UK Government scrap of certain EU rules for insurers in Solvency II reforms
The UK Government has received widespread approval from the insurance and reinsurance industry promised that scrapping of certain EU rules in Solvency II reforms
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AI-platform ifeel raises €10 mn in Series A funding led by UNIQA Ventures
ifeel, a Madrid-based provider of an emotional wellbeing platform for companies, has raised €10 million in Series A funding led by UNIQA Ventures
HUB Cannabis Dispensary Insurance available via Insureon
HUB International has launched HUB Cannabis Dispensary Insurance, which is accessible through HUB’s digital commercial insurance platform, and offers access to general liability
Vulnerable 20 Group of Finance Ministers and G7 launch Global Shield initiative at COP27
The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks
US auto insurers recorded an underwriting loss of $4bn
US private auto insurers recorded an underwriting loss of more than $4bn in 2023, and with a rapidly worsening loss ratio, analytics expects that carriers’… Read More »US auto insurers recorded an underwriting loss of $4bn
Sean Byrne appointed as managing director at insurance broker Got You Covered
Motor and personal lines insurance broker, Got You Covered Ltd, has announced that Sean Byrne has joined the business as Managing Director
General Atlantic leads a new financing round of $100 mn in Indian startup Acko
General Atlantic is in talks to invest about $50 million in Acko, according to TechCrunch, doubling down on its bet on the Indian insurtech
Insurance and financing becomes important in managing catastrophic risk for Egypt
Re/Insurance and other risk transfer and financing mechanisms will become increasingly important in managing catastrophic risk as countries transition to more climate-resilient
Parametric flood insurtech FloodFlash will expand into the US market
Parametric flood insurtech FloodFlash has announced plans to expand into the US market, led by Mark Hara as CEO for its North America operations
Insurance Information Institute Global P&C Industry Forcast
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line
85 insurers in Africa pledge $14bn of cover to take up floods and tropical cyclones
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people
Vienna Insurance Group reportes premium growth in Q3 2022 of 13.6% to €9.5 bn
Vienna Insurance Group (VIG) has reported premium growth across all lines of business and segments in Q3, with a total increase of 13.6% to €9.5 billion
Insured gross modelled losses from Hurricane Nicole will be $750mn
A new note from CoreLogic says that it estimates that privately insured gross modelled losses from Hurricane Nicole will be less than $750m
Online Car Rental insurtech Kyte closes a $60 mn Series B round
Kyte, the San Francisco-based insurtech startup that offers a delivery and pick up service for car rentals, has closed a $60 million Series B round
Dai-ichi Life acquires shares of pet insurance provider ipet for $278M
Dai-Ichi Life Holdings has made an offer to acquire shares of pet insurance provider ipet Holdings, with the intention of making it a wholly-owned subsidiary
Aflac and Trupanion announce joint venture in Japan Aflac Pet Insurance
Aflac and Trupanion are announcing a joint venture between Aflac Life Insurance Japan and Trupanion to provide pet insurance in Japan
Insurers and investors struggles to grasp what role social or ‘S’ dimension
Since its launch by the United Nations, the ESG movement has grown into a global phenomenon that is reshaping the asset management
MetLife stock is up 20% this year and could gain even more
MetLife stock has actually had an eventful 2022. While the S&P 500 index has fallen 22% this year, MetLife stock has cruised to a 20% gain, including reinvested dividends
Guy Carpenter launches a reinsurance strategy optimization platform MetaRisk Live
Guy Carpenter launches of MetaRisk Live, a new tool that supports the structuring and optimization of reinsurance strategies in real time
Car insurtech Root Insurance premiums in Q3 2022 decreased by 26% to $151 mn
Root Insurance shared its Q3 2022 results. To further improve cash flow, insurtech is prioritizing resources that support its “go forward strategy.” As a result, the… Read More »Car insurtech Root Insurance premiums in Q3 2022 decreased by 26% to $151 mn
Insurtech Hippo announces TG-premium growth of 36% to $219 mn
