Munich Re launches Global Specialty Insurance (GSI) division
Munich Re has decided to establish an additional Board division. Various primary insurance businesses of the Group that are part of the reinsurance segmen
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Global reinsurer RGA research revealed that cancer is top concern for women ages 28-38
Global life and health reinsurer RGA, together with their global accelerator RGAX, announced the launch of Plan V Care, a digital cancer-only product designed for women
Tom Haddrill, Lloyd’s Asia CEO will comeback to join WTW
Tom Haddrill, who has been with Lloyd’s since 2011 and became Asia chief executive this year, will be making a UK comeback to join WTW in early 2023
Indian Authority IRDAI asking to reinsurers excluding the costs rate for fire & engineering risks
The Insurance Regulatory and Development Authority of India (IRDAI) has written to local reinsurers asking them to stop including the burning costs rate published by the Insurance Information Bureau (IIB) for fire and engineering risks in their reinsurance treaties.
Global reinsurers group’s capitalisation remains strong in 2022 – Fitch
Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group
Insurance reforms in Florida will lead to relief of homeowners insurance
AM Best is of the view that the insurance reforms passed in Florida’s most-recent legislative special session will lead to much-needed relief to the state’s homeowners
Indian fintech Paytm launches insurance protect to mobile transactions with ERGO
Indian One97 Communications, that owns the brand Paytm, has launched “Paytm Payment Protect”, a group insurance plan, in association with HDFC ERGO
Emirati fund ADQ Holding wants to buy a Israeli Phoenix Holdings
Emirati holding ADQ wants to buy a controlling stake in Israeli insurance giant – Phoenix Holdings. The Israeli company controls most of Israel’s most significant pension funds
CarDekho focuses on its insurtech platform InsuranceDekho and planning IPO
CarDekho, run by Girnar Software Pvt., is sharpening focus on its insurance platform InsuranceDekho even as it scales down its asset-heavy used car marketplace
AIG Specialty Insurance Company dropping $1.1 mn lawsuit against Accellion
Insurer AIG tried to hold Accellion responsible for a zero-day criminal hack of its legacy File Transfer Appliance software, but in an unusual turn of events
Typhoon Nanmadol inflicted $912 mn losses on the Japanese insurance industry
Typhoon Nanmadol has inflicted $912 mn in property losses on the Japanese insurance industry, according to PERILS’ second industry loss estimate
Cyber risk analytics startup CyberCube raised $50 mn in additional capital
Cyber risk analytics startup CyberCube has raised $50 million in additional growth capital, bringing its total amount raised to more than $100 million to date
European Council agreed a the Insurance Recovery and Resolution Directive (IRRD)
Member states’ representatives agreed a negotiating mandate (general approach) on the Insurance Recovery and Resolution Directive (IRRD)
Metallica vs Lloyd’s underwriters: band will recover concert losses by other means
Frantic, or what’s better known as Metallica, will have to recover its losses from the postponement of its 2020 South American concerts by other means and not through insurance
Wakam’s Syndicate 1347 receives Lloyd’s approval to start underwriting for the 2023 year
European B2B2C insurer Wakam, has announced that Wakam’s Syndicate 1347 has received Lloyd’s approval to start underwriting for the 2023 year
Foreign venture investors presents in half of all European deals 2022 worth €65 bn
Foreign venture investors were present in nearly half of all European venture deals 2022 year, their highest level of participation to date
Insurtech Bolttech selects Sapiens Intelligence for complete P&C transformation
Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced the deployment of its cloud-first P&C core platform
Insurers refuses to cover planes flying to Ukraine or ships sailing through the Black Sea
Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers, who insure the insurers, propose excluding the region from policies
Insurers deny claims to customers affected by the bankrupt crypto exchange FTX
Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses
The International Association of Insurance Supervisors issued about FinTech & Digital innovation
The International Association of Insurance Supervisors (IAIS) issued two publications showcasing work on digital innovation, focusing on FinTech and the role of supervisory
Austrian Insurance Market increases premiums by 6% to EUR 16.2 bn
Austrian insurance market in Q3 2022 undertakings observed an increase in premium volume by 4.7% to EUR 4.8 billion
Insurance Market of Ukraine in 9M2022 collected EUR 803.5 mn
Insurance Market of Ukraine in January-September 2022 collected EUR 803.51 million of insurance premiums and paid out EUR 267.21 million
Ukrainian Insurers will be able to pay under nonresident’s reinsurance contracts
As of 13 December2022, insurers will be able to make reinsurance payments under reinsurance contracts concluded with nonresidents
Ford striking up telematics partnerships with insurtechs Wejo, CerebrumX & J.D. Power
Automaker Ford has been busy in the insurance and insurtech space lately, striking up partnerships with insurtechs Wejo, CerebrumX and J.D. Power
Bupa adoptes insurtech SaaS platform CoverGo as new health insurance system
Bupa (Asia), a health insurance specialist, and CoverGo, the leading global no-code insurtech SaaS platform for health, P&C, and life, are joining forces
Insurers may change insurance rates depending on a policyholder’s vaccination status
Study has found a strong correlation between drivers who have passed on taking vaccinations on COVID-19 and higher vehicle collision risk levels
Health & Longevity insurers Fountain Life raises $15 mn led by Eos Venture
Fountain Life, a preventative health and longevity company, closed a $15 million funding round led by Eos Venture Partners
Digital experiences of P&C insurance customers throughout the claims process
The ongoing digital transformation of the property and casualty (P&C) insurance industry has hit some speedbumps when it comes to customer satisfaction
Reinsurance pricing in 2023 continues to be an important topic
Reinsurance pricing continues to be an important topic suggesting 50%+ property cat price increases in the US are a real possibility with the potential that year end renewals
US & UK pushes for Turkey to reconsider the sea cargoes proof-of-insurance requirement
A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated, leaving millions of barrels of crude stuck
Hong Kong billionaire Richard Li invests $200 mn in his insurer FWD Group
Hong Kong billionaire Richard Li is weighing investing about $200 million in his insurance company FWD Group Holdingsas part of a funding round
Swiss Re advises underwriters to providing re/insurance cover for carbon removal
The insurance industry is “perfectly positioned” for “action” to support global carbon dioxide removal and the transition to a net zero economy by following a three-pronged
Munich Re is aiming for a consolidated €4 bn profit for 2023
Munich Re is aiming for a consolidated profit of around €4 billion for the 2023 financial year under the new reporting standard IFRS 17
Higher profits for European Largest Insurers after COVID-19-related losses
Mergers, divestments and fluctuations in foreign exchange brought more volatility to the ranking of Europe’s largest insurers
AM Best maintains Negative Outlook on U.S. Personal lines insurance market
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration
Insurtech NEXT Insurance launches employment liability insurance for Restaurants
NEXT Insurance, a digital insurtech transforming small business insurance, today announced its renewed commitment to small business restaurant owners
SaaS-insurtech Vertical Insure closes a $4 mn seed round
SaaS-insurtech Vertical Insure has closed a $4 million seed round co-led by Rally Ventures and Dundee VC
Proliferation of electric vehicles impacts across the ecosystem and EVs insurance
Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in 2024, which is up from 2.6% for the full year in 2022
What are the main reasons for slow growth of Philippine insurance industry?
