Hannover Re reportes group net income growth of 1.7% to €871 mn for 9M2022
German reinsurer Hannover Re has reported group net income growth of 1.7% to €871 million for the 9 months of 2022, despite the firm’s net large losses coming
News
Bowtie Life Insurance, Take2 and SCOR develops a cancer screening solution
Bowtie Life Insurance Company, Hong Kong’s first virtual insurer, announced its partnership with Take2, a healthcare and biotech company, and SCOR, to develop
Cover Genius raises $70 mn in Series D funding led by Dawn Capital
Cover Genius, the global insurtech for embedded insurance, has raised $70 million in Series D funding led by Dawn Capital, with participation from Atlas Merchant Capital
Health startup Pasito raises $3.3 mn from Google and Y Combinator
Pasito, a startup on a mission to save companies and families money on health and wealth benefits, has raised $3.25 million in seed funding from Google, Y Combinator
ShipIn closes $24 mn Series A funding led by Zeev Ventures, Munich Re and Hyperplane
ShipIn has closed its Series A funding round led by Zeev Ventures, Hyperplane, Munich Re Ventures and others. The company has raised a total of $24 million
Kin Insurance closes of a $145 mn 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
Insurtech startup Origami raises $6.2 mn for building DAOs
Origami, a startup offering a set of solutions, software, and guidance for building DAOs, has raised $6.2 million in a funding round led by Bloomberg Beta
Chubb Life Hong Kong and Aeon Credit launches partnership
Chubb Life Hong Kong and consumer credit company Aeon Credit Service have launched a new distribution partnership
Global commercial insurance prices continued to moderate
Global commercial insurance prices continued to moderate through the third quarter of 2022, with increases slowing to 6%, down from 9% in the second quarter
Uncertain future for US workers’ compensation insurance line, warn AM Best
Uncertain future for US workers’ compensation insurance line, despite the line generating solid profits.
AXA launches Hong Kong’s Internet of Vehicles (IoV) project collaborated by insurer and taxi
AXA Hong Kong and Macau have announced a partnership with Chung Shing Taxi and TaxiSafely to launch Hong Kong’s very first Internet of Vehicles (IoV) project
Insurers welcome repeal EU’s Directive on Distance Marketing of Consumer Financial Services
Insurance Europe has published a set of key messages regarding the repeal of the EU’s Directive on Distance Marketing of Consumer Financial Services
Polish Motor Insurers’ Bureau: Foreign drivers cause 3% of accidents on Polish roads
In 2021, drivers of vehicles with foreign registration numbers caused 12.8 thousand accidents and collisions, according to the data of the Polish Motor Insurers’ Bureau
SentinelOne announces app for cyber insurers’ risk management
SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers’ risk management in its Singularity Marketplace
Ping An Insurance delivered at Q3 2022 a 20% annualized operating ROE
Ping An has announced its Q3 2022 results, saying that it saw a growth in operating profit of 3.8% during the period
UK financial company OneFamily acquires the life insurance brand Beagle Street
Financial services company OneFamily will acquire the life insurance brand Beagle Street, which specialises in reaching underserved customer demographics
Insurance industry loss for the Southern Australia Severe Storms estimates in AUD 972 mn
Catastrophe loss aggregator PERILS has disclosed its fourth and final industry loss estimate for the Southern Australia Severe Storms which occurred from October 28-30
Swiss Re reports a net loss of $285 mn for 9M2022, driven by a loss in 3Q of $442 mn
Swiss Re has reported a net loss of $285 million for the first nine months of 2022, driven by a loss in the third-quarter of $442 million on the back of lower investment results
Moody’s downgrades outlook on the UK P&C insurance sector to negative
Moody’s has downgraded its outlook on the UK P&C insurance sector from stable to negative, reflecting the adverse impact of high inflation on underwriting profitability
Warburg Pincus is investing $350mn to create a new digital insurance platform Oona
American venture capital group Warburg Pincus is investing US$350mn to create a new digital insurance platform for Southeast Asia, called Oona Insurance
US insurtech LuckyTruck raises $2.4mn for commercial trucking insurance platform
US insurtech LuckyTruck has raised US$2.4mn in a seed extension as it continues to overhaul the face of insurance for the trucking industry
