Insurance news today
Here are some recent insurance news stories:
1. Insurance Industry Sees Growth in 2022
According to a report by the Insurance Information Institute (III), the insurance industry saw a 4.5% increase in premiums in 2022, driven by growth in the property-casualty and life insurance segments. (Source: Insurance Information Institute)
2. Cyber Insurance Market Expected to Reach $20 Billion by 2025
A report by MarketsandMarkets predicts that the global cyber insurance market will grow from $6.5 billion in 2020 to $20.1 billion by 2025, driven by increasing cyber attacks and data breaches. (Source: MarketsandMarkets)
3. Flood Insurance Reform Act Signed into Law
The Flood Insurance Reform Act was signed into law by President Joe Biden, aimed at improving the National Flood Insurance Program (NFIP) and reducing flood risk. The law includes provisions to increase flood mapping, improve floodplain management, and provide more affordable insurance options. (Source: National Flood Insurance Program)
4. Insurtech Startup Raises $100 Million in Funding
Insurtech startup, Next Insurance, has raised $100 million in funding from investors, including Founders Fund and Ribbit Capital. The company provides commercial insurance products to small businesses and freelancers. (Source: TechCrunch)
5. Insurance Companies Face Increased Pressure to Address Climate Change
Insurance companies are facing growing pressure to address climate change, with many investors and regulators calling for greater transparency and action on climate-related risks. (Source: The Guardian)
6. Health Insurance Premiums to Increase in 2023
According to a report by the Kaiser Family Foundation, health insurance premiums are expected to increase by 5% in 2023, driven by rising healthcare costs and changes to the Affordable Care Act. (Source: Kaiser Family Foundation)
7. Autonomous Vehicle Insurance Market Expected to Reach $15 Billion by 2027
A report by ResearchAndMarkets predicts that the autonomous vehicle insurance market will grow from $1.5 billion in 2022 to $15.1 billion by 2027, driven by the increasing adoption of autonomous vehicles. (Source: ResearchAndMarkets)
8. Insurance Companies Face Challenges in Addressing Mental Health
Insurance companies are facing challenges in addressing mental health, with many struggling to provide adequate coverage and support for mental health services. (Source: The New York Times)
9. Insurtech Startup Raises $50 Million in Funding
Insurtech startup, Hippo, has raised $50 million in funding from investors, including SoftBank Ventures Asia and Ribbit Capital. The company provides homeowners insurance products and uses artificial intelligence to streamline the insurance process. (Source: VentureBeat)
10. Insurance Industry Faces Increased Regulation
The insurance industry is facing increased regulation, with many countries implementing new laws and regulations aimed at improving consumer protection and addressing systemic risks. (Source: Insurance Information Institute)
These are just a few of the latest insurance news stories. If you're looking for more information on a specific topic, feel free to ask!