Financial Results
Zurich's 9M'25 top line boosted by record $38.9bn P&C premiums
Large insurer Zurich Insurance has delivered strong top-line growth in the first nine months of 2025, with its property & casualty (P&C) segment reporting record gross written premiums of $38.9 billion, an 8% increase driven by exceptional retail growth and sustained momentum in commercial insurance.
Zurich explained that GWP in P&C rose 5% compared to $36.1 billion in 9M’24 on a like-for-like basis, adjusting for currency movements and prior year’s completed acquisitions of the AIG global personal travel insurance and assistance business, along with the Zurich Kotak General Insurance business.
Additionally, all geographies contributed positively towards top-line growth on a like-for-like basis.
Regionwise, the Europe, Middle East and Africa (EMEA) region, where GWP were up 6%, due to strong performance from all countries in retail, motor, property and specialty, and commercial, with another strong performance in the middle-market segment.
In North America, GWP increased 3% from 9M’24, driven by Specialty lines, particularly within the construction business unit, along with strong performance in Middle Market and Canada.
Additionally, the insurer’s Farmers Exchanges, which their policyholders own, grew GWP by 5% to $22.5 million in 9M’25, backed by a strong increase in new business and higher retention. FULL ARTICLE
News
CCC Intelligent Solutions Announces Pricing of Secondary Offering of 37,342,526 Shares of Common Stock | CCC Intelligent Solutions
CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ: CCC) today announced the pricing of the previously announced secondary offering of the Company’s common stock (the “Offering”) by affiliates of Advent International, L.P. (the “Selling Stockholders”) at a price to the public of $7.79 per share.
The Offering consists of 37,342,526 shares of the Company’s common stock, constituting all of the shares held by the Selling Stockholders immediately prior to the Offering. The Offering is expected to close on or about November 7, 2025, subject to the satisfaction of customary closing conditions. The Offering consists entirely of shares of the Company’s common stock to be sold by the Selling Stockholders, and the Company will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders.
Aon reports competitive conditions in global insurance market amid underlying risks
Global professional services firm Aon has released its Q3 2025 Global Insurance Market Insights report, which outlines one of the most competitive insurance markets seen in recent years.
According to Aon, buyers across many regions are benefiting from ample capacity, broader coverage, and double-digit rate reductions across a range of insurance lines.
However, Aon cautions that the current environment may not last. While market conditions are broadly favourable, persistent loss trends, growing systemic risks and the underlying fragmentation of the insurance landscape suggest that these buyer-friendly dynamics could prove temporary.
“Clients are seeing significant opportunities to strengthen their risk transfer programs, but it’s vital to recognise that the market is not monolithic,” added Joe Peiser, CEO of Commercial Risk Solutions at Aon.
“While competition is driving pricing down and coverage up for preferred risks, we’re also seeing continued volatility in loss activity, especially in property, cyber and US casualty. Now is the time for organisations to future-proof their programs and reinvest premium savings into long-term resilience.”
InsurPac Hits $1 Million and Has Sights Set on a Record Year
Every day, independent agents and brokers advocate for their clients—helping families, businesses, and communities protect their property and livelihoods. But who is protecting agents and brokers?
That’s where InsurPac, the Big “I” federal political action committee, comes into play. InsurPac is the insurance policy for independent agents and brokers. It provides the resources that allow the Big “I” government affairs team to represent the independent agency perspective in Washington, D.C., ensuring lawmakers understand how decisions made on Capitol Hill impact Main Street businesses across the country.
As of Oct. 27, more than 2,300 agents and brokers nationwide have invested in InsurPac this year, helping the PAC surpass the $1 million mark toward its $1.3 million goal for the 2025 calendar year.
Legislators recognize and value organizations with active, well-supported PACs, which signal an engaged membership. With thousands of organizations vying for Congress members’ attention, a strong PAC allows the Big “I” to break through the noise and achieve meaningful victories. For more than 50 years, InsurPac has served as the cornerstone of the Big “I” advocacy program—amplifying the voice of independent agents and brokers in front of elected officials. As the year comes to a close, here are the states leading the charge for InsurPac.
Tesla insurance unit sued over alleged auto coverage underpayments | Reuters
Tesla's (TSLA.O), opens new tab auto insurance unit was sued in federal court in Arizona on Tuesday over allegations that it has systematically underpaid millions of dollars in claims by withholding required coverage for uninsured and underinsured motorists.
Plaintiffs Athena Boggs and Jared Miiller said in the proposed class action, opens new tab that Tesla General Insurance is violating an Arizona law that requires auto insurers to include written offers of uninsured and underinsured motorist coverage that match bodily injury liability limits.
The lawsuit said the alleged violations by Tesla, led by billionaire entrepreneur Elon Musk, have left injured policyholders without adequate compensation. Tesla did not immediately respond to a request for comment.
A lead attorney for the plaintiffs, Robert Carey, called the lawsuit the first of its kind, and said his law firm was investigating similar claims in other states. Tesla launched its auto insurance unit in 2019, promising what Musk at the time called a “vastly better” service than rival providers. Tesla General Insurance, formerly known as Newport Insurance Company, began offering auto policies in Arizona earlier this year, according to the lawsuit.
A Reuters investigation in 2023 showed a raft of consumer complaints about Tesla's insurance practices. The new lawsuit cites a May vehicle crash that injured one of the plaintiffs. The other driver carried $100,000 in liability insurance. Tesla paid $25,000 in underinsured benefits, below what the plaintiffs say Arizona law mandates.
New York lawmakers propose creation of state catastrophe fund
A new bill introduced in the New York State Assembly seeks to establish a New York State Catastrophe Fund Authority, which would provide reimbursement to insurers for a portion of their catastrophe-related losses.
According to a report from BestWire, the proposal, also known as Assembly Bill 9231, would allocate $10 million to launch the fund.
Also under the bill, all insurers writing covered property policies in the state would be required to enter into reimbursement contracts with the fund. In return, they would pay an annual premium based on collected premiums, estimated losses, and the desired level of coverage.
Coverage and retention limits
The fund would apply to insurers offering residential and commercial property coverage, including policies for mobile homes, farm owners, condominium associations, unit owners, and renters. Retention limits would initially range between $6 billion and $15 billion, adjusted annually in line with premium changes. Insurers would retain responsibility for any losses above or below those limits.
Commentary/Opinion
Soft property re/insurance a "pricing correction" after market over-reacted: Aon's Peiser
The insurance and reinsurance market over-reacted in the fourth-quarter of 2022 and now with property pricing softening across the board, Aon’s Joe Peiser, Chief Executive Officer of Commercial Risk Solutions, has said the broker would characterise this soft market as a “pricing correction.”
Peiser explained in Aon’s latest Global Insurance Market Insights Report, that as the end of 2025 approaches, the market is “marked by opportunity for our clients” amid abundant capital and innovation in risk transfer.
“Capital is broadly available, though more fragmented, and rapid technological advances are making risk transfer more creative, agile and targeted. While traditional insurance products remain the cornerstone of risk transfer, we are seeing increasing opportunities to strengthen protection through complementary solutions including parametric triggers, structured insurance and facultative reinsurance solutions, and captives,” Peiser explained.
He went on to explain that market dynamics are particularly competitive.
Research
Program Business Premiums Surge to $110.8 Billion as Sector Outpaces Broader P&C Insurance Growth
TMPAA survey reveals 40% growth in program business premium volume while carriers and administrators explore AI and alternative capacity models.
The U.S. program business sector has expanded to $110.8 billion in premium volume, growing 40% between 2022 and 2024, nearly double the commercial property and casualty market’s growth rate of 21% over the same period, according to the Target Markets Program Administrators Association’s State of Program Business Study 2025.
Program administrators are experiencing unprecedented financial success, with average revenues jumping 49% to reach $20.6 million in 2024 from $13.8 million in 2022, according to the TMPAA biannual report, prepared in partnership with Zywave. Nearly half of the program administrators surveyed reported profit margins exceeding 26%, demonstrating the sector’s strong profitability despite market pressures.
The industry continues to attract new entrants, with the estimated number of U.S. program administrators climbing to 1,150 in 2024 from 1,110 in 2022, according to the report. This expansion comes even as consolidation activity persists throughout the sector. More than half of administrators launched between one and three new programs over the past two years, with 42% planning to introduce two to three additional programs within the next 24 months.
InsurTech/M&A/Finance💰/Collaboration
ROLLin' partners with Ravin AI
Ravin AI partnered with ROLLiN , IAG’s digital car insurance brand, to digitize post-collision inspections using AI-powered image analysis. The integration enables faster damage assessments and repair estimates, cutting average claim cycle times by 50% and reducing the need for hire vehicles.
“Joining forces with RAVIN AI aligns perfectly with ROLLiN’s goal to provide smart insurance that meets the expectations of a younger, tech-savvy audience. The majority of our customers lodge claims online. Now they can opt-in to capture damage of their vehicle themselves, allowing RAVIN’s artificial intelligence to produce a detailed condition report. Ultimately this will support repair decisions and help get customers back on the road sooner.” – Brendan Griffiths, Executive Manager at ROLLiN’.
“We’re thrilled to work with ROLLin’ to bring the power of AI vehicle inspections to more Australians, creating a digital claim experience at a fraction of the time. This collaboration is a natural next step after our successful pilots with IAG, and it reflects our shared commitment to innovation and customer-centric insurance.” – Eliron Ekstein, Co-Founder and CEO of RAVIN.
Insurance tech firm Exzeo raises $168 million in US IPO By Reuters
Insurance technology firm Exzeo Group raised $168 million in its U.S. initial public offering on Tuesday, pricing its shares within its marketed range and becoming the latest insurance company to proceed with its listing plans.
The Tampa, Florida-based company sold 8 million shares priced at $21 apiece in the IPO, compared with its marketed range of $20 and $22, giving it a potential valuation of about $1.91 billion.
Exzeo’s parent company, HCI Group, will retain an 81.5% stake following the offering.
U.S. IPO activity has rebounded strongly after an earlier slowdown triggered by U.S. President Donald Trump’s shifting trade policies and broader market volatility. Investor appetite for new listings has improved, but the recent government shutdown has caused short-term delays in the IPO pipeline. Exzeo joins a string of insurance firms that have gone public this year, including Accelerant and Neptune Insurance, both of which were well-received on their debut. © Reuters.
Exzeo was established in 2012 and provides insurance technology and operational solutions through its proprietary platform, offering software and analytics tools for property and casualty insurers to streamline underwriting, claims, and policy management.
Fraud
NICB Warns Consumers Nationwide: Insurance Fraud Is Coming for Your Pocketbook | Morningstar
The National Insurance Crime Bureau (NICB), the nation's leading not-for-profit organization dedicated to preventing and combating insurