How prolonged economic weakness will impact overall demand for insurance?
Prolonged economic weakness resulting from the energy crisis will impact overall demand for insurance and drive claims costs higher
News
State Farm announced the expansion of Digital Pay to include insurance claim payouts
U.S. insurer State Farm announced the expansion of its Digital Pay solution to include claim payouts delivered instantly into a customer’s PayPal account
Cowbell Cyber and Swiss Re announce partnership in cyber insurance coverages
Cowbell Cyber announced a new partnership with Swiss Re to bring “expertly designed” cyber insurance coverages to enterprises with up to $750 million in revenue
Demex Group launches parametric snowfall insurance program
The Demex Group is announcing the launch of snowfall insurance underwritten by Evanston Insurance Company, a subsidiary of Markel
Tokio Marine and Arbor Ventures building future of insurtech & digital transformation
Tokio Marine has joined forces with Arbor Ventures, a fintech-focused venture capital firm, to accelerate digital transformation and foster innovation
Investment manager BlackRock launches a Bitcoin Private Trust
Investment manager BlackRock has launched a private trust offering US-based institutional clients exposure to spot bitcoin
Stable outlook on the Malaysian Non-Life Insurance Market
The Malaysia non-life insurance market has shown modest expansion, with a five-year average compound annual growth rate of 1.8% in terms of gross premium written from 2017-2021
Florida’s Homeowners Insurers are Facing Fraud Schemes & Underwriting Losses
An issues brief published by the Insurance Information Institute has affirmed that the turmoil in Florida’s homeowners insurance market is due to fraud schemes
Sapiens formes a partnership with Shift Technology to provide AI fraud alerts
Sapiens International, a provider of software solutions to the insurance industry, has formed a strategic partnership with Shift Technology, the developer of AI-driven decision solutions
Australia Insurance Market Forcast: $73.6 bn premium in 2026
GlobalData has projected that the value of the general insurance industry in Australia could rise to around US$73.6 billion in 2026.
Hungary’s Insurance Market Forcast: $5.7 bn premium in 2025. Industry grows at 6.3% CAGR
Hungary’s insurance industry is projected to grow at a compound annual growth rate (CAGR) of 6.3% from $3.91 bn in 2020 to $5.7 bn in 2025
Allianz Direct and Insurtech CHECK24 launches a strategic partnership in Germany & Spain
Allianz Direct and CHECK24 are launching a strategic partnership in Germany and Spain where consumers in both countries will be able to access Allianz Direct products
InsurTech Root announced results: $140mn premium, 298K auto policies
Root, the Columbus digital insurer reported a net loss of $90 million for the second quarter ended June 30, but consumed only $40 million of its unrestricted cash
Insurtech Modern Life launches $15mn of seed funding by Thrive Capital
Modern Life, a tech-enabled life insurance brokerage for advisors, has launched with $15mn of seed funding led by Thrive Capital
European insurers supportes the transition to a more sustainable economy
Insurance Europe and the CFO Forum have made a number of recommendations including the urgent need for a phased introduction
Swiss Re launches SRILIAC – insurance-linked investment company
Swiss Re announces the launch of its new investment advisory company and wholly owned subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation
Workers’ compensation startup Pie Insurance parners with InsurTechs
Pie Insurance, the specialist provider of cover for small businesses, has forged three, key partnerships to drive its solutions in the marketplace
US InsurTech Socotra raised $50mn in funding capital in Series C round
Insurtech Socotra has expanded its team by 63% and also raised $50mn in funding capital in its Series C round
US Insurer Nationwide to launch with Insurtech Brella a new health insurance
Insurance giant Nationwide has partnered with insurtech Brella to launch a supplemental health insurance plan that covers out-of-pocket expenses
InsurTech Cover Genius has formed a partnership with the BNPL fintech, Zip
The Australian insurtech Cover Genius has joined forces with leading BNPL provider Zip to offer customers cover on purchases at the point of sale
Gallagher announced the acquisition of risk management organization Another Day
Gallagher announced the acquisition of Another Day. Terms of the transaction were not disclosed. Another Day is a UK-based risk management organizations
Sun Life Financial sells SLF of Canada UK to Phoenix Group Holdings
Sun Life Financial has entered into an agreement to sell SLF of Canada UK Limited to Phoenix Group Holdings, Headquartered in London
Global Indemnity agreed to sell American Reliable Insurance Company to Everett Cash Mutual
GBLI (Global Indemnity Group) announced that its subsidiary American Reliable Insurance Company has sold its Farm, Ranch, and Equine book
Aviva to acquire MGA Azur Underwriting – high-net-worth personal lines business
Aviva has signed a binding agreement with specialist MGA Azur Underwriting to acquire its high-net-worth personal lines business in the UK and Ireland
Insurtech Lemonade`s Q2 2022 highlights: In-force premiums rises up 54% to $458m
In-force premiums (IFP) Lemonade have risen 54% year on year to reach $458m in Q2 2022. Startup said that (IFP) stood at $297m in Q2 2021 and at $155m in Q2 2020
Reinsurer Munich Re has announced a profit of €1.4 bn for 1H2022
Reinsurer Munich Re has announced a profit of €768 million and €1.4 billion for the second-quarter and first half of 2022, respectively, driven by a solid performance
Inefficiencies in underwriting costing the Global insurance industry $160bn by 2027
$170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing $160bn
Allstate announced in Q2 2022 $1 bn net loss, compared prior $1.6 bn income
Allstate has announced a second quarter net loss applicable to common shareholders of $1.04 billion, compared to an income of $1.6 billion in the prior year quarter
S&P reports about operating conditions for P&C insurers in emerging markets
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets
Berkshire Hathaway delivered $581 mn insurance & reinsurance underwriting result
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had another very successful quarter in its P&C reinsurance business in Q2 2022
Cyber risk insurtech Axio raises $23 mn in Series B
Axio, a platform for cybersecurity risk evaluation, today announced the closure of a $23 million Series B round led by Temasek’s ISTARI
Hannover Re announced net income of €649 mn for 1H2022
Hannover Re, one of Europe’s largest reinsurers, has announced net income of €649 million for the first half of 2022, while the firm’s property and casualty
Insurance Regulatory Authority proposes new rules for Indian insurers and reinsurers
The Insurance Regulatory and Development Authority of India has proposed new rules that would allow Indian insurers and reinsurers to raise capital in different forms
Ghost Security is announcing $15 mn investment at $50 mn valuation
Ghost Security, a US-based application security company, is announcing its emergence from stealth mode and a $15 million investment from 468 Capital
Insurtech-startup Extend announced the launch of Shipping Protection
San Francisco-based startup allowing merchants to offer product protection plans for their customers Extend announced the launch of Shipping Protection
Global reinsurance broker AON announced that its Q2 2022 total revenue increased to $3 bn
Global re/insurance broker AON announced that its Q2 2022 total revenue increased by USD 97 million, or by 3%, to USD 2.98 billion compared to… Read More »Global reinsurance broker AON announced that its Q2 2022 total revenue increased to $3 bn
Financial holding Eurohold sold Avto Union and Eurolease Group
Bulgarian financial holding Eurohold announced it signed a contract for the sale of 100% of the capital of its subsidiaries Avto Union and Eurolease Group… Read More »Financial holding Eurohold sold Avto Union and Eurolease Group
Insurance Europe and EC proposal for European Health Data Space
Insurance Europe has responded to a consultation conducted by the European Commission on its proposal for the establishment of a European Health Data Space (EHDS). The proposal… Read More »Insurance Europe and EC proposal for European Health Data Space
Insurance Market Index: Global commercial insurance prices increased 9%
Global commercial insurance prices increased 9% in the second quarter of 2023, down from an 11% increase in Q1, according to the latest Global Insurance… Read More »Insurance Market Index: Global commercial insurance prices increased 9%
Insurance claims in Louisiana from damage related Hurricane Ida exceedes $13 bn
Insurance claims in Louisiana from damage related to last year’s Hurricane Ida have exceeded $13 billion through June 30th. State officials said that 185 buses… Read More »Insurance claims in Louisiana from damage related Hurricane Ida exceedes $13 bn
NN Group completed the sale of the life insurance subsidiary of AAV to NN Life & Pensions
NN Group, ABN AMRO Bank and their joint venture ABN AMRO Verzekeringen (AAV) announce today that they have completed the sale of the life insurance… Read More »NN Group completed the sale of the life insurance subsidiary of AAV to NN Life & Pensions
Three new members will join the Board of Directors of Bulgarian Euroins Insurance Group
New members will join the Board of Directors of Bulgarian Euroins Insurance Group (EIG), the insurance subholding of Eurohold. They are Todor Danailov, Kremena Pateva… Read More »Three new members will join the Board of Directors of Bulgarian Euroins Insurance Group
Mobility data company Wejo announced completion of a self-arranged $16 mn private investment
