Spanish insurtech startup SingularCover has shut down
Spanish small business insurance startup SingularCover has shut down, based on information obtained by Coverager
News
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
Liberty Mutual says that catastrophe losses has driven a net loss of $353m in Q3 2022
Liberty Mutual has said that elevated catastrophe losses and volatility within the investment markets has driven a net loss of $353m in Q3 2022
Corvus announced a multi-year partnership with Travelers
Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with Travelers Companies, a provider of personal, business
Insurers in the Canadian market are turning to alternative capital
Aon have reported that insurers and reinsurers in the Canadian market are increasingly to turning to the alternative capital markets to navigate challenging conditions
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
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
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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