Insurers’ capital buffer may fall by up to 85% this year: S&P Global

September 22, 2020.
The global insurance industry may see its roughly $275 billion in capital buffer fall by up to 85% during 2020 amid financial stress caused by the COVID-19 pandemic, credit ratings agency S&P Global forecast Tuesday.

Hanover Insurance expands online policy quoting to include small businesses

September 22, 2020.
Massachusetts-based Hanover Insurance Group rolled out a new online policy quoting and issuing tool for small business clients on Tuesday, allowing agents to more easily offer stand-alone speciality coverage.

Beazley doubles estimated COVID-19 losses amid ongoing weakness in conferences space

September 22, 2020.
Beazley said on Tuesday that it is doubling its estimated first-party insurance losses stemming from COVID-19 to $340 million, citing continued conference cancellations for much of the additional amount.

Insurtech Bright Health clinches $500M in new funding

September 22, 2020.
Bright Health Inc. raised $500 million in a Series E funding round, the insurtech revealed Tuesday, after securing “significant” investments by T. Rowe Price, Blackstone and Tiger Global Partners as it gears up to start offering new products in more markets throughout the U.S. next year.

Swiss Re CEO says company may back off from casualty market amid COVID-19 uncertainty

September 22, 2020.
Swiss Re CEO Moses Ojeisekhoba said the carrier is considering reducing its casualty exposure as low interest rates and uncertainty from the pandemic increase business risk and make the market more challenging.

Sun Life adds COVID-19 outbreak coverage to stop-loss insurance

Last modified September 22, 2020. Published September 22, 2020.
Sun Life Financial U.S. has added a trio of COVID-19 insurance products to its stop-loss line, including coverage for outbreaks in the workplace, as a way to try to meet the high demand for pandemic-related coverage options.

UK watchdog proposes reforms to home, auto insurers’ ‘complex and opaque’ pricing

September 22, 2020.
The U.K. Financial Conduct Authority on Tuesday proposed that customers who renew their home or motor insurance policies be billed the same way as new customers, saying these markets are not “working well” for consumers.

New York tells insurers to begin analyzing climate-related financial risks

September 22, 2020.
New York state’s financial regulator said Tuesday that it will begin evaluating insurers’ approach to managing climate risk, although the agency stopped short of imposing penalties for noncompliance.

Credit unions score bipartisan support for their opposition to nominal leases for banks on military bases

September 22, 2020.
A bipartisan group of 51 U.S. representatives is urging the House and Senate Armed Services committees to reject a proposal that would treat banks on military bases the same as credit unions when it comes to nominal leases, according to the National Association of Federally-Insured Credit Unions.

MAPFRE’s solvency ratio recovered in Q2 despite weaker income

Last modified September 21, 2020. Published September 21, 2020.
MAPFRE, the largest Spanish insurance group by premium, revealed Monday that its solvency level picked back up in the second quarter after it took a dip in the first, even as COVID-19 and catastrophes drove down profits.

Goldman Sachs to lead IPO for car insurtech startup Root worth up to $6B: Reuters

September 21, 2020.
Goldman Sachs has been hired by auto insurtech Root to lead the startup’s preparations for an initial public offering with a target of raising $5 billion to $6 billion, Reuters reported Monday.

Travelers to offer ergonomic assessments using AI technology

September 21, 2020.
Travelers Insurance said Monday that it will offer its business customers ergonomic assessments using artificial intelligence, and doesn’t even have to visit the business to do it.

Lockton teams up with minority-owned insurance broker in push for greater industry diversity

Last modified September 21, 2020. Published September 21, 2020.
Lockton Companies, the world’s largest privately held insurance broker, has partnered with Detroit-based Birwood Services Group in an effort to broaden minority participation in the insurance and financial services sectors.

Swiss Re adds Toyota vehicles to risk platform

Last modified September 21, 2020. Published September 21, 2020.
Swiss Re is partnering with Toyota Insurance Services to add Toyota and Lexus vehicle data to its advanced driving assistance system risk platform, a vehicle-specific insurance rating that primary insurers can use to calculate insurance premiums.

Ping An launches its first UCITS vehicle to give global investors a way into China

September 21, 2020.
Chinese insurer Ping An Group said on Monday that its offshore asset management unit launched its first Undertakings for Collective Investment in Transferable Securities umbrella fund to provide global investors opportunities to invest in China's equity and fixed income markets.

Transamerica enters ESG space with two new bond mutual funds

September 21, 2020.
Transamerica dipped its toes into the sustainable investing space with the launch of two new mutual funds oriented toward environmental, social and governance-related bond holdings, responding to a surge in demand for such offerings.

Lincoln Financial vows to hire Black officers as part of new diversity plan

September 21, 2020.
Lincoln Financial, the sixth-largest U.S. life and annuities firm by premiums, plans to appoint more Black executives as part of a commitment to promoting diversity spurred by protests calling for racial equality.

Sally insured losses may hit $3b amid record hurricane season: AIR Worldwide

Last modified September 21, 2020. Published September 21, 2020.
Insured property losses from Hurricane Sally are likely to reach as high as $3 billion as the U.S. Gulf Coast reels from its second major storm in two months, according to an estimate from AIR Worldwide.

IAG names insider as new CEO

September 21, 2020.
Insurance Australia Group, the largest general insurance provider in Australia and New Zealand, on Monday named longtime company executive Nick Hawkins as its new managing director and CEO to succeed its retiring chief.

Berkshire Hathaway expands specialty insurance lines into France

September 21, 2020.
Berkshire Hathaway moved to expand its specialty insurance arm into France on Monday, appointing two financial industry veterans to take the helm of the company’s introduction of its executive and professional lines in the new market.