Cyber insurtech Coinnect selected for Plug and Play Insurtech Innovation Program
Coinnect, cutting-edge Cyber Insurtech, announces its selection to participate in the Plug and Play Batch 10 Insurtech Innovation Program
News
Insurance marketplace Capitola raised $15.6 mn in Series A funding
Capitola, the digital marketplace for commercial insurance that connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process
Lloyd’s proposed a deal with the UK government to help the NHS meet unexpected costs
Lloyd’s of London CEO John Neal has proposed a deal with the UK government to help the NHS meet unexpected costs triggered by major events like the pandemic
2023 tropical cyclone activity in Atlantic is projected as a below-average
A slightly below-average level of tropical cyclone activity is projected for 2023 in the Atlantic basin, according to a forecast released by Colorado State University’s
Fairfax estimates of IFRS 17 impact on shareholder equity by $2.2 bn
Fairfax Financial Holdings announced that a preliminary estimate of the impact of its adoption of a new accounting rule showed it may result in a $2.2 bn increase in equity
CyberCube entered into a partnership with Aviva for suite of cyber solutions & services
Aviva, the UK’s insurer, is to roll out a broad range of products from CyberCube, the cyber risk analytics firm, to support the growth ambitions for its cyber book
Insured losses from the devastating Eastern Australia floods estimates to AUD 5.8 bn
ICA has raised its estimate of insured losses from the devastating Eastern Australia floods that occurred over February and March in 2022 to AUD 5.8 bn
Vienna Insurance Group reported total premium of €12.6 bn for 2022
Vienna Insurance Group reported total premium volume of €12.6 bn for FY2022, up 14.1% from the year-ago figure of €11 bn
Insurtech Insurity will provide cloud-based Sure Underwriting Workbench solution
Insurity, a insurtech provider of cloud-based software for insurance carriers, brokers, and MGAs, will provide its new, cloud-based Sure Underwriting Workbench solution
Insurers must offer Cancel for Any Reason protection for event tickets & flights
Global Consumers More Likely to Purchase Event Tickets, Flights and Accommodations if Offered ‘Cancel for Any Reason’ (CFAR) Protection
Insurtech Policygenius is seeking a buyer and is in late stages of sealing a deal
Insurtech Policygenius is seeking a buyer and is in late stages of sealing a deal. New information suggests this buyer may be Zinnia, formerly SE2
Singapore life insurance industry will grow to $77 bn by 2027
Singapore’s life insurance industry is set to grow at a compound annual growth rate of 9.8% from $47.2 billion in 2022 to $77 billion in 2027
Hong Kong Federation of Insurers call to market more international reinsurers
Hong Kong Federation of Insurers (HKFI) has called for more incentives for international insurers to establish their regional headquarters in the city
Lloyd’s joined the British Insurance Brokers’ Association as its 21st partner
Lloyd’s of London has joined the British Insurance Brokers’ Association (BIBA) as its 21st partner
Corvus launches Cyber & Tech E&O program with Core Specialty
Corvus Insurance, the cyber insurtech, powered by a proprietary AI-driven cyber risk platform, launches of a new program with Core Specialty to support the expansion of the… Read More »Corvus launches Cyber & Tech E&O program with Core Specialty
InsurTech Kanguro launches health insurance for pets
InsurTech Kanguro has launched its health insurance plans for pets. Startup describes itself as the only InsurTech offering an end-to-end customer experience
Canada Life Assurance acquires IPC for a cash consideration of $575 mn
Canada Life Assurance Company, a subsidiary of Great-West Lifeco, has reached an agreement to acquire Investment Planning Counsel
Insurtech Akur8 continues its growth within the P&C insurance marketplace in the U.S.
