UAE moves to Compulsory Health Insurance
According to UK Home Insurance Consumer Research Report by Research & Markets, the first thing that a consumer looks at when choosing home insurance is price
News
India’s largest insurer LIC takes a composite licence after passage of Insurance Laws Bill
The India’s largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament
M&A insurance market in Middle East is still very active
Regulators seeking further consolidation and international exits or strategic acquisitions will be key drivers.
QBE P&I operations in Singapore will take on the name of British Marine
Insurer QBE Asia has announced that its P&I operations in Singapore will take on the name of British Marine, beginning Jan. 1
International insurance broker Howden acquires Italian broker Assimovie
International insurance brokerage Howden has agreed to acquire Assimovie, a TV, film and advertising insurance broker based in Italy
Dubai International Financial Centre granted an licence to Sukoon’s Syndicate 2880
Dubai International Financial Centre (DIFC) has granted an operating licence to Sukoon’s Syndicate 2880, making it the first syndicate-in-a-box
86% of startups have cyber insurance protection, 70% are extending cyber cover
86% of startups have cyber insurance protection, according to digital insurance broker Embroker, reflecting a growing understanding around cyber risk
Global digital twin financial & insurance services will grow to $6.8 bn in 2026
The global digital twin financial and insurance market services is expected to grow from $2.95 billion in 2021 to $3.57 billion in 2022 at a compound annual growth rate
Ireland will exempt from needing to be insured for e-scooters
The government in Ireland plans to relax rules around e-scooters – including making them exempt from needing to be insured – as part of a set of measures designed
Indian insurance companies’ stock prices have rallied after Finance Ministry proposal
Indian insurance companies’ stock prices have rallied in the month following Finance Ministry proposal to use a common licence for all insurance segments.
Gallagher acquires of BCHR Holdings, which does business as Buck, for a $660 mn
Arthur J. Gallagher has agreed to acquire the partnership interests of Buck, a provider of retirement, HR and employee benefits consulting and administration services
2024 year will be a challenging time for P&C and auto insurers
2023 year will be a challenging time for P&C and auto insurers. Property cat rates will need to rise by 50% on renewal in 2023 to offset rising claims costs
US Life & Annuity Insurance Market premiums in 2022 rose 7%
Total income in the US life and annuity insurance market rose 4.1% during the 2022, that was driven by a 7% increase in premiums and annuity considerations
US bicycle insurtech BikeInsure hired Ira Becker as President
BikeInsure, an insurtech company specializing in bicycle insurance for cyclists in the United States, is pleased to announce that it has hired Ira Becker as President
Net loss exposure by Bermuda insurers increased by 9.8% to $84 bn
Net loss exposure assumed by Bermuda insurers for the year 2021 increased by 9.8% to $84 billion. With a gross loss impact of $30 billion and a net loss impact of almost $10.6 billion
Insurance Europe supports the integration of sustainability risks in Solvency II
Insurance Europe has published a report supporting the integration of further sustainability risks in Solvency II
Rates to stay flat for Ukraine grain cargo marine insurance
A cargo insurance facility providing cover for shipments via Ukraine’s grain export corridor will continue 2023 year with no reinsurance rate increases
Insurance companies in Romania in 9M 2022 wrote premiums worth EUR 2.7 bn (+23%)
Insurance companies licensed in Romania in 9M 2022 wrote gross premiums worth EUR 2.43 billion, up by 23% y-o-y, data from the market authority show
Slovenian insurance market in 9M2022 reaches EUR 2.1 bn (+4.8%)
The gross written premiums of Slovenian insurers rose 4.8% on the year in the nine months of 2022, reaching EUR 2.14 billion
UK insurtech Charles Taylor announces migration to cloud
UK insurtech Charles Taylor has announced the migration of all its technology processes to a cloud platform as part of the provider’s digital transformation journey
Atrium – managing agent for Lloyd’s Syndicate 609 exits Marine Reinsurance
Atrium, the managing agent for Lloyd’s Syndicate 609, today announced that it has come to the decision, together with the Marine Reinsurance Underwrite
Insurtech Lemonade’s Survey explored the point of view of insured renters in U.S.
