Commentary/Opinion
Chubb CEO calls for greater consistency in US trade policy
Government should align its trade, economic and fiscal priorities, he says
Chubb Ltd. CEO Evan Greenberg (pictured) called for greater consistency in U.S. trade policy, saying a more coordinated approach is needed to support economic stability, Bloomberg reported.
Speaking on a first-quarter earnings call, Greenberg said the federal government should align its trade, economic, and fiscal priorities. He expressed hope that future trade agreements would ease or remove tariffs, which he said have affected the country’s international standing and increased the risk of an economic downturn.
Greenberg also warned against overreliance on the U.S. dollar’s status as the world’s reserve currency, cautioning that the benefits it provides should not be taken for granted.
“We have the pleasure in the United States — and we ought to really cherish it — of being the reserve currency of the world, which gives us a borrowing capability,” Greenberg said. “Let’s be careful how we abuse that or we won’t have that privilege.”
Financial Results
Progressive profit up 10% in Q1 and combined ratio remained well below 100%
Progressive’s Q1 profit increased by 10% over Q1 2024, reaching nearly $2.6 billion in net income and a 43-cent increase per share, as of March 31.
Specific to auto insurance, revenue from direct personal lines was up by 25%, or nearly $14.8 million, compared to almost $11.9 million brought in during Q1 2024.
Progressive’s combined ratio was 86%, down 0.1% from a year ago. When the combined ratio is below 100%, that shows more revenue was made from premiums than spent on paying claims. Premiums earned increased 20% compared to Q1 2024, and written premiums were up 17%.
Seeking Alpha notes that Progressive’s investments in technology and AI have increased expenses; however, “improved loss performance and a strong combined ratio suggest future profitability and operational efficiency.”
“The company has been aggressively investing in technology and AI, both to automate the claims process as well as better price risk,” Seeking Alpha wrote earlier this week.
“Because of these investments, other underwriting expenses, which include items like salaries and tech spending, rose by 41% from last year to $2.7 billion. This was twice as fast as premium growth. As a result of this spending, PGR’s total expense ratio was 20.2%. For comparison, in Q1 2024, its expense ratio was 18.3%.
Chubb Reports First Quarter Per Share Net Income and Core Operating Income of $3.29 and $3.68, Respectively
Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2025 of $1.33 billion, or $3.29 per share, and core operating income of $1.49 billion, or $3.68 per share. Book value per share and tangible book value per share increased 2.7% and 3.9%, respectively, from December 31, 2024 and now stand at $164.01 and $104.27.
Book value was favorably impacted by after-tax net realized and unrealized gains of $825 million in Chubb's investment portfolio and $302 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 0.9% and 1.6%, from December 31, 2024.
TruStage Reports Strong Financial Performance in 2024
Despite challenging market conditions for the insurance industry and extreme weather events impacting millions, TruStage reported strong financial performance across its diverse product and solutions portfolio in 2024. The company ended the year in a favorable financial position, reporting over $5.6 billion in total revenue, over $200 million in net income and over $37 billion in assets1 under management. In 2024, ratings agencies AM Best and S&P affirmed TruStage's ratings as a financially healthy and stable organization.
"No matter the economic or environmental headwinds we face, we are rooted in the 'people helping people' principle we were founded upon 90 years ago," said Terrance Williams, President and CEO of TruStage. "In 2024, our TruStage team delivered on our promises to the millions of customers we protect and achieved strong results that we are poised to build upon in the coming year."
TruStage fulfilled its promises to customers in 2024 by providing more than $2.5 billion in total benefits across 39 million consumer relationships.
In 2024, TruStage:
-Became the fifth largest writer of life insurance by policy count in the U.S. -Maintained relationships with 93% of credit unions in the U.S. -Winner of the 2024 Celent Model Insurer Award for Innovation Execution, to the launch of Payment --Guard Insurance – the industry's first insurance product designed for digital lenders. -Expanded insurance coverage to new consumers through technology-driven partnerships with Polly and Ethos. -Brought together and invested in fintech organizations from across financial services with TruStage Ventures' portfolio of over 65 companies. Delivered strong results across all business segments and its investment portfolio.
AI in Insurance
Here's how re/insurers can curb GenAI emissions
Carbon-aware decisions help boost efficiency
As the insurance industry expands its use of generative artificial intelligence (GenAI), Reinsurance Group of America (RGA) highlights the importance of addressing the environmental impact of AI operations.
GenAI tools, while offering productivity and operational efficiencies, require significant computing resources, which in turn increase energy consumption and carbon emissions.
