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.
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 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.
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 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 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.
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 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
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, 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 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 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 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 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.
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 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, 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.
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.
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 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.