Home insurtech Hippo has announced total generated premium (TGP) growth of 36% to $219 million in third quarter of 2022
Allianz operating profit in Q3 2022 grew by 7.4% to €3.5bn
Allianz has released its Q3 results, saying that operating profit grew by 7.4% in the period to reach €3.5bn
Digital asset custody provider Copper secured $500 mn of insurance protection
Copper, a provider of institutional digital asset custody and trading solutions, has secured $500 million of insurance protection for digital assets in cold storage
Hurricane Ian have an substantial impact on E&S lines property insurance market
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market
Digital insurance agency Glow closes a $22.5 mn round of series A
Glow, the digital insurance agency for small businesses, announced that it has closed a $22.5 million round of series A financing led by Cota Capital
Anzen Insurance raises $10 mn in seed financing led by Andreesen Horowitz
San Francisco-based provider of management insurance for high-growth businesses Anzen Insurance has raised $10 million in seed financing led by Andreesen Horowitz
Insurtech Rhino announces agreements with several re/insurers
Rhino announced agreements with several insurance carriers and reinsurers, including Ally Insurance, ReAlign, and Clear Blue Insurance Group
Increases in interest rates globally affects to the insurers balance sheets
Substantial increases in interest rates globally have significantly affected the balance sheets of some insurers this year
Lemonade in-force premiums rises 76% to reach $609mn
Insurtech Lemonade says that in-force premiums (IFP) with the firm have risen 76% year on year to reach $609m in Q3 2022.
SCOR reports a net loss of €509 mn for the 9M 2022
SCOR has reported a net loss of €509 million for the first nine months of 2022, as natural catastrophe claims increased to €907 million
Insurtech Policy Expert releases details of new expansion plans
UK Insurtech Policy Expert, a leading personal lines digital insurance provider, has announced its expansion plans, which include enhancing its technology division
ETSI Secures critical infrastructures against cyber quantum attacks with TETRA algorithms
With the world facing growing challenges including the war in Europe and a global energy crisis, it is essential that the mission- and business-critical communications networks
Global Cybersecurity Insurance Market value to reach $50bn by 2032
By end user, cybersecurity insurance solutions to be leveraged maximum by insurance providers, registering an 18% CAGR.
Google Cloud and insurer Travelers creats a connected data ecosystem
Google Cloud and Travelers announced they are working together to create a cloud-based data ecosystem that will quickly synthesize vast amounts of information
Insurtech FRISS launches industry’s first Trust Automation Platform
FRISS announced the launch of their Trust Automation Platform. While trust is important, it’s of ultimate importance in ours – it’s the very concept insurance is built on
Non-life Insurance Market in Italy rose by 6%
Non-life insurance premiums in Italy rose by 6%, according to data from Fitch Ratings, owing to strong growth in non-motor lines
Insurers are still willing to play important role in tackling climate change
Insurance Europe has said that the continent’s insurers and reinsurers are still willing to play their ‘important role’ in tackling climate change
Munich Re reports profit of €1.9 bn and premiums of €18.2 bn for 9M 2022
Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property
Generali announces distribution deal with Portugal’s post office
Generali has reached an agreement with CTT, the Portuguese postal services group, for the distribution of life and P&C policies through the CTT Group network
Spanish insurtech startup SingularCover has shut down
Spanish small business insurance startup SingularCover has shut down, based on information obtained by Coverager
Insurers’ underwriting and investment strategies influenced by ESG consideration
Insurers’ underwriting and investment strategies in the coming years will be increasingly influenced by ESG considerations, suggests a report from Fitch Ratings
Zurich reaches a settlement for $100mn cyber claims related to NotPetya attack
Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer
Avolon taken legal action against Lloyds over Russia-Ukraine war losses
Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war
