Turkish maritime seeks proof of insurance from russian crude oil tankers
Turkey says it has started requesting proof of insurance from tankers loaded with Russian crude oil as Moscow expressed concern about a build-up of oil tankers
News
India effort to modernise of the Life Insurance Corporation of India (LIC)
India aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer
Breaches of the General Insurance Code of Practice are more rampant than ever
Breaches of the General Insurance Code of Practice are more rampant than ever, and a growing number of these significant breaches involve insurers overcharging
Insurer Generali plans sale of $21 bn of its Italian life insurance portfolio
Italian insurer Generali is planning to sell roughly 20 billion euros of its Italian life insurance portfolio
25% of InsurTechs will exit the insurance market in 2023
More than a 25% of insurtechs will leave the insurance marketplace in 2023 – just a couple years after investments in the space were at an all-time high
Global Insurtech Market will grow to $29.8 bn in 2026
The global insurtech market is expected to grow from US$8.07 billion in 2021 to $10.42 billion in 2022, at a compound annual growth rate (CAGR) of 29.2%
Global Premium income to grow by +67% or EUR2.8trn by 2032
2022 was expected to be another bumper year for the insurance industry, but the invasion of Ukraine has dashed those hopes. Premium income is likely to grow
Insurtech Otonomi builds blockchain parametric cargo platform
Insurtech Otonomi announced that it has closed a $3.4 mn funding round to build a first-to-market blockchain-powered parametric cargo
Insurtech Kin secures new committed 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
Thailand’s Life Insurance Outlook. Thai Insurers to gain from rising rates
Higher interest rates are likely to benefit Thai life insurers, but to a smaller extent than those in other Asian markets
Pet insurance startup Napo chase the Gen Z and millennials pet ownership
Pet insurance startup Napo has decided to take a particular angle on this topic, not only offering pet insurance but also pet health prevention information
Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlights… Read More »Insurers contribute $5.5 trln per year to global financial resilience through insurance claims
World GDP Forecasts for 2023 revised down again
World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China’s property market deteriorates
U.S. Mortgage Insurance Market Outlook for 2025
Sector outlook for the U.S. mortgage insurance market is based on underlying economic fundamentals expected in 2025
Largest InsurTech Funding Rounds in November 2022
There were more than 20 funding events in the insurtech sector in November 2022. What follows is a selection of these, focusing on those in the P&C and life insurance
Insurtech Arbol delivered a $10mn parametric insurance payout
Arbol, an insurtech platform underwriting climate and weather insurance, has delivered a $10-million parametric insurance payout to property and casualty (P&C)
Insurtech Get Covered raised $6 mn, bringing its total funding to date to $14.5 mn
Insurtech Get Covered has raised $6 mn from RET Ventures, State Farm Ventures, WISE Ventures, and LeFrak, bringing its total funding to date to $14.5 mn
Florida P&C insurance market’s weak with the destruction by Hurricane Ian
Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian
European P&C insurers may struggle to register positive returns on their portfolios
Many European insurers have struggled to meet their cost of capital, and pressure to do so better on this front is likely to build. This in turn could prompt further consolidation
Stable Outlook on the U.S. Health Insurance Industry for 2023
AM Best is maintaining a stable market segment outlook on the U.S. health insurance industry for 2023, citing reduced pressure from COVID-19-related medical costs
Negative Outlook on the U.S. Personal Lines Insurance Segment for 2023
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration
40% of commercial properties in UK are underinsured
The effect of rising inflation on businesses in the UK, 40% commercial properties found to be ‘underinsured’
Auto insurer Progressive offers Motive’s AI-based safety solutions
Motive, an automated operations company, has partnered with Progressive Commercial, an auto and truck insurer to offer Motive’s AI-based safety solutions
Singapore-based insurtech BoltTech offer insurance on the card’s Max Me
Insurtech unicorn BoltTech has partnered with Max Solutions Service, a subsidiary of PTG, to offer insurance on the card’s Max Me application
Insurtech Intelligent AI raised £2m in seed funding leading by SuperSeed
Insurtech Intelligent AI, which claims to be disrupting insurance risk management with AI and data analytics, has reportedly raised £2m in seed funding.