One of the primary methods to mitigate these effects is optimizing infrastructure. RGA notes that shifting GenAI workloads to hyperscale cloud providers with energy-efficient data centers can lower emissions.
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Providers offer custom silicon and cooling systems to reduce energy use, and they support elastic scaling, allowing insurers to adjust computing power based on actual demand. This avoids the inefficiencies of idle servers. Additionally, insurers can select data center regions powered by higher percentages of renewable energy to reduce their carbon footprint.
RGA emphasizes that using managed cloud services helps avoid unnecessary hardware provisioning and reduces operational complexity. These services automatically adjust for performance and efficiency, further minimizing power use.
Research
World Property and Casualty Insurance Report 2025 | Capgemini
Capgemini's report highlights shift in P&C insurance industry towards protecting mobility, revealing challenges and growth opportunities in evolving mobility ecosystem.
The aging demographic pivot demands strategic P&C insurance transformation Unprecedented demographic transformation is occurring worldwide as the global population heads toward 9.66 billion by 2050. In a historic first, senior citizens will outnumber youth by 2050 – excluding a relatively young Africa: the global population aged 60+ will grow by 72%, while the under-20 population declines by 16%. This historic transition will demand new business models: the P&C insurance industry will change across risk, protection, and service delivery.1
The World Property and Casualty Insurance Report 2025 reflects the views of 5,016 property and casualty insurance customers in 13 countries, as well as insights from interviews with 274 leading property and casualty insurance company executives across 15 markets; both of these research initiatives gathered inputs from all regions of the globe – the Americas, Europe, and Asia-Pacific. In addition, the report includes insights from macroeconomic forecasts done with a leading global macroeconomic forecaster.
Findings include,
- P&C insurers face a world reshaped by a rapidly aging population that is transforming risk landscapes and business models for the industry, challenging established market strategies, profitability models, and product offerings
- Demographic shifts blur the boundaries between personal and commercial risks, creating new coverage challenges and opportunities
- Gaining a competitive advantage in this changing landscape requires balancing short-term returns with long-term preparedness across three critical dimensions – strategic positioning, operating model execution and risk governance
News
Japanese Insurer MS&AD Plans to Invest as Much as $5 Billion to Double US Profits
MS&AD Insurance Group Holdings Inc. plans to invest as much as about ¥700 billion ($5 billion) to expand in the North American market, to meet its goal of doubling operating profits in the region, according to its chief executive officer.
The Tokyo-based casualty insurer has the highest market share in Asia among global firms, but it’s No. 3 among Japanese peers in North America, “so the challenge is how to become the top player there,” said Shinichiro Funabiki in an interview.
InsurTech/M&A/Finance💰/Collaboration
Steadily Secures $30M Series C to Fuel Rapid Growth in Landlord Insurance Market
Steadily, a leading provider of landlord insurance in the U.S., today announced $30 million in Series C funding led by Two Sigma Ventures at a $355 million valuation.
Steadily serves the 18 million individual rental property owners who collectively own the overwhelming majority of single-family rentals in the U.S. Since launching in 2020, it has rapidly gained traction as a fast, affordable insurance provider for real estate investors. With over $250 million in annualized gross written premium, Steadily has demonstrably become the solution of choice for modern landlords.
The latest round brings Steadily’s total funding to $89.5M, following its $28.5M Series B in 2023. The new investment was led by Two Sigma Ventures with participation from Zigg Capital, Clocktower Technology Ventures, Belfer Investment Partners, Nine Four Ventures, and Matrix Partners.
“The idea for Steadily was planted eight years ago when I had a comically difficult time getting insurance for my first rental property,” said Darren Nix, Co-Founder and CEO of Steadily. “After Steadily launched, I became its first customer. That made it easy for us to empathize with our customers, because we are them. We’ve invested tens of millions in tech so someone can come to Steadily and purchase high-quality insurance in seconds. This latest round lets us push the envelope of how speedy our service and claims can be.”
1Fort Raises $7.5M to Automate Business Insurance with AI
1Fort, the AI platform for business insurance, today announced it has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures.
The round also included Draper Associates (Tim Draper); Karim Atiyeh, the founder of Ramp; and participation from all existing VCs: Village Global, Operator Partners, 8-Bit Capital, Character VC and Company Ventures. Thislatest round brings the 1Fort total funding to $10 million.
Insurance brokers and agents face manual, time-consuming processes when serving businesses. Yet 70% of businesses still rely on them for coverage, according to the Hiscox. Despite this reliance, 75% remain underinsured—leaving nearly 24 million businesses exposed as risks grow in severity and frequency with advancing technologies, such as cyber attacks and supply chain disruptions.