When people left big cities during the COVID-19 pandemic, COVID deals ran the residential rental market, according to an update from Insurtech Lemonde
Data analytics provider Verisk acquires Swedish SaaS-insurtech Mavera
Verisk, a global data analytics provider, has entered into an agreement to acquire Sweden-based InsurTech Mavera, a firm with a strong regional presence
Decentralized protocol Nami Insurance launched cryptocurrency insurance product
Nami Insurance, a decentralized hedging protocol, launched the “Proof of Concept” that proves the feasibility and practicality of the first cryptocurrency insurance product
JPMorgan Insurance Trust represents 4 flagship investment strategies
J.P. Morgan Asset Management and Lincoln Financial Group announced that they have strengthened their partnership to have J.P. Morgan’s world class investment capabilities
Allianz Global Corporate & Specialty establishes a in-house organization for ESG activities
Allianz Global Corporate & Specialty (AGCS) has established a dedicated in-house organization for Environmental, Social & Governance (ESG) activities
Munich Re launches Global Specialty Insurance (GSI) division
Munich Re has decided to establish an additional Board division. Various primary insurance businesses of the Group that are part of the reinsurance segmen
Global reinsurer RGA research revealed that cancer is top concern for women ages 28-38
Global life and health reinsurer RGA, together with their global accelerator RGAX, announced the launch of Plan V Care, a digital cancer-only product designed for women
Tom Haddrill, Lloyd’s Asia CEO will comeback to join WTW
Tom Haddrill, who has been with Lloyd’s since 2011 and became Asia chief executive this year, will be making a UK comeback to join WTW in early 2023
Indian Authority IRDAI asking to reinsurers excluding the costs rate for fire & engineering risks
The Insurance Regulatory and Development Authority of India (IRDAI) has written to local reinsurers asking them to stop including the burning costs rate published by the Insurance Information Bureau (IIB) for fire and engineering risks in their reinsurance treaties.
Global reinsurers group’s capitalisation remains strong in 2022 – Fitch
Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group
Insurance reforms in Florida will lead to relief of homeowners insurance
AM Best is of the view that the insurance reforms passed in Florida’s most-recent legislative special session will lead to much-needed relief to the state’s homeowners
Indian fintech Paytm launches insurance protect to mobile transactions with ERGO
Indian One97 Communications, that owns the brand Paytm, has launched “Paytm Payment Protect”, a group insurance plan, in association with HDFC ERGO
Emirati fund ADQ Holding wants to buy a Israeli Phoenix Holdings
Emirati holding ADQ wants to buy a controlling stake in Israeli insurance giant – Phoenix Holdings. The Israeli company controls most of Israel’s most significant pension funds
CarDekho focuses on its insurtech platform InsuranceDekho and planning IPO
CarDekho, run by Girnar Software Pvt., is sharpening focus on its insurance platform InsuranceDekho even as it scales down its asset-heavy used car marketplace
AIG Specialty Insurance Company dropping $1.1 mn lawsuit against Accellion
Insurer AIG tried to hold Accellion responsible for a zero-day criminal hack of its legacy File Transfer Appliance software, but in an unusual turn of events
Typhoon Nanmadol inflicted $912 mn losses on the Japanese insurance industry
Typhoon Nanmadol has inflicted $912 mn in property losses on the Japanese insurance industry, according to PERILS’ second industry loss estimate
Cyber risk analytics startup CyberCube raised $50 mn in additional capital
Cyber risk analytics startup CyberCube has raised $50 million in additional growth capital, bringing its total amount raised to more than $100 million to date
European Council agreed a the Insurance Recovery and Resolution Directive (IRRD)
Member states’ representatives agreed a negotiating mandate (general approach) on the Insurance Recovery and Resolution Directive (IRRD)
Metallica vs Lloyd’s underwriters: band will recover concert losses by other means
Frantic, or what’s better known as Metallica, will have to recover its losses from the postponement of its 2020 South American concerts by other means and not through insurance