Vortex Weather Insurance launches a digital underwriting platform
Vortex Weather Insurance has launched its Weather Insurance Portal, a new fully automated digital insurance platform aimed at the outdoor events industry
AXA XL is to open an underwriting innovation office in the Americas led by Rose Hall
AXA XL, the P&C and specialty risk division of European insurance giant AXA, is to open an innovation office in the Americas to drive innovation in support of its business
Zego partners with Synectics Solutions to automate fight against motor insurance fraud
Commercial motor insurer Zego is automating its fraud detection in response to significant recent growth. The company has recently featured in the FT 1000 list
The scope of Hurricane Ian pushes potential insured flood losses above the median
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook
Insurance company restrictions on oil and gas are finally starting to catch up with those on coal
According to a new data report from the Insure Our Future campaign, insurance company restrictions on oil and gas are finally starting to catch up with those on coal
Insurtech platform Vesttoo closes $80m Series C financing round
Vesttoo, the digital insurance risk transfer and investment platform, has closed its $80m Series C financing round, which it says has raised the valuation of the company to $1bn
Suspension of Boeing’s 737 MAX fleet is one of biggest aviation insurance claims in history
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history
CyberCube launches the world’s first set of detailed Exposure Databases
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking
Chinese general insurance market will grow to $304bn in 2026
Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026
Munich Re anticipates a quarterly profit of about EUR 500 mn
German reinsurer Munich Re anticipates a quarterly profit of about EUR 500 mn, despite in Q3 2022 the company registered higher-than-average major-loss expenditure
E+S Ruck expects improvements in risk-adjusted prices in P&C reinsurance
E+S expects significant improvements in risk-adjusted prices and conditions in property and casualty reinsurance on the back
Aegon completes sale of 50% stake in joint venture with Liberbank to Unicaja Banco
Dutch insurance group Aegon announced that it has successfully completed the divestment of its 50% stake in the Spanish insurance
Global natural disaster events caused $227 bn total economic losses
Global natural disaster events of Q3 2022 caused total economic losses estimated at minimally USD 227 billion – of which USD 99 billion were covered by insurers
AXA Spain enteres into negotiations with Groupe des Assurances du Credit Mutuel for the potential M&A
AXA announced that AXA Spain has entered into exclusive negotiations with Groupe des Assurances du Credit Mutuel (“GACM SA”) for the potential acquisition
Cypriot insurers posted H1 2022 aggregate GWP to EUR 529 mn
Cypriot insurers posted H1 2022 aggregate GWP of EUR 528.9 million, up by EUR 52.4 million (or by 11%), according to the half-year market figures report published
Swiss Re estimates its preliminary claims from Hurricane Ian $1.3 bn
Global reinsurer Swiss Re estimates its preliminary claims from Hurricane Ian at approximately USD 1.3 billion, resulting in an expected Group net loss of approximately USD 0.5 billion
War Risks require action from the Reinsurance Industry to help improve resilience
Lloyd’s and Aon highlights a number of areas and risks that require further action from the industry to help improve resilience as the war in Ukraine continues
Tremor launches Reinsurer Product Council with its first cohort of global reinsurers and ILS funds
Tremor Technologies, Inc., the leading online reinsurance pricing and placing platform, is pleased to announce that the company has launched its Reinsurer Product Council
Insurance market of Bulgaria 6M2022 totaled almost EUR 918 mn, up by 9.8%
Bulgarian insurance market totaled almost BGN 1.8 billion (EUR 918 million) at the end of June 2022, up by 9.8% y-o-y, according to the official data provided
NN Group sells MetLife asset management business in Poland and Athora Belgium
NN Group announces that it has reached an agreement with Rockbridge to sell the former MetLife asset management business in Poland
Croatian Non-life Insurance rising, life falling according to the market results
According to the data of the Croatian Insurance authority, by September 2022, GWP of the insurance companies reached HRK 9.73 billion
The insurance industry committed to the financial inclusion and fair treatment of customers
Insurance Europe has published its comments on a consultation conducted by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft statement
The Geneva Association supports institution of the UN-convened Net-Zero Asset Owner Alliance
The Geneva Association has become a supporting institution of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), an alliance of institutional investors committed
Insuritas updates on Lily, its virtual digital insurance assistant
Insuritas provided an update on Lily, its virtual digital insurance assistant that the company has spent the past year developing and embedding across its communication
UK Life Insurers are directly exposed to sovereign risk through investments
Fitch expects the UK life insurance sector’s strong business profile and capital headroom to continue to underpin ratings in the hypothetical scenario of the UK sovereign rating
NY-based cyber startup Elpha Secure completes a $20 mn Series A funding
Elpha Secure, the first cyber insurance startup to combine proprietary cybersecurity software with coverage to improve risk transfer, has completed a $20 million
AM Best maintaines its stable market segment outlook on the Japan Non-Life Insurance
AM Best has maintained its stable market segment outlook on the Japan non-life insurance segment given recent profitable underwriting performance
Swiss Re will incur a net loss of $399 mndue to the impact of Hurricane Ian
JP Morgan have forecast that Swiss Re will incur a net loss of $399 million for the third quarter of 2022, largely due to the impact of Hurricane Ian
Allianz completes M&A a majority stake in insurance business Jubilee Holdings in East Africa
Allianz has announced that it has completed its transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa
Hurricane Ian could lead to $50bn of insured industry losses, global insured losses of $100bn
Hurricane Ian could lead to $50bn of insured industry losses, with a likelihood of seeing global insured losses of more than $100bn in 2022
Insurance industry losses from Hurricane Ian will be $53-74 bn – RMS
Catastrophe risk modeller company, RMS, has estimated that insurance and reinsurance industry losses from Hurricane Ian will be $53-74 bn
StateFilings helps insurance companies create products & filings
Dais, the provider of no-code insurance product solutions, and Perr&Knight have teamed up to streamline speed to market for insurance products
Lloyd’s will collaborate with the UK government to develop the kitemark space exploration
Lloyd’s has announced that it will collaborate with the UK government and industry experts to develop the world’s first kitemark for sustainable space exploration
Insurtech Relay has partnered with cyber risk analytics platform CyberCube
Relay allows clients to intake, submit and compare quotes digitally. The quotes are then presented in Rely’s Smart Client Proposal
Lloyd’s of London is investigating a possible cyber attack
Lloyd’s of London is investigating a possible cyber attack and has taken initial precautions in response, the re/insurance market has confirmed
30 insurers ask court to seize and sell the Japanese vessel ONE Apus to cover $39mn claims
30 insurers that have paid an estimated $39 mn in lost cargo claims, along with cargo owners without insurance, asked court to seize Japanese vessel ONE Apus
Digital life insurance platform Amplify raises $25mn, backed by Munich Re Ventures
Digital-first life insurance platform Amplify has announced a new investment round led by Munich Re Ventures with follow-on investment by Crosslink Capital, Greycroft
Allianz X is buying embedded insurance pioneer insurtech Simplesurance
Allianz X, the digital investment arm of insurance giant Allianz, is to acquire embedded insurance pioneer Simplesurance
Insurtech Lemonade announces the rollout of P&C insurance in the UK
Insurtech Lemonade has launched services for customers in the UK. The New York-based start-up which is powered by AI and social impact is now available for UK customers
The US P&C insurance industry recorded a $16.3 bn net underwriting gain in the first three months of 2026, up significantly from a $1 bn loss recorded in the prior-year period
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
US insurance sector outlook for 2025-2026: capital strength, social inflation risks, P&C returns peak, Florida reforms, life insurance resilience and alt capital trends