1Fort solves these challenges by empowering brokers to bind more top-tier insurance policies for businesses faster using AI. The platform leverages AI to automate various broker workflows, including autofilling insurance applications, retrieving quotes from carriers; comparing coverages; and integrating payment and financing options. Brokers who use
"Our mission is to help every business obtain the financial protection they need to keep up with today's fast-moving risks, and empowering insurance brokers with AI to automate their antiquated workflows is the way to achieving it," said Anthony Marshi, 1Fort Co-Founder and CEO. "This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships. We're grateful for our investors who share our vision in transforming business insurance."
Global Insurance Technology Leader Guidewire to Invest $60 Million to Accelerate Insurance Innovation and Cloud Transformation in Japan | Morningstar
Investment will enhance the market-leading Guidewire Platform and expand the company’s team and ecosystem in Japan, enabling insurers to drive profitable growth, agility, and regulatory compliance
Guidewire today announced a $60 million investment over the next five years to expand its operations in Japan and accelerate the delivery of capabilities tailored to the unique needs of Japanese insurers. This investment will enhance Guidewire's platform, empowering Japanese insurers to drive profitable growth, increase business and IT agility, ensure regulatory compliance, and support the growth of the company’s local team and ecosystem to meet rising demand for cloud-based core systems.
The investment builds on Guidewire’s momentum in Japan. Operating in Japan since 2008, Guidewire is trusted by more than 10 Japanese insurance companies, including Tier 1 insurers. Today, more than 60% of Japan’s insurance gross written premium (GWP) is processed through Guidewire ClaimCenter, underscoring the company’s market leadership and deep alignment with customer needs.
Guidewire also announced enhancements to its PolicyCenter and BillingCenter products to better support Japanese insurers. Key new features include policy change reversals, proration, and effective time, along with localized support for Japanese language, documentation, and training. Additional capabilities tailored to the Japanese market are underway, including pre-built integrations for personal auto (available mid-2026) and expanded features for homeowner, earthquake, and commercial group policies planned for 2027.
Fraud
Bill Aims to Make Staged Accidents a Federal Crime
Bill Aims to Make Staged Accidents a Federal Crime
A new bill, H.R. 2622, introduced earlier this month by Representatives Mike Collins (GA-10) and Brandon Gill (TX-26), could make staging an accident a federal crime.
The bill seeks to amend title 49 of the U.S. Code to make staged accidents illegal and to enforce strict penalties on those who participate in these crimes. The bill would impose a fine and the possibility of imprisonment for up to 20 years. If bodily injury or death results from a staged accident, there could be an additional fine and jail time.
The Staged Accident Fraud Prevention Act specifically targets accidents involving commercial trucks, since those can lead to costly frivolous lawsuits. Damages often exceed seven figures and endanger other vehicles, drive up the costs of insurance, and can end small business operations.
Webinars/Podcasts/Interviews
Insurance Information Institute Economist: Economics Move Needle From Uncertainty to Turbulent
Michel Léonard, chief economist and data scientist, III, explores how inflation, interest rates, third-party litigation and global tariff uncertainty are reshaping underwriting, investment strategies and the industry's protection gap
People
DXC Appoints William Pieroni to Drive Strategy and Growth Across Global Insurance Software and Business Process Services
DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, today announced the appointment of William Pieroni as Global Strategy and Growth Leader for Insurance Software & Business Process Services (BPS). In this role, he will focus on driving strategy, accelerating growth and delivering long-term industry impact.
"Bill is a proven strategist and respected leader with deep domain expertise and a global perspective. He is a trusted partner, recognized for his strong understanding of client challenges and his collaborative approach to developing tailored solutions," said Ray August, EVP and President, Insurance Software and Business Process Services, DXC. "His appointment reflects our commitment to industry leadership, intelligent growth and long-term value creation. I'm excited to partner with him as we continue to enhance the value we deliver to thousands of customers worldwide."
Pieroni brings more than 25 years of experience leading global organizations at the intersection of insurance, technology, and enterprise transformation. Most recently, he served as CEO of ACORD, the global standards-setting body for the insurance industry, where he also established ACORD Solutions Group, focused on advancing data exchange and platform innovation across the insurance value chain.
He has also held senior executive roles at Marsh McLennan, Aon, State Farm, IBM, Accenture, and McKinsey & Company, where he led enterprise strategy, operations, distribution, and large-scale transformation initiatives across international markets.
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