Wakam’s Syndicate 1347 receives Lloyd’s approval to start underwriting for the 2023 year
European B2B2C insurer Wakam, has announced that Wakam’s Syndicate 1347 has received Lloyd’s approval to start underwriting for the 2023 year
Foreign venture investors presents in half of all European deals 2022 worth €65 bn
Foreign venture investors were present in nearly half of all European venture deals 2022 year, their highest level of participation to date
Insurtech Bolttech selects Sapiens Intelligence for complete P&C transformation
Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced the deployment of its cloud-first P&C core platform
Insurers refuses to cover planes flying to Ukraine or ships sailing through the Black Sea
Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers, who insure the insurers, propose excluding the region from policies
Insurers deny claims to customers affected by the bankrupt crypto exchange FTX
Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses
The International Association of Insurance Supervisors issued about FinTech & Digital innovation
The International Association of Insurance Supervisors (IAIS) issued two publications showcasing work on digital innovation, focusing on FinTech and the role of supervisory
Austrian Insurance Market increases premiums by 6% to EUR 16.2 bn
Austrian insurance market in Q3 2022 undertakings observed an increase in premium volume by 4.7% to EUR 4.8 billion
Insurance Market of Ukraine in 9M2022 collected EUR 803.5 mn
Insurance Market of Ukraine in January-September 2022 collected EUR 803.51 million of insurance premiums and paid out EUR 267.21 million
Ukrainian Insurers will be able to pay under nonresident’s reinsurance contracts
As of 13 December2022, insurers will be able to make reinsurance payments under reinsurance contracts concluded with nonresidents
Ford striking up telematics partnerships with insurtechs Wejo, CerebrumX & J.D. Power
Automaker Ford has been busy in the insurance and insurtech space lately, striking up partnerships with insurtechs Wejo, CerebrumX and J.D. Power
Bupa adoptes insurtech SaaS platform CoverGo as new health insurance system
Bupa (Asia), a health insurance specialist, and CoverGo, the leading global no-code insurtech SaaS platform for health, P&C, and life, are joining forces
Insurers may change insurance rates depending on a policyholder’s vaccination status
Study has found a strong correlation between drivers who have passed on taking vaccinations on COVID-19 and higher vehicle collision risk levels
Health & Longevity insurers Fountain Life raises $15 mn led by Eos Venture
Fountain Life, a preventative health and longevity company, closed a $15 million funding round led by Eos Venture Partners
Digital experiences of P&C insurance customers throughout the claims process
The ongoing digital transformation of the property and casualty (P&C) insurance industry has hit some speedbumps when it comes to customer satisfaction
Reinsurance pricing in 2023 continues to be an important topic
Reinsurance pricing continues to be an important topic suggesting 50%+ property cat price increases in the US are a real possibility with the potential that year end renewals
US & UK pushes for Turkey to reconsider the sea cargoes proof-of-insurance requirement
A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated, leaving millions of barrels of crude stuck
Hong Kong billionaire Richard Li invests $200 mn in his insurer FWD Group
Hong Kong billionaire Richard Li is weighing investing about $200 million in his insurance company FWD Group Holdingsas part of a funding round
Swiss Re advises underwriters to providing re/insurance cover for carbon removal
The insurance industry is “perfectly positioned” for “action” to support global carbon dioxide removal and the transition to a net zero economy by following a three-pronged
Munich Re is aiming for a consolidated €4 bn profit for 2023
Munich Re is aiming for a consolidated profit of around €4 billion for the 2023 financial year under the new reporting standard IFRS 17
Higher profits for European Largest Insurers after COVID-19-related losses
Mergers, divestments and fluctuations in foreign exchange brought more volatility to the ranking of Europe’s largest insurers
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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