Month: November 2021

November 15, 2021

The Louisiana insurance commissioner is seeking a government takeover of Access Home Insurance Co. and State National Fire Insurance Co., two regional insurance companies that are facing insolvency due to losses from Hurricane Ida to ensure the company’s policyholders are […]

November 12, 2021

Financial conglomerate Ping An Insurance Group of China is seeking to offload its 44% stake in auto services portal Autohome, three people familiar with the situation told Reuters. Ping An, which is currently the biggest shareholder of Beijing-based Autohome via […]

November 12, 2021

United Insurance Holdings Corp. (UPC Insurance), the Florida headquartered but regionally expansive insurer, has reported a narrower net loss for the third quarter of 2021, while its premium base continues to decline amid a retreat from the catastrophe space. A […]

November 11, 2021

All key figures in Zurich Insurance Group’s November 11 update for the first nine months of 2021 point to growth. According to the Swiss insurer, its gross written premium (GWP) from Zurich’s property and casualty (P&C) operations in the nine […]

November 11, 2021

Since the summer’s deadly floods in Belgium, insurance companies have received more than 71,000 claims with damages amounting to over €2.1 billion, according to The Brussel Times. These damage reports came from Liège, Verviers and Trooz, according to Nieuwsblad, who […]

November 10, 2021

Arbol Inc., a New York City-based insurtech platform for parametric protection products, announced the launch of Arbol Underwriters Ltd. (AUL), a registered insurance agent based in Bermuda, which is focused on providing reinsurance capacity for parametric insurance risks. AUL’s parent […]

November 9, 2021

Global reinsurer Munich Re has reported an improved year-on-year profit for both the third quarter and first nine months of the year, of €366 million and €2.1 billion, respectively, although its property-casualty (P&C) combined ratio trended above 100% for the […]

November 9, 2021

AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of […]

November 8, 2021

The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021’s third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against […]

November 8, 2021

Catastrophe bonds and other insurance or reinsurance related solutions can be a bridge between the private capital markets and humanitarian project funding needs, according to David Howden, CEO of Howden Group. Speaking at an event of the COP26 climate conference […]

November 5, 2021

Reinsurance Group of America, a US-based life reinsurer, has reported a third quarter net loss of $22 million, down from a $213 million net income in the prior-year quarter. Adjusted operating losses totaled $75 million, compared with adjusted operating income […]

November 5, 2021

Alongside the United Nations 2021 United Nations Climate Change Conference (COP26), the Government of Germany has committed €18 million to subsidize the cost of disaster risk insurance for qualifying African Risk Capacity (ARC) Group Member States. In a statement, the […]

November 4, 2021

One of the clearest examples of a regulators’ intention to force action on climate-related financial risks and ensure entities have the capital resources to absorb their potential future losses from them, came from Bank of England Governor Andrew Bailey yesterday. […]

November 4, 2021

The United States will not be able to insure its way out of coming climate disasters, but must focus on mitigation and resiliency – along with insurer solvency — to reduce risk and exposure, insurance regulators said Wednesday. Insurance commissioners […]

November 3, 2021

The insurance industry says it now has hard data proving that if you have a bad credit score, you’re more likely to slam on the brakes or step hard on the gas. Also if you’re less educated, unmarried, or sell […]

November 3, 2021

A new report calls for an expanding use of risk sharing to help the world tackle the climate emergency and highlights the role of the capital markets, as well as instruments such as ILS and catastrophe bonds, in helping to […]

November 2, 2021

Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla. Newly listed Renaissance Insurance has […]

November 2, 2021

Investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds now stand to receive as much as 18.5% more in capital return, on the back of the updated and improved buyout terms. The buyout terms being offered were updated […]

November 1, 2021

Munich Re is to provide capacity for the principal business of parametric flood insurtech FloodFlash, which aims to provide rapid-payout flood cover for SMEs and landlords. This is not the first time these two companies have crossed paths; the global […]

November 1, 2021

A new global minimum tax on certain multinational companies will create the potential for double taxation on insurance companies, according to a new report from rating agency, AM Best. This is given the accounting differences for global insurance companies in […]