Berkshire Hathaway reports losses related to Hurricane Ian of $3.4 bn
Berkshire Hathaway has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company’s insurance and reinsurance units fell
AXA’s gross revenues went up by 2% to EUR 78.4bn in 9M2022
AXA’s gross revenues went up by 2% on a comparable basis, to EUR 78.4 billion in 9M 2022. In P&C Commercial lines, insurance revenues increased by 6% to EUR 24.4 billion
Gross written insurance premiums in Central East Europe EUR 22.2bn
Gross written premiums in Central East Europe (CEE) amounted to EUR 22.17 billion at regional level, up by almost 7% in 1H2022
US P&C reinsurers’ investment allocations shiftes to more riskier assets
Given the declining investment yields of the past decade, US property and casualty reinsurers’ investment allocations during this period have shifted to more riskier assets
Reinsurers and banks alike are finding difficult to re-adjust to reality
Swiss Re Institute has warned of the risk posed to insurance and reinsurance companies by the prospect of inflationary recessions and financial instability
Fairfax Financial Holdings in Q3 2022 reaches $6.9bn premiums
Fairfax Financial Holdings says it saw a net loss of $75.1m in Q3 2022 against net earnings of $462.4m in the same period in 2021
Insurers reserved to pay $14 bn on all types of Hurricane Ida-related claims in Louisiana
Insurers have paid or reserved to pay $13.9 billion on all types of Hurricane Ida-related claims in Louisiana
Multi-mobility platform Cabify partners up with Incode Technologies to enhance driver security
Cabify, the international multi-mobility platform, has joined forces with Incode Technologies, the next-generation identity verification and authentication platform
European re/insurers reaffirm commitment to international climate goals
Europe’s insurers and reinsurers wish to reiterate their willingness to continue playing their important role in climate change mitigation and adaptation in support of the goals
Amazon launches comparison platform Amazon Insurance Store in UK
Online retail giant Amazon has launched an insurance store where customers can purchase various forms of home cover via its new quote and comparison-style platform
Flood insurtech Previsico decides to rollout of its IoT detection solutions
Insurtech Previsico has accelerated their UK IoT solutions rollout for flood mitigation across the UK to help minimise risk for homeowners and businesses
Pet insurance company ManyPets is to acquire US carrier Digital Edge Insurance
Pet insurance firm ManyPets will acquire insurance carrier Digital Edge Insurance, allowing it to underwrite is own policies as it continues its US rollout
Insurtech Lemonade has joined the Association of British Insurers
Digital insurance company Lemonade has joined the Association of British Insurers as its latest member following the firm’s launch in the UK
Cyber insurance pricing increased globally by 53%
Cyber insurance pricing increased globally by 53% in Q3 2022, while Property insurance pricing increased by 6%, Casualty insurance pricing increased by 4%
Swiss Re with insurtech Jooycar boosts auto insurance telematics
Swiss Re has entered an alliance with Latin American insurtech Jooycar to boost auto insurance telematics benefiting small and medium-sized commercial fleets in Mexico
U.S. Auto Insurance Claims Satisfaction Study: customer satisfaction has declined
U.S. Auto Claims Satisfaction Study, customer satisfaction has declined 7 points from 2021 as they begin to lose patience with the claims process
Allstate announces a net loss of $694 mn for the Q3 2022
Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net income of $508 million in the prior year quarter
Cyber insurers are reviewing policy wording as autonomous AI agents create new questions over cyberattack definitions, liability and coverage triggers
US employer healthcare costs will rise 9.5% in 2027, taking average annual spending above $19,000 per employee. The forecast extends a run of healthcare cost increases approaching double digits
Contractors who use generative AI on a job may find that their liability coverage does not apply if an AI-related error contributes to a claim. Insurers are rapidly filing exclusion forms for use with the general liability
New US-Canada tariffs raise auto, property, trade credit and business interruption exposures as insurers assess higher repair and supply chain costs