The low level of Filipinos’ financial literacy is one of the causes of the slowing growth of the country’s insurance industry, according to a regulatory official.
Singapore will form a commercial Cyber Risk Pool up to $1 bn in capacity
Singapore will form a world-first commercial cyber risk pool, as it works towards strengthening the region’s resilience against growing cyber threats
Cyber will be the largest risk for Lloyd’s of London
Cyber will be the largest risk code for Lloyd’s of London in 2023. A risk code is a classification system that Lloyd’s uses to standardise risks and rank
Reinsurers must increase property cat rates in 2023
Reinsurers must increase property cat rates in 2023 to help combat climate change impact, according to EY
Florida’s legislature passed a Bill that creates a state-backed $1 bn Reinsurance Fund
Florida’s legislature passed a bill that would create a state-backed reinsurance fund and attempt to ease litigation costs that have pushed a homeowners-insurance market
Insurtech Walnut raises $4 mn for embedded insurance platform
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4 mn seed round, with ATB Financial and NAventures
Average UK Motor Insurance premium risen only by 2%
The average price paid by motorists for their motor insurance has risen only marginally by 2% over the last year despite sustained rising cost pressures faced by insurers
UK insurance industry contributed a record £17.2bn to economy in tax
The insurance and long-term savings industry has contributed a record £17.2bn to the UK economy in tax in 2021-2022, according to the Association of British Insurers
Lloyd’s grantes in-principle approval to Lime Syndicate Management as first managing agency
Lloyd’s has granted in-principle approval to Lime Syndicate Management, in what will be the first managing agency in the market since the Reconstruction and Renewal
Insurance Europe`s feedback about Insurance Recovery & Resolution Directive
Insurance Europe has published a set of key messages on the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD)
Insurers outline benefits of official registers for beneficial ownership
Insurance Europe has published its response to a consultation conducted by the Financial Action Task Force (FATF) on beneficial ownership
Canada Life Re entered into a structured mortality transaction with Allianz Indonesia
Canada Life Re, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia
B2B insurtech Bondaval raises €15 mn in a Series A, total raised €23.5 mn
B2B insurtech Bondaval has raised €15 million in a Series A funding round. The London-based startup is aiming to give credit teams more certainty
Singapore-based insurtech Aktivolabs raises $7 mn in a Series A funding
Singapore-based insurtech startup Aktivolabs has secured $7 million in a Series A funding round, according to regulatory filings
Insurtech PasarPolis raises $12 mn funding after last raised $54 mn in a Series B
Indonesian insurtech PasarPolis has raised $12 million in bridge funding. Existing investors including UK-based equity investor Leapfrog Investment
South Korean digital insurance carrier Carrot secures $250 mn funding
South Korean digital insurance carrier Carrot General Insurance has secured a fresh funding of $25 million. Led by private equity firm Affirma Capital
Premiums in the Polish bancassurance channel went down by about 20%
GWP in the Polish bancassurance channel went down by about 20% y-o-y in the first three quarters of 2022, reaching PLN 4.16 billion
Insurance group Aegon sold its exposure as an investor to Russia
Dutch insurance group Aegon announced it has sold its exposure as an investor to Russia. On March 8 of this year, shortly after the Russian invasion of Ukraine
Insurers consider there is no need to develop an extensive recovery
Insurers consider there is no need to develop an extensive recovery and resolution framework for insurers, Insurance Europe said in a statement
China Pacific Insurance launches of a digital currency account insurance product
China Pacific Insurance together with the Bank of Communications, announced the launch of a digital currency account insurance product
Insurtech Oyster secured $3.6 mn in seed round led by New Stack Ventures
Oyster, an insurance technology company that provides personal insurance through seamless point-of-sale and post-purchase experiences
Tycoon Birla selling Insurance Brokerage Unit
Aditya Birla Capital, controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure
Aerospace and defense M&A reached 532 deals in 2025, as business aviation attracts private equity, family offices, and growth investors
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities
Insurance brokers push debt-financed acquisitions amid slowing growth, Fitch warns credit risks rise but strong cash flow keeps leverage tolerable
Major deals have led global M&A activity in 2024, showing increasing confidence among dealmakers despite geopolitical and economic challenges