Insurtech Akur8 has announced that P&C mutual insurance company IMT Insurance has selected its Risk and Rate modeling solution to boost the company’s pricing
China Pacific Insurance with Waterdrip Capital opens crypto funds in Hong Kong
China Pacific Insurance subsidiary CPIC Investment Management has opened two crypto funds in Hong Kong, in partnership with investment firm Waterdrip Capital
US Insurtech Axle secured $4 mn in seed funding led by Gradient Ventures
American Insurtech Axle has developed a universal API for insurance data and is taking an approach of a “Plaid for insurance”
Arch Insurance acquires insurtech Thimble
Arch Insurance has acquired Thimble, a insurtech platform for small business customers and agents. Thimble enables small businesses to quickly get insurance coverage
Insurtech Blink Parametric announced its partnership with AwayCare
Insurtech Blink Parametric has announced its partnership with AwayCare, a premier Managing General Agent (MGA) provider of travel insurance products
Allianz and Munich Re renewed insurance cover for damaged Nord Stream 1 gas pipeline
German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline
EBRD is seeking a resolution of the crisis on the Romanian insurance market
EBRD is seeking a resolution of the crisis on the Romanian insurance market following the withdrawal of the licence of Euroins Romania
U.S. insurers paid out more than $1 bn in dog-related injury claims
U.S. insurers paid out more than $1 bn in dog-related injury claims in 2022, a double-digit percentage increase over 2021 even though the number of claims
InsurTech bolttech partneres with digital insurer Tune Protect Malaysia
International InsurTech bolttech, a embedded insurance provider, has partnered with digital lifestyle insurer Tune Protect Group to offer device protection solutions
Kin Interinsurance Network closed a $100 mn placement cat bond
Kin Insurance announced that the Kin Interinsurance Network, its reciprocal insurance carrier, successfully closed a $100 million private placement catastrophe bond
European life insurers raises the capital under Solvency II to cover the risk
European life insurers have had to raise the capital they must hold under Solvency II to cover the risk of a surge in lapses
Rising interest rates are eating into IMR balances for U.S. life insurers
Rising interest rates are eating into interest maintenance reserve (IMR) balances for U.S. life insurers
Zurich Insurance confirmed withdrawal from the Net-Zero Insurance Alliance
Zurich, a global insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support
Larger P&C insurers in the Florida are likely to benefit from new reforms
Larger property and casualty insurers in the Florida market are likely to benefit from recently enacted tort reforms, and it remains to be seen how those changes
Fitch Ratings deteriorates outlook for the French non-life insurance sector
Fitch Ratings’ deteriorating outlook for the French insurance non-life sector reflects expectation that credit fundamentals will worsen in the next 12 months
Austrian P&C insurers will maintain strong profitability in 2023
Austrian Property and Casualty (P&C) insurers will maintain their strong profitability with combined ratios on average below 95%
Equisoft, an SaaS-insurtech and investment software developer, raised $125 mn
Montreal-based Equisoft, an insurance and investment software developer, has raised $125 million in venture equity
Thai insurtech Roojai raised $42 mn in a Series B led by HDI International
Thailand-based insurtech Roojai has raised $42 mn in a Series B fundraising round led by HDI International, a subsidiary of the German insurance company Talanx Group
Munich Re discontinued membership in the Net-Zero Insurance Alliance
Reinsurer Munich Re has discontinued its membership in the Net-Zero Insurance Alliance (NZIA)
Jefferies’ Economics & Strategy. Less risk for the Global Financial System
Jefferies’ Economics Team believes fears of contagion spreading within the financial sector will soon fade because banks are facing a liquidity crisis
Zorro secured $11.5 mn for health benefits platform for employees, employers & brokers
Health benefits insurtech for employees Zorro launches out of stealth, along with an $11.5 million seed funding round co-led by Pitango and 10D
Sun Life Financial completed the sale of Sun Life UK to Phoenix Group
Sun Life Financial has completed the sale of SLF of Canada UK Limitedto Phoenix Group Holdings. Headquartered in London
Indonesian Insurance Market forecast to grow to $7.1 bn in 2027
Indonesian insurance market is forecast to grow at a compound annual growth rate (CAGR) of 9% from $5.3 billion in 2023 to $7.1 billion in 2027
