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
News
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
Global insurance broker Marsh acquires the majority of shares in Beassur Marsh (Africa)
Global insurance broker Marsh has announced that it intends to exercise its option to acquire the majority of shares in Beassur Marsh, following its acquisition of a stake
One Call Insurance with Trackm8 launches innovative ‘Pay as you Drive’ car insurance
Doncaster based insurance broker One Call Insurance has unveiled a new car insurance product, enabling customers to pay for their policy on a ‘pay as you go’
Reinsurance and the London Insurance Market is continuing to see strong rate increases
Goldman Sachs said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty
Munich Re launches a Innovation R&D Centre in China
Munich Re said that the new centre will ‘foster new innovative initiatives’ through facilitating networks with technology providers and industry leaders
Premium rate for Auto & Property Insurance in Canada decreased in Q3 2022
Insurance premiums for both Personal Auto lines and Personal Property lines in Canada decreased year over year in Q3 2022
Next renewals period is a time for reinsurers to move towards risk
This next renewals period is a time for reinsurers to move towards risk and not away from it in order to showcase what the industry does best
US inflation remains above target, Fed will induce a recession
As US inflation remains above target, the Swiss Re Institute expects the Fed will induce a recession in 2023 to avoid a de-anchoring of inflation expectations
US Auto Insurers suffered underwriting loss of $766mn
US auto insurers suffered underwriting loss of $766 million, marking it as the segment’s worst half-year result in five years, as impacts from inflation on auto repair
Apollo Underwriting is the latest Lloyd’s carrier to enter cyber market
Apollo Underwriting is the latest Lloyd’s carrier to enter the cyber market following a partnership with SoftBank-backed MGA and modeling firm Envelop Risk Analytics
Israeli insurtech Spott launches Pay-As-You-Sell insurance
Israeli insurance startup Spott announced the launch of its Pay-As-You-Sell liability insurance, allowing ecommerce sellers to pay insurance premiums
Pet service Dutch, which raised $20mn, entered the pet insurance
Dutch, a startup offering a pet telemedicine service, has entered the pet insurance space through a partnership with Pets Best
European reinsurers declines in net income return on equity to 3%
The earnings of Europe’s four main reinsurers fell over the 9 months of this year, compared to the same period in 2021
Frequency of M&A insurance claims fallens to 16%
Frequency of M&A insurance claims has fallen after the anticipated post-Covid claims surge did not materialise
Cyberattacks from Russia could be set to cause more disputes between businesses and insurers
A report from GlobalData says that cyberattacks from Russia could be set to cause more disputes between businesses and insurers following the Zurich-Mondelez case
Proposed change to Solvency II is neutral for creditworthiness of insurers in the UK
S&P Global Ratings suggest that the government’s announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers
Insurance M&A activity rebounded, with deal volume up 3%. SF Buyer Index
After a slow start to the year as the insurance industry focused on integrating the record number of transactions which closed at 2021, M&A activity has rebounded
Lloyd’s estimates Hurricane Ian claims $3bn
Lloyd’s announced that claims to the Lloyd’s market arising from Hurricane Ian are estimated to be in the range of US$2.3bn – US$3bn
Total U.S. insured losses from Hurricane Nicole at less than $2 bn
Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion
Insurtech Bluezone secures its first-choice global reinsurer to partner
Insurtech Bluezone has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in the first quarter of 2023
Florida Hurricane Catastrophe Fund do not face near-term risks
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks
Turkey warned oil shippers they will need to prove insured to cross straits
Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil
UNIQA Insurance Group reportes premiums written grew by 4.3% in Q3 2022 to €5 bn
UNIQA Insurance Group has reported that premiums written grew by 4.3% in Q3 of 2022 to €5,033.1 million, with increases recorded across all business lines
Total insured nat cat losses over the last 6 years have been $630bn
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark
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
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
Global economic losses from natural disasters in 9M 2026 were estimated at $204 bn, which was 31% below the long-term average since 2000 ($296 bn)
Homeowners insurance typically covers lightning damage to houses, belongings and detached structures, but coverage for power surges depends on policy terms
Life insurance customer trust fell in 2026, particularly among Gen Z and financially vulnerable consumers, despite stable overall satisfaction
67% of US independent insurance agents use AI, while trust and innovation drive carrier partnerships and satisfaction diverges across P&C insurance lines