Mobility data company Wejo announced completion of a self-arranged $15.9 million private investment in public equity (PIPE) investment in Wejo
Players Health Launches Sports Insurance Product
Players Health, an innovative sports platform and insurtech MGA, today launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance… Read More »Players Health Launches Sports Insurance Product
Tech Platform Dutchie developing Cannabis Commerce Insurance
Dutchie, the tech platform powering cannabis commerce, is entering insurance. Last month, the startup raised $350M at a $3.75 billion valuation and it currently serves… Read More »Tech Platform Dutchie developing Cannabis Commerce Insurance
Real estate tech-company Rhino announced its partnership with AmTrust Financial
Real estate technology company Rhino announced its partnership with AmTrust Financial to provide an additional $60 mn in premium-writing capacity for its core product offering. AmTrust Financial, an international… Read More »Real estate tech-company Rhino announced its partnership with AmTrust Financial
Kenya’s insurtech startup Lami hits $3.7mn in seed extension led by Harlem Capital
Kenya’s leading insurtech startups, Lami Technologies, has raised US$3.7mn in a seed extension round led by Harlem Capital – a VC that invests
Dental Insurtech Bento secures $8.1mn as part of its Series A round
Dental insurtech Bento has secured US$8.1mn as part of its Series A round led by Boston-based Schooner Capital, as it bids to improve access to… Read More »Dental Insurtech Bento secures $8.1mn as part of its Series A round
Fairfax Financial Holdings announces net loss of $881mn
Fairfax Financial Holdings has announced a net loss of $881.4m in Q2 2022 after net earnings of $1,201.4m in the same period the year before.… Read More »Fairfax Financial Holdings announces net loss of $881mn
Mulberri – insurtech and business insurance platform, raises $4mn Series Seed
Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, has announced that it has raised a $4 million Series Seed led… Read More »Mulberri – insurtech and business insurance platform, raises $4mn Series Seed
Ascot and Marsh provides $50 mn of cover in marine cargo & war insurance for Ukraine
Specialty re/insurance group Ascot and broker Marsh have launched a marine cargo and war facility, which will provide coverage for vital grain and food products… Read More »Ascot and Marsh provides $50 mn of cover in marine cargo & war insurance for Ukraine
Global estimated insured losses from natural catastrophes at $35 bn
Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022, Swiss Re Institute estimates
Coface posted a net income of €78 mn, Trade Credit Insurance premiums grows by 16%
Coface has reported H1 2022 income of €144.4m in its latest results. Turnover in the period of €895m. Trade Credit Insurance premiums were growing by… Read More »Coface posted a net income of €78 mn, Trade Credit Insurance premiums grows by 16%
Insurtech Raincoat raised $4.5m funding for parametric insurance product
Insurtech-Start-up Raincoat has raised $4.5m in seed funding, the round was led by Anthemis and was further backed by SoftBank Group’s SB Opportunity Fund
Swiss Re said that B3i conceptually interesting, but required view
Swiss Re have said that while conceptually the Blockchain Insurance Industry Initiative (B3i) remains an interesting opportunity, it didn’t seem like it was going to… Read More »Swiss Re said that B3i conceptually interesting, but required view
Lloyd’s is gearing up to provide coverage for shipments of grain coming out of Ukraine
Ukraine’s ports have been closed since Russia’s invasion in February with marine insurers based in Lloyd’s of London and the wider London commercial insurance
Insurance framework should focus on regulatory field & control consumer`s data
Insurance Europe stressed the importance of respecting the principle of “same activities, same risks, same rules” and the need true field
Swiss Re Global Business Solutions India and T-Hub expands into the Innovation Hub
Swiss Re Global Business Solutions (GBS) India, the analytical and innovation hub of Swiss Re, will launch a new centre in Hyderabad. The new GBS… Read More »Swiss Re Global Business Solutions India and T-Hub expands into the Innovation Hub
Blockchain Insurance Industry Initiative B3i filed for insolvency
Blockchain Insurance Industry Initiative (B3i) has announced that it has filed for insolvency after failing to raise new capital in recent funding rounds. Formed in… Read More »Blockchain Insurance Industry Initiative B3i filed for insolvency
Unicorn-InsurTech Lemonade has finished acquiring Metromile
Unicorn-InsurTech Lemonade has finished acquiring per-to-mile neoinsurence company Metromile. Under the terms of the deal, Metromile shareholders received 7.3m Lemonade shares, while Lemonade received a… Read More »Unicorn-InsurTech Lemonade has finished acquiring Metromile
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
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