Turkey will continue to request insurance confirmation letters from crude oil tankers
Turkey will continue to request insurance confirmation letters from crude oil tankers transiting its Bosphorus Strait, the Maritime Authority said
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Fitch`s Outlook for the Latin American insurance sector is neutral
Outlook for the Latin American insurance sector is neutral in most markets based on stable industry profile and operating environments (IPOE)
Extreme weather insurance losses in UK up to £1 bn, according to PwC
Costs from extreme weather events would top £1 billion, in today’s terms, according to report by PwC UK. The research comes as the British Red Cross warns that one
India’s insurtech Coverfox Group closes of POS operations
Coverfox Group, India’s largest insurtech group, announced the closure of their POS operations. The senior management has decided to keep the company’s focus
Bermuda reinsurers will incur $13 bn claim losses in payments to policyholders & US cedants
Bermuda reinsurers estimate that they will incur gross claim losses of more than $13 billion in payments to policyholders and cedants in the United States (US)
New reinsurance laws in Puerto Rico open the jurisdiction to international market
Historically, jurisdictional insurance laws in the United States governing credit for reinsurance have required non-US reinsurers to post 100% collateral in the US for risks
Vehicle InsurTech Prima Assicurazioni signed a strategic agreement with iptiQ
Vehicle InsurTech Prima Assicurazioni has signed a strategic agreement with iptiQ, the digital platform and white-label insurance provider of the Swiss Re Group
Nassau Re/Imagine launches an insurtech incubator TalentBridge23
Nassau Re/Imagine launched TalentBridge23 an incubator program focused on the Hartford insurtech community
Insurance regulator IRDAI allowed foreign investors to invest in Indian insurers shares
With major Japanies insurers showing the way in promoting environmental, social, and corporate governance (ESG) and Sustainable Development Goals (SDGs)
$1.2 bn has gone to National Flood Insurance Program policyholders to help recovery
More than $1.2 billion has gone to National Flood Insurance Program (NFIP) policyholders to help their Hurricane Ian recovery, with over 46,000 policyholders
US lawmakers are enacting changes aimed at satisfying insurers’ needs, not homeowners
With Florida’s insurance industry rocked by insolvencies, lawmakers largely are enacting changes aimed at satisfying insurers’ needs
Evan Freely appointed WTW Global Head of Financial Solutions
Evan Freely will be responsible for the WTW’s global financial team of 130 credit and political risk professionals in 24 countries
Munich Re with Shanghai JiuGe IT launches rating services platform in China
Munich Re and JiuGe Technology, subsidiary of mobile data and services company FingerMotion, are ready to launch new behavioural rating services platform
Cryptoasset & blockchain insurer Evertas closes a $14 mn funding led by Polychain Capital
Evertas, cryptoasset and blockchain insurance company, has closed a $14 million funding round led by Polychain Capital
RSA launches of a low-carbon underwriting policy and will rebalance insurance portfolio
RSA announced the launch of a low-carbon underwriting policy, effective 1 January 2023, and a commitment to achieving an underwriting portfolio for energy production
Lloyd’s Blueprint Two programme will be delivered overall in 2024
There will be a one to two quarter delay in the delivery of some solutions within Lloyd’s of London’s digital transformation project Blueprint Two
Lloyd’s Syndicates should be achieving a sustainable profit after losses from Hurricane Ian
The Lloyd’s market’s ability to absorb losses from Hurricane Ian demonstrates just how far the market has come over the last five years in getting to grip with cat exposures
Nigeria launches a risk transfer scheme of parametric flood insurance
Flood risk capacity development for Nigeria within the underwriting community will be key in developing appropriate flood risk models and products
Hong Kong Government issued a development roadmap for the insurance sector
Hong Kong Government has issued a development roadmap for the insurance sector, including targeted policy measures to consolidate the special administrative region’s status
Inflation at the front of European reinsurers’ challenging
Inflation at the front of European reinsurers’ minds, with this ongoing challenge to carriers’ profitability expected to become a significant issue at 1 January renewals
Chubb will launch a new technology services center in Thessaloniki, Greece in 2023
Chubb will launch a new technology services center in Thessaloniki, Greece in early 2023 to deliver innovative technologies that enhance the customer experience
Global Life Insurance Market Outlook overall is stable as rising rates
Global life insurance Market outlook overall is stable as rising interest rates boost investment incomes for insurers and improve the profitability of guaranteed products
Global Reinsurance Market remains well capitalised
Long term, if the Global Reinsurance Market does not develop more innovative solutions, its role and its relevance to the broader economy may be dramatically diminished
U.S. Regulators are assailing the Biden’s plan for collecting climate risk data from insurers
State insurance regulators are assailing the Biden administration’s plan for collecting detailed information from insurance companies to analyze climate risk
The Review of Prudential Regulation for the European Insurance Sector, Solvency II
After a summer of keenly felt drought and heat waves across Europe, it is unsurprising that climate has been central to the debate on how the regulation of insurance
Commercial insurance rates are beginning to stabilise, steered by cyber and D&O
Commercial insurance rates are beginning to stabilise, steered by cyber and Directors & Officers. Recent trends suggest rate increases will continue
Australian Regulators APRA and ASIC request life insurers to review premium increases
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a joint letter to CEOs of life insurers
The impact of Hurricane Ian on reinsurance market in Florida will extend globally
Swiss Re Institute have warned that the impact of Hurricane Ian on an already strained re/insurance market in Florida will likely be significant and extend globally
Group & Individual Health plans premiums in 2023 will increase by 7.2% and 6.4%
Health plans are expecting 2023 premiums to increase by 7.2% for Group fully-insured plans and by 6.4% for Individual plans
