MGA Johnson & Johnson acquires assets of Statewide Insurance
Managing general agency Johnson & Johnson announced that it recently acquired the assets of Statewide Insurance Corp as it looks to expand into a number of Southwestern states
News
Insurance protection gap in Europe: only 25% of natural catastrophes losses were insured
The new EU strategy on adaptation to climate change highlights the fact that affordability and insurability of natural catastrophes insurance coverage
Insurtech Alicia raises €7 mn in seed funding from Volta Ventures
Alicia Insurance, a Rotterdam-based insurance startup with an embedded insurance for freelancers proposition, has raised €7 million in seed funding from Volta Ventures
MetLife with EasyCancha introduces accident insurance coverage
MetLife has partnered with easycancha to introduce an on-demand accident insurance coverage in Chile
Trium Cyber, Lloyd’s Syndicate 1322, provides cyber coverage for US-domiciled risks
Trium Cyber has announced its US-based service company has begun to provide cyber and technology errors & omissions coverage for US-domiciled risks
Global reinsurance market improves profitability at enewals
Reinsurance market made significant strides to improve profitability at the recent January 1 renewals, particularly in underperforming property natural catastrophe business
Floods cost insurers $4.7 bn, while European winter storms $4.2 bn in claims
The largest event loss outside the US was the flooding in Eastern Australia in late February / early March, which CRESTA estimates has generated an industry loss of $4.7 billion
Reinsurers will work with ILS funds to bring new cyber reinsurance capacity
The reinsurance value chain will work together with insurance-linked securities (ILS) fund managers to bring new cyber reinsurance capacity to this market in 2023
CNA Hardy launches of cyber insurance products to technology businesses
CNA Hardy has announced the launch of an additional suite of cyber protection products specifically tailored to technology businesses
Healthcare Insurance premiums in U.S. increases. How is Medicare changing?
Healthcare costs are increasing for most Americans in 2023. Without a public healthcare system price rises in some states may put thousands onto worse coverage plans
Green Century’s resolution. Insurers should’n insure fossil fuel development
Green Century Capital Management filed shareholder resolutions with three big U.S. insurance companies — Travelers, Chubb and The Hartford – asking shareholders
Singlife with Aviva launches of accelerator program to insurtech startups
Financial services company Singlife with Aviva launches of Singlife Connect, its accelerator program to support and spur the growth of promising insurtech startups
Increases in US insurers’ underwriting expenses offsets by increases in premiums
Increases in US P&C insurers’ underwriting expenses have been offset by commensurate increases in net premiums written, which has resulted in stable expense
Japan’s largest insurers continues providing marine war insurance coverage for ship
Some of Japan’s largest non-life insurers continues providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers
Cat loss-hit treaties reinsurance rate in the U.S. increased of more than 100%
Some catastrophe loss-hit treaties in the U.S. witnessed rate increases of more than 100% at the 1/1 2023 reinsurance renewals, as Hurricane Ian
US health insurers will withstand the effects of high inflation & rising rates
US health insurers should be able to withstand the effects of high inflation and rising interest rates, amid their expectations for a mild US recession in 2023
Extreme reinsurance coverage modifications were sought by reinsurers renewal
The renewal reinsurance season ran extremely late this year as both reinsurers and cedents worked to establish a new market equilibrium
25% of Russian crude oil ships insured by western insures
25% of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western insurance companies
Average cost of UK Motor Insurance deals rose by 17.4%
The average cost of the most competitive motor insurance deals rose by 17.4% in the 2022 year, according to the latest motor insurance price index
Inflation stands out as the insurance industry’s biggest challenge in 2023
As we enter 2023, record-high inflation and the consequent cost-of-living crisis will be the greatest challenge faced by the insurance industry according to industry experts
Lloyd’s of London’s gross written premium would reach £56 bn
Global insurance marketplace Lloyd’s of London’s gross written premium (GWP) is expected to reach £48.9 billion by the end of 2022
Insurtech Modern Life launches new technology End-to-end life insurance platform
Modern Life Insurance Group, the technology-enabled life insurance brokerage for advisors, has announced the launch of its latest technology platform
Insurtech Compass Network partnered with PremFina to provide insurance payment
The independent broker network insurtech, Compass Network has announced its partnership with PremFina – a premium finance provider fintech
Boat renters will face new insurance requirements in Florida
Boat renters and rental operators will face new insurance requirements in Florida from the start of 2023, and insurance businesses have leapt in with new products
60% of travel insurance buyers are born before 1980, incl. Generation X & Baby Boomers
Recent research by Squaremouth, a travel insurance marketplace, has revealed that 2023 will be the year for international travel to fully recover
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
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
Q2 2026 Global InsurTech funding reached $2.44 bn, 99.1% directed to AI-focused firms, as data center expansion creates new insurance risks
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
The first notice of loss (FNOL) is the starting point for every insurance claim. It sets the tone for the entire claims cycle. And for years, this process has been manual