Insurtech BeeHero raised $42m in Series B funding
Insurtech BeeHero, an insurer-investor backed data-driven technology company mitigating pollination risk to address global food security, has raised $42m
Insurtech Co-op partnered with Amazon to promote pet insurance product in UK
Provider of pet insurance, Co-op Insurance has partnered with Amazon Ads to promote its pet insurance product in the UK
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral, as the sector should maintain its strong credit fundamentals in both life and non-life insurance
US & Canadian life insurers are heading in solid shape. Fitch Outlook
US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months
US P&C Insurance Market recorded a $24.3 bn underwriting loss
US P&C Insurance Market recorded a $24.3 bn net underwriting loss in the 9M2022, down $17.9 bn from the prior year period
Insurers should look at reserving, investment & pricing strategies. WTW Outlook
Insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves
Moody’s changed outlook for Global P&C insurers to negative from stable
Moody’s has decided to change its outlook for global property and casualty (P&C) insurers to negative from stable, citing high claims inflation
UK’s regulator FCA warned car insurers about valuing vehicles below fair market rate
The UK’s financial regulator has warned insurers about undervaluing cars and other insured assets when settling insurance claims
Insurtech Pie Insurance partnered with Ford Credit to provide vehicle insurance by AI
Pie Insurance and Ford Credit have announced the launch of a new commercial vehicle insurance product for Ford Pro customers
AIaaS insurtech Omni:us raised a €12mn for end-to-end insurance claims automation
German insurtech Omni:us, which provides intelligent end-to-end insurance claims automation, has raised a further €12mn as part of an extension to its Series A funding round
US insurtech Patra secured $146mn investment from FTV Capital
US insurtech Patra has announced a $146mn investment to help it continue to address major structural challenges within America’s $60bn insurance industry
Warburg Pincus acquires K2 Insurance Services from Lee Equity Partners
K2 Insurance Services, an independent specialty insurance program manager, announced that private equity firm Warburg Pincus has agreed to acquire
CerebrumX incorporates connected vehicle data from Ford to support usage-based insurance
Automotive data company CerebrumX is planning to incorporate connected vehicle data from Ford Motor Company to support its data-driven usage-based insurance
Fitch’s outlook for Italian insurance market is deteriorating for the non-life sector
The outlook for Italian insurance in 2025 is deteriorating for the non-life sector, while life remains neutral
The financial leverage of Europe’s insurance companies rose to 28.2%
The financial leverage of Europe’s leading insurers rose to a record high of 28.2% on average in the first half of the year
Fitch Ratings make a neutral sector outlook for North American insurers
Fitch Ratings says that it has a neutral sector outlook for North American insurers next year, saying that they will continue to benefit from rising interest rates
Following the North Atlantic hurricane season, losses from all storms amounted to $110 bn
Munich Re has estimated that, following the North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion
Insurance market in Singapore is grow to more than $5bn in premium by 2026
The general insurance industry in Singapore is set to grow at a CAGR of 7.2%, growing from US$3.5bn to more than US$5bn in gross written premium (GWP) by 2026
Sure delivers frictionless digital embedded insurance experience for PorchPals members
Sure has announced a new partnership with PorchPals, a just launched platform that provides affordable porch piracy package insurance
Custody platform GK8 launches digital crypto asset insurance plans
GK8 and USI Insurance Services have joined forces to create a new, elite insurance plan to cover digital asset losses for GK8 customers
Asian blockchain-insurtech Igloo raised $27mn in Series B
Southeast Asian insurtech Igloo has secured an additional $27mn in an extension to its Series B funding round, which was announced earlier in the year
Malaysian InsurTech InsureComFree secured an investment from KTCC
InsureComFree, a Malaysia-based InsurTech, has secured an investment from KT Cap Consulting (KTCC), a Singapore-based management consultancy firm
Pet insurance startup Napo raised £15m in Series A funding
Napo, a UK-based pet insurance startup, has raised £15m in Series A funding in a round led by DN Capital
SaaS-InsurTech Send closed a Series A funding investment of $10m
InsurTech Send Technology Solutions Ltd (Send) has today announced it has closed a Series A funding investment of $10m
Fitch expects lower earnings for the French non-life insurance sector
Credit fundamentals in the French non-life insurance sector will worsen in the next 12 months as insurers adapt to new market and macroeconomic regimes
Reinsurance market will present Marine Hull & Machinery insurers with a new set of difficulties
Reinsurance market is expected to present Hull insurers with a new set of difficulties at the forthcoming January renewals
Reinsurance programs structure could play as important of a role as pricing
The structure of reinsurance programs could play as important of a role as pricing at the upcoming renewal periods
Ticker launches its pay-per-mile insurance for low-mileage drivers
European MGA Ticker has launched its pay-per-mile insurance offering for low-mileage drivers. This is the latest product in a suite of connected car propositions
Insured losses estimated after hurricane Ian stand at $10.3 bn – Florida OIR
Insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion
Insurance fraud costs the insurance industry $309 bn annually
The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the $308.6 billion. In 1995 this number at $80 billion
Reinsurance rates for property catastrophe business should increase by over 10%
Reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims
Rising rates reduce the fair value of fixed income securities held by re/insurers
The movement of interest rates this year has reduced the carrying value of fixed income securities held by insurance companies
Swiss Re forecasts global cyber insurance premiums to reach $23 bn by 2025
Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021
Most Non-life re/insurers are expecting rate rises to repeat in 2023 of 10%
Non-life and composite re/insurers in the European market appear to be “categorically bullish” on the outlook for pricing and their prospects for growth
Reinsurance sector returns will rise significantly in the next few years
Analysts at international insurance broker Howden are forecasting that reinsurance sector returns will rise significantly in the next few years
Bermuda-based reinsurers reported stronger underwriting profitability: 85.3% combined ratio and 15.7% ROE as catastrophe losses fall, premiums decline 9% and competition intensifies
Reinsurance capital remains strong as sector profitability holds despite softer pricing, rising loss risks and mounting pressure on underwriting margins in 2026
Reinsurance buyers expect property pricing to fall further at the January 2027 renewals, with double-digit reductions increasingly entering negotiations
Reinsurance market participants increasingly favour life and health (L&H) business when deciding where to allocate capital