Property and Casualty Insurance News

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• On October 2022, Berkshire Hathway completed the acquisition of Alleghany. Alleghany Corporation owns operating subsidiaries and manages investments, anchored by a core position in property and casualty reinsurance and insurance with Berkshire engaging in diverse business activities including insurance and reinsurance. The acquisition was completed by acquiring all equities of Alleghany worth USD 11.6 billion.
• On April 2022, Reinsurance Group of America reached an agreement with Taiyo Life a subsidiary of T&D Holdings, Inc., to reinsure USD 1170 million of statutory reserves through coinsurance with Taiyo life continuing its service under the insurance contract.

• December 2021: Allianz Global partnered with Porter Airlines, a regional airline. The companies aimed to introduce Emergency Travel Medical Insurance, All-Inclusive Insurance, and Trip Cancellation Insurance through this partnership. Additionally, Porter consumers have entry to Allianz urgent assistance, affirm inquiry, and expert support with the help of pre-trip planning.
• July 2021: Saga plc has developed key travel and insurance division developments. Its first ever purpose-built cruise ship, Spirit of Discovery, will sail with a maximum of 999 guests and 523 crew worldwide. Another important step is launching an advertising campaign for three-year fixed price insurance, which is focused on growing direct channels and rewarding customer loyalty.

In 2021, HDFC ERGO launches Optima Secure indemnity-based health insurance policy. HDFC ERGO General Insurance announced the launch of Optima Secure, a new health indemnity insurance product that seeks to redefine the value customers can get from their insurance plan. The product has the secure, plus, protect, and restore benefits built-in, which combine to offer customers up to four times their sum insured at no additional charge. 

In 2021, Bajaj Allianz General Insurance and Bank of India have entered into a corporate agency agreement. This will enable distribution of Bajaj Allianz General Insurance’s products through the bank’s vast network of 5,084 branches, 80 retail business centres and 60 SME city centres across the country. Bajaj Allianz General Insurance will be offering a bouquet of personal lines of products such as motor insurance, health insurance, home insurance, travel insurance along with commercial line of products like engineering insurance, marine insurance to bank’s customers. 

• In March 2021, China’s banking and insurance regulator CBIRC revised its “Rules on Internet Insurance Business” to address issues in the marketplace amid a sharp surge in companies seeking to join the online insurance sector. In 2020, a total of 7,741 enterprises involved with online insurance registered with Chinese authorities, representing a rise of 93% compared to the previous year.

• In January 2021, Zhong An Insurance, the first 100% digital Chinese insurer announced implementing a diversification strategy to avoid being overly dependent on their partners. ZhongAn has reduced the number of intermediary sales in favor of D2C sales. To do so, the digital insurer is banking on technology and customer experience. It uses artificial intelligence to automate 70% of its online customer service.

• The cost of home insurance may fall in 2022 as changing regulation, plus the ongoing pandemic, impacts on the cost of general insurance, causing significant downward pressure on premium rates across both personal and commercial lines. Homeowners across the UK have seen a 1.2% drop in average home insurance premiums thanks to a reduction in break-ins and water damage claims resulting from lockdown.

• The new rules will require home insurance prices to be the same for both new customers and those renewing. Traditionally, discounts on new business have been funded by increased pricing on renewal. As a result, under the new regulations, those that already shop around may see price increases, whilst those that have remained with an insurer for a number of years may see price drops.

• In 2021, BTG Pactual hired a private banker from the Swiss private bank Credit Suisse for its Miami wealth management business. Leonardo Brayner joined the Brazilian group after having spent 11 years at Credit Suisse’s offices in The Bahamas, where he most recently served as a vice president of wealth management on its client service desk.
• In 2021, Credit Suisse made a USD 400 million cash distribution, in line with its announcement that Credit Suisse would repay some of the money from the closed Greensill supply chain funds. The money will be paid to the investors in the bank’s Virtuoso SICAV-SIF funds. Credit Suisse’s four Virtuoso SICAV-SIF funds were invested in the supply chain funds.

• December 2022: The new real-time payment technology would launch in the UAE early the following year to speed up financial transactions. The new Instant Payment Platform (IPP) will debut in the first quarter of 2023 with a trial group of authorized financial institutions and will be implemented in stages.
•  December 2022: A start-up in Dubai claims to have developed a technology that would increase restaurant sales and enable personnel to get three to five times as much in gratuities. Spades discovered that by speeding up transactions and enabling quicker table turnover, its payment system had increased revenue by 8% to 20%. Instead of calling a server and waiting for them to bring a point of sale (POS) machine, customers utilizing the Spades system scan a code with their phones, place their orders with a staff member, and then pay by typing their information into the phone's browser.

• On December 24, 2021, HSBC Asset Management India signed a deal to buy L&T Investment Management (LTIM) from L&T Finance for USD 425 million. LTIM is a wholly-owned subsidiary of L&T Finance and the investment manager of the L&T Mutual Fund. The deal is part of the British lender’s strategy to build its wealth and asset management presence in Asia.
• On January 28, 2021, Sundaram Asset Management Company (AMC) announced the acquisition of Principal Asset Management, the Indian business of the global financial services major, Principal Financial Group, for INR 33.8 billion (USD 409 million).

• Mar 2022: Adyen, a global financial technology platform of choice for leading businesses, planned to expand beyond payments to build embedded financial products. These products will enable platforms and marketplaces to create tailored financial experiences for their users, such as small business owners or individual sellers. The suite of products will allow platforms to unlock new revenue streams and increase user loyalty.
• Jun 2021: Raisin and Deposit Solutions, two big German fintech startups and rivals, were planning to unite to form a pan-European group that will offer innovative, API-based B2B and B2C products in the savings and portfolio management areas. The company will keep its New York, London, Manchester, and Madrid offices open. Raisin DS will combine the best practices in B2B and B2C – “every day” savings and investment products – to form a new enterprise.

• November 2022: The Hyderabad-based SaaS business CreditVidya was purchased by Bengaluru-based financial unicorn CRED in a deal including cash and stock. The value of the agreement has not been made public by the companies.
• October 2022: The Indian government proposed the agenda for setting up 75 digital banking units in 75 different country districts by scheduled commercial banks. The plan was presented during the country's 75th Independence Day. These DBUs will offer various services, including debit and credit cards, current accounts, mobile and internet banking, digital kits, and other products for merchants and customers.