Global estimated insured losses from natural catastrophes at $35 bn
Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022, Swiss Re Institute estimates
News
Coface posted a net income of €78 mn, Trade Credit Insurance premiums grows by 16%
Coface has reported H1 2022 income of €144.4m in its latest results. Turnover in the period of €895m. Trade Credit Insurance premiums were growing by… Read More »Coface posted a net income of €78 mn, Trade Credit Insurance premiums grows by 16%
Insurtech Raincoat raised $4.5m funding for parametric insurance product
Insurtech-Start-up Raincoat has raised $4.5m in seed funding, the round was led by Anthemis and was further backed by SoftBank Group’s SB Opportunity Fund
Swiss Re said that B3i conceptually interesting, but required view
Swiss Re have said that while conceptually the Blockchain Insurance Industry Initiative (B3i) remains an interesting opportunity, it didn’t seem like it was going to… Read More »Swiss Re said that B3i conceptually interesting, but required view
Lloyd’s is gearing up to provide coverage for shipments of grain coming out of Ukraine
Ukraine’s ports have been closed since Russia’s invasion in February with marine insurers based in Lloyd’s of London and the wider London commercial insurance
Insurance framework should focus on regulatory field & control consumer`s data
Insurance Europe stressed the importance of respecting the principle of “same activities, same risks, same rules” and the need true field
Swiss Re Global Business Solutions India and T-Hub expands into the Innovation Hub
Swiss Re Global Business Solutions (GBS) India, the analytical and innovation hub of Swiss Re, will launch a new centre in Hyderabad. The new GBS… Read More »Swiss Re Global Business Solutions India and T-Hub expands into the Innovation Hub
Blockchain Insurance Industry Initiative B3i filed for insolvency
Blockchain Insurance Industry Initiative (B3i) has announced that it has filed for insolvency after failing to raise new capital in recent funding rounds. Formed in… Read More »Blockchain Insurance Industry Initiative B3i filed for insolvency
Unicorn-InsurTech Lemonade has finished acquiring Metromile
Unicorn-InsurTech Lemonade has finished acquiring per-to-mile neoinsurence company Metromile. Under the terms of the deal, Metromile shareholders received 7.3m Lemonade shares, while Lemonade received a… Read More »Unicorn-InsurTech Lemonade has finished acquiring Metromile
French Reinsurer SCOR has reported a net loss of €239mn
French reinsurer SCOR has reported a net loss of €239 million for 2022, driven by claims related to the drought in Brazil, flooding in Australia… Read More »French Reinsurer SCOR has reported a net loss of €239mn
German Insurtech Element has secured €21.4mn in Series B funding
German insurtech Element has secured €21.4mn in Series B funding led by pension fund VZB, taking the total amount raised to date to €88mn. The latest… Read More »German Insurtech Element has secured €21.4mn in Series B funding
Insurtech Noldor has secured $10mn in seed funding led by D.E. Shaw
Data protection insurtech Noldor has closed a US$10mn seed funding round led by D.E. Shaw as it attempts to redefine how carriers, reinsurers and reinsurance… Read More »Insurtech Noldor has secured $10mn in seed funding led by D.E. Shaw
Zurich Insurance has seen a ‘sharp increase’ in fraudulent insurance claims
Zurich Insurance has warned of “a sharp increase” in the number of insurance fraud cases it receives, echoing calls that the cost-of-living crisis
US Insurtech Reserv raised $8mn to overhaul P&C claims processing
US insurtech Reserv, a digital-native third-party administrator (TPA), has raised US$8mn in seed funding led by Altai Ventures and Bain Capital Ventures as it seeks… Read More »US Insurtech Reserv raised $8mn to overhaul P&C claims processing
American Farmers & Ranchers Mutual Insurance has adopted Verisk’s property claims solutions
American Farmers & Ranchers Mutual Insurance Company (AFR Insurance) has adopted Verisk’s property claims-handling solutions. AFR Insurance will use Verisk’s property claims-handling ecosystem to help rapidly assign,… Read More »American Farmers & Ranchers Mutual Insurance has adopted Verisk’s property claims solutions
Insurers will cover ships that export Ukrainian grain only by arrangements navy escorts
Insurers will only be willing to cover ships sailing through a proposed corridor to get Ukrainian grain out if there are arrangements for international navy… Read More »Insurers will cover ships that export Ukrainian grain only by arrangements navy escorts
Insurance Sector is not Exposed to the Business Interruption Losses due to Russian Gas cut-off
The insurance sector is not materially exposed to the business interruption losses that could arise due to a cut-off in Russian gas supplies to Europe,… Read More »Insurance Sector is not Exposed to the Business Interruption Losses due to Russian Gas cut-off
Summary & Roadmap of Blueprint Two. How Lloyd’s will be engaged with Insurance Market?
