S. increases. How is Medicare changing?
Healthcare costs are increasing for most Americans in 2023. Without a public healthcare system price rises in some states may put thousands onto worse coverage plans
Green Century’s resolution. Insurers should’n insure fossil fuel development
Green Century Capital Management filed shareholder resolutions with three big U.S. insurance companies — Travelers, Chubb and The Hartford – asking shareholders
Singlife with Aviva launches of accelerator program to insurtech startups
Financial services company Singlife with Aviva launches of Singlife Connect, its accelerator program to support and spur the growth of promising insurtech startups
Increases in US insurers’ underwriting expenses offsets by increases in premiums
Increases in US P&C insurers’ underwriting expenses have been offset by commensurate increases in net premiums written, which has resulted in stable expense
Japan’s largest insurers continues providing marine war insurance coverage for ship
Some of Japan’s largest non-life insurers continues providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers
Cat loss-hit treaties reinsurance rate in the U.S. increased of more than 100%
Some catastrophe loss-hit treaties in the U.S. witnessed rate increases of more than 100% at the 1/1 2023 reinsurance renewals, as Hurricane Ian
Discover how a secondary reinsurance market could improve capital efficiency, lower WACC, boost underwriting flexibility and support more efficient pricing
Global reinsurance pricing fell more than expected at Jan. 1, 2026 renewals, with abundant capital, weak catastrophe support, and easing terms
Reinsurance rates in several lines softened quicker than anyone expected this year, especially in casualty and cyber, yet trading conditions across the Lloyd’s market still look reasonably favorable
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035