Cover Genius reports that home owners will switch to embedded insurance
Cover Genius’ latest report says a rising segment of property owners will switch away from traditional insurance and towards embedded options
China’s Insurance Market posted remarkable changes in terms of size & structure
China’s insurance market posted remarkable changes in terms of size and structure in the past decade, according to the country’s top insurance regulator
5.5 mn Americans signed up for health insurance 2023 Obamacare plans (+18%)
Nearly 5.5 million Americans so far have signed up for health insurance for next year through the Affordable Care Act’s marketplace, an 18% increase
QBE Ventures invested in Geosite – geospatial data aggregator for insurers
QBE Ventures has invested in California-based geospatial data aggregator Geosite, saying the platform does the “heavy lifting” to extract insurance-relevant information
Sydney-based insurtech Butter Insurance secured $1.3 mn of pre-seed funding
Butter Insurance, a Sydney-based insurtech start-up, secured $1.3million worth of pre-seed funding; it has also become the first to embed an insurance solution
Turkish maritime seeks proof of insurance from russian crude oil tankers
Turkey says it has started requesting proof of insurance from tankers loaded with Russian crude oil as Moscow expressed concern about a build-up of oil tankers
India effort to modernise of the Life Insurance Corporation of India (LIC)
India aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer
Breaches of the General Insurance Code of Practice are more rampant than ever
Breaches of the General Insurance Code of Practice are more rampant than ever, and a growing number of these significant breaches involve insurers overcharging
Insurer Generali plans sale of $21 bn of its Italian life insurance portfolio
Italian insurer Generali is planning to sell roughly 20 billion euros of its Italian life insurance portfolio
25% of InsurTechs will exit the insurance market in 2023
More than a 25% of insurtechs will leave the insurance marketplace in 2023 – just a couple years after investments in the space were at an all-time high
Global Insurtech Market will grow to $29.8 bn in 2026
The global insurtech market is expected to grow from US$8.07 billion in 2021 to $10.42 billion in 2022, at a compound annual growth rate (CAGR) of 29.2%
Global Premium income to grow by +67% or EUR2.8trn by 2032
2022 was expected to be another bumper year for the insurance industry, but the invasion of Ukraine has dashed those hopes. Premium income is likely to grow
Insurtech Otonomi builds blockchain parametric cargo platform
Insurtech Otonomi announced that it has closed a $3.4 mn funding round to build a first-to-market blockchain-powered parametric cargo
Insurtech Kin secures new committed credit facility
Kin Insurance announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC and the Avenue Venture
Thailand’s Life Insurance Outlook. Thai Insurers to gain from rising rates
Higher interest rates are likely to benefit Thai life insurers, but to a smaller extent than those in other Asian markets
Pet insurance startup Napo chase the Gen Z and millennials pet ownership
Pet insurance startup Napo has decided to take a particular angle on this topic, not only offering pet insurance but also pet health prevention information
Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlights… Read More »Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
World GDP Forecasts for 2023 revised down again
World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China’s property market deteriorates
U.S. Mortgage Insurance Market Outlook for 2025
Sector outlook for the U.S. mortgage insurance market is based on underlying economic fundamentals expected in 2025
Largest InsurTech Funding Rounds in November 2022
There were more than 20 funding events in the insurtech sector in November 2022. What follows is a selection of these, focusing on those in the P&C and life insurance
Insurtech Arbol delivered a $10mn parametric insurance payout
Arbol, an insurtech platform underwriting climate and weather insurance, has delivered a $10-million parametric insurance payout to property and casualty (P&C)
Insurtech Get Covered raised $6 mn, bringing its total funding to date to $14.5 mn
Insurtech Get Covered has raised $6 mn from RET Ventures, State Farm Ventures, WISE Ventures, and LeFrak, bringing its total funding to date to $14.5 mn
Florida P&C insurance market’s weak with the destruction by Hurricane Ian
Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian
European P&C insurers may struggle to register positive returns on their portfolios
Many European insurers have struggled to meet their cost of capital, and pressure to do so better on this front is likely to build. This in turn could prompt further consolidation
Stable Outlook on the U.S. Health Insurance Industry for 2023
AM Best is maintaining a stable market segment outlook on the U.S. health insurance industry for 2023, citing reduced pressure from COVID-19-related medical costs
Negative Outlook on the U.S. Personal Lines Insurance Segment for 2023
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration
40% of commercial properties in UK are underinsured
The effect of rising inflation on businesses in the UK, 40% commercial properties found to be ‘underinsured’
Auto insurer Progressive offers Motive’s AI-based safety solutions
Motive, an automated operations company, has partnered with Progressive Commercial, an auto and truck insurer to offer Motive’s AI-based safety solutions
Singapore-based insurtech BoltTech offer insurance on the card’s Max Me
Insurtech unicorn BoltTech has partnered with Max Solutions Service, a subsidiary of PTG, to offer insurance on the card’s Max Me application
Insurtech Intelligent AI raised £2m in seed funding leading by SuperSeed
Insurtech Intelligent AI, which claims to be disrupting insurance risk management with AI and data analytics, has reportedly raised £2m in seed funding.
Insurtech BeeHero raised $42m in Series B funding
Insurtech BeeHero, an insurer-investor backed data-driven technology company mitigating pollination risk to address global food security, has raised $42m
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
Bitcoin ETFs simplify the process. This structure enables you to access your exposure within an asset via an already harmonized structure within the regulations concerning settlement and risk management
Private equity’s grip on US insurers deepens risk concerns as assets shift into opaque credit, offshore deals and affiliated investments