Lloyd’s of London explains market engagement approach for Blueprint Two. Published on its website, it outlined three areas under which it was tackling engagement: On… Read More »Summary & Roadmap of Blueprint Two. How Lloyd’s will be engaged with Insurance Market?
UK Motor Insurance Results & Forcasts: Claims Inflation & Premiums Accelerates
Motor insurers last year recorded a Net Combined Ratio (NCR) of 96.6%, according to EY’s latest UK Motor Insurance Results
Surplus Lines Insurance Premiums Exceeded $31 bn (+32%)
Surplus lines insurance premiums exceeded $31 billion, and premium bearing transactions neared 2.8 million, according to the report of the US Surplus Line Service and… Read More »Surplus Lines Insurance Premiums Exceeded $31 bn (+32%)
Willis Towers Watson has Issued a Statement on Solvency II Insurance Reforms
Willis Towers Watson has issued a statement on Solvency II reforms, saying that the package of reforms under consultation has the potential to create clear… Read More »Willis Towers Watson has Issued a Statement on Solvency II Insurance Reforms
Life Insurtech Bestow partnered with platform Empathy
US life insurtech Bestow has partnered with bereavement platform Empathy to provide its customers with greater support when they lose a loved one. Founded in 2020, Empathy was created… Read More »Life Insurtech Bestow partnered with platform Empathy
Insurtech Incubator Gateway has announced the close of its Seed Fund II
Insurtech Gateway, a leading industry incubator, has announced the close of its Seed Fund II. The move will enable Insurtech Gateway to support a further… Read More »Insurtech Incubator Gateway has announced the close of its Seed Fund II
InsurTech Koffie has announced the closing of an $11 mn Series A
InsurTech Koffie Insurance, that focuses on providing financial services to the trucking and transportation sector, has announced the closing of an $11 million Series A,… Read More »InsurTech Koffie has announced the closing of an $11 mn Series A
Insurer`s damage from large wildfires in Europe has a 75% jumped
Damage from large wildfires in Europe has jumped dramatically, with a 75% increase in the amount of land burnt in the last year. The countries… Read More »Insurer`s damage from large wildfires in Europe has a 75% jumped
Insurtech Zesty raised $33mn as part of oversubscribed Series B
Climate risk insurtech Zesty.ai, which gives insurers a range of tools including a predictive AI wildfire risk model, has closed a $33mn Series B funding… Read More »Insurtech Zesty raised $33mn as part of oversubscribed Series B
HSBC, Square Health and UnderwriteMe partnered to create a digital underwriting
HSBC Life has teamed up with Square Health and UnderwriteMe to launch a digital underwriting innovation that facilitates frictionless medical screening request processing. According to reports, medical screening requests can… Read More »HSBC, Square Health and UnderwriteMe partnered to create a digital underwriting
DMD rules need to ensure consumers can easily access insurance protection
Insurance Europe has submitted its response to the EC consultation on its proposal to repeal the Directive on Distance Marketing of Consumer Financial Products (DMD) and to… Read More »DMD rules need to ensure consumers can easily access insurance protection
UK-based Insurtech Ondo has forged a partnership with Admiral Insurance
UK-based Insurtech Ondo has forged a partnership with Admiral Insurance to supply 20,000 smart devices to its home insurance Platinum cover customers. The move follows… Read More »UK-based Insurtech Ondo has forged a partnership with Admiral Insurance
LexisNexis Precision Claims help insurers to view past claims database
LexisNexis Risk Solutions, the technology-driven risk solutions provider, has launched a new cutting-edge, market-wide contributory claims database
Startup Lassie fetches €11mn for preventative pet insurance
PetTech startup Lassie is one of the pioneers in the European pet health insurance market. The Stockholm-based team recently secured €11 million in a round… Read More »Startup Lassie fetches €11mn for preventative pet insurance
Policygenius, an insurtech that raised $125mn, laid off 25% of staff
Policygenius, an insurtech that raised $125 million in a Series E round less than three months ago, has reportedly laid off about 25% of its… Read More »Policygenius, an insurtech that raised $125mn, laid off 25% of staff
CyberCube launches cyber aggregation event response service for insurance
Cyber risk analytics provider CyberCube has today launched CAERS, a new cyber incident response service for clients of the company’s SaaS products. The Cyber Aggregation… Read More »CyberCube launches cyber aggregation event response service for insurance
India’s Life Insurance Market to 10.3% CAGR & $150.6bn Premiums by 2026
India’s life insurance market is expected to grow at a compound annual growth rate (CAGR) of 10.3% through 2026, driven by growing awareness and positive… Read More »India’s Life Insurance Market to 10.3% CAGR & $150.6bn Premiums by 2026
Munich Re faces a exposure to the ongoing aviacrisis concerning jets stranded in Russia
Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies
The cryptocurrency price crash accelerates the process of insurers rewriting policies
The cryptocurrency price crash could accelerate the process of insurers rewriting policies to reduce potential exposure. According to the law firm RPC, the insurers are… Read More »The cryptocurrency price crash accelerates the process of insurers rewriting policies
Big data could be used by insurers to refine classes of risk & pricing
Big data could be used by insurers to further refine classes of risk and determine better pricing and availability of insurance coverage to ensure a… Read More »Big data could be used by insurers to refine classes of risk & pricing
AM Best affirmed the Financial Strength Credit Ratings of Lloyd`s
AM Best’s recent assessment of Lloyd’s operating performance highlights the rating agency’s expectation that London Insurance Market will produce strong technical performance over the underwriting… Read More »AM Best affirmed the Financial Strength Credit Ratings of Lloyd`s
Reinsurance broker McGill will be using CyberCube`s cyber risk analytics
CyberCube, a cyber risk analytics firm, has announced that specialist re/insurance broker McGill and Partners, will be using its cyber risk analytics platforms as part… Read More »Reinsurance broker McGill will be using CyberCube`s cyber risk analytics
Re/Insurance sector invests one in every 3 euros in public debt
The insurance sector invests one in every three euros in public debt, according to a new report by MAPFRE Economics. The report, ‘Global savings after… Read More »Re/Insurance sector invests one in every 3 euros in public debt
SCOR doesn’t expect the recent monkeypox virus outbreak to impact for insurers
Global reinsurer SCOR has said it does not expect the recent monkeypox virus outbreak to cause a significant impact for re/insurers. This is due to… Read More »SCOR doesn’t expect the recent monkeypox virus outbreak to impact for insurers
AXA Germany sell a portfolio of life & pensions insurance reserves worth €16 bn
AXA Germany has reached an agreement to sell a portfolio of life and pensions insurance reserves worth €16 billion. AXA will sell the portfolio to Athora Germany for a consideration of EUR660 million.
Aercap sued $3.5bn lawsuit against AIG and Atrium Lloyd’s over planes stranded in Russia
Aercap, the largest global aircraft leasing firm, has sued AIG and other insurers including Lloyd’s business Atrium over planes stranded following the outbreak of conflict… Read More »Aercap sued $3.5bn lawsuit against AIG and Atrium Lloyd’s over planes stranded in Russia
Insurers will pay compensation estimated at €4 bn for French storms losses
The bad weather that has affected France since the end of May has generated nearly a million claims for which insurers will pay compensation estimated… Read More »Insurers will pay compensation estimated at €4 bn for French storms losses
Catastrophe Reinsurance Market is Expected to Affect Insurance pricing
A hard property catastrophe reinsurance market is expected to affect commercial insurance lines pricing
WTW has announced the acquisition of FinTech provider Butterwire
WTW has announced the acquisition of Butterwire – a FinTech provider of data analytics, AI, and machine learning platforms
Mexico’s Insurance Industry Outlook 2026: $26 bn premiums, CAGR of 7.5%
Mexico’s general insurance industry is expected to grow at a CAGR of 7.5%, from $18.2 billion in 2021 to $26.1 billion in 2026
Non-insured losses on the Africa are close to 97%. Disaster Risk Financing
Only 3% of losses caused by drought, floods and tropical cyclones have been insured on the African continent
Covéa completes deal to purchase PartnerRe for $9.3 bn
Covéa has completed the acquisition of global reinsurer PartnerRe from EXOR and holding company, for a total cash consideration of $9.3 billion
Lloyd’s Marine & Specialty underwriter is set to back insurtech MiKargo247
Munich Re Syndicate, the Lloyd’s of London Marine & Specialty underwriter of reinsurance giant Munich Re, is set to back MiKargo247, a new insurtech, created… Read More »Lloyd’s Marine & Specialty underwriter is set to back insurtech MiKargo247
Insured losses from natural catastrophes estimated at $100bn
1H losses would be around 40% of the 10-year average of $11.1 billion for US seasonal catastrophes in that quarter.
Munich Re backs smart contract Chainproof to offer insurance coverage
With reinsurance backing from Munich Re, Chainproof aims to bridge the worlds of traditional insurance and decentralized finance (DeFi)
Digital insurer Wefox closes $400m Series D round
Wefox, the Berlin-based digital insurer, has seen its post-money valuation increase to $4.5 billion after the company successfully closed a $400 million Series D funding round
European insurers said that it does not plan to use IFRS 17 yet
Fitch have stated that the first public comments from Dutch insurer – ASR, on the implications of IFRS 17 support Fitch Ratings’ view
SMEs risk being priced out of cyber insurance as rising costs
SMEs risk being priced out of cyber insurance as rising costs force them to prioritise other areas of their business, according to market research company GlobalData.
Lloyd’s will collect information on inflation’s impact on reserving
Lloyd’s of London has said that it is now collecting information on the impact of inflation on reserving, to ensure underwriters, members and syndicates are… Read More »Lloyd’s will collect information on inflation’s impact on reserving
InsurTech YuLife has raised $120M in a Series C round of funding
Insurtech YuLife has raised $120m in a Series C round of funding that the firm says it will use to accelerate its global expansion. In… Read More »InsurTech YuLife has raised $120M in a Series C round of funding
Trade and Market access barriers that insurers face
Insurance Europe has published a series of country fact sheets that highlight the trade and market access barriers that European reinsurers face in Argentina, Brazil, Canada, India and Indonesia. Removing these… Read More »Trade and Market access barriers that insurers face
New accounting rules: Global Insurance industry after IFRS 17 goes live
According to a WTW survey, most IFRS 17 programmes will require a pragmatic approach to deliver on time. Insurers have reported that there is still… Read More »New accounting rules: Global Insurance industry after IFRS 17 goes live
Insurers call on EDPB to align draft guidelines on GDPR fines with IFRS
Insurance Europe has responded to a consultation conducted by the European Data Protection Board (EDPB) on its draft guidelines on the calculation of administrative fines under the… Read More »Insurers call on EDPB to align draft guidelines on GDPR fines with IFRS
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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