Insurtech Koala secured $2.1 mn in a funding round led by Insurtech Gateway
Koala, a Paris-based travel insurtech startup, has raised $2.1 mn in a recent funding round led by Insurtech Gateway, an existing investor
13 InsurTech startups joining the 10th EU cohort of Lloyd’s Lab
Lloyd’s of London announced the 13 InsurTech startups joining the 10th cohort of its innovation hub, the Lloyd’s Lab, following a competitive pitch process
Louisiana’s insurers paid $23 bn
Louisiana’s insurers paid out more than $23 billion after the 2020 and 2021 hurricane seasons, driving a number of them into insolvency
European reinsurers reported lower earnings – Fitch Ratings
European reinsurers Hannover Re, Munich Re, SCOR SE and Swiss Re reported lower earnings for 2022 as high inflation
US Life Insurers have minimal capital exposure to Credit Suisse collaps
Fitch-rated U.S. life insurers have minimal exposure to Credit Suisse AG, with immaterial exposure to CS alternative tier 1 (AT1) capital
Insurance Market of Singapore reached $702 mn, up to 15%
The insurance market of Singapore has recorded a growth of 15 % combined for both offshore and domestic segments
Premium growth is up for North American P&C Re/Insurers
Premium growth is up substantially for North American P&C insurers overall, though struggles continue for two notable segments
Losses from Hurricane Ian dampened the influx of new capital from ILS investors
Losses stemming from Hurricane Ian dampened the influx of new capital from insurance-linked securities (ILS) investors
Virtual insurtech Insurify acquares of Inspop USA and Compare:com
America’s top-rated virtual insurance agent to compare, buy and manage insurance Insurify has completed the acquisition of Inspop USA and its subsidiary, Compare.com
Chubb will stop writing insurance policies for oil & gas extraction project
Insurance giant Chubb will stop writing insurance policies for oil and gas extraction projects that do not have “evidence-based” methane reduction plans
What is Lloyd’s of London exposure to Credit Suisse & Silicon Valley Bank?
Lloyd’s of London has confirmed that it has limited exposure to the banking crisis spurred by the collapse of Silicon Valley Bank and the takeover of Credit Suisse
Zurich and Ping An Insurance Group experiments with ChatGPT
The insurer Zurich is investigating applications of AI such as extracting data from claims descriptions and other documents
Munich Re combines risk assessment and e-application solution with insurtech PSG
Munich Re Life US announced a new combined risk assessment and e-application solution with insurtech Paperless Solutions Group (PSG)
Leading US life insurers experienced a drop in incomes & revenues
Most of the leading US life insurers experienced a year-over-year drop in total revenues in the fourth quarter of 2022
Lloyd’s of London financial performance: premium increased by over 19% to £46bn
Lloyd’s of London, the leading marketplace for commercial, corporate and specialty risk solutions, today provided a trading update for its 2022 financial performance
Insurtech Kin Insurance secured $109 mn in Series D funding
Home insurtech Kin has conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022
Insurtech Coalition released the framework Active Cyber Risk Model
Cyber Insurtech Coalition released the Active Cyber Risk Model, a practical framework for understanding cyber risk aggregation that provides an ongoing view
Insurtech Cover Whale partnered with SaaS AI-provider Netradyne
Cover Whale Insurance Solutions, a commercial trucking insurance provider and fast-growing insurtech announced its partnership with Netradyne
Insurtech Joyn addes of Brian Duperreault to board as an independent director
Insurtech Joyn Insurance announced the addition of Brian Duperreault to its board as an independent director, adding decades of insurance industry experience
New estimate of the insured loss from Earthquake in Türkiye & Syria by PERILS
PERILS disclosed its initial industry loss estimate for the Kahramanmaras Earthquake which widespread devastation across several regions of Türkiye and Syria
US 30-year mortgage rates reached 7.55% as refinancing and purchase applications declined, raising monthly costs and pushing more borrowers toward ARMs
Google and CoverGo examine how Agentic AI could reshape insurance operations, underwriting, data architecture, governance and human oversight
Mastiffs top the list of the most expensive dog breeds for pet insurance, with annual premiums averaging $2,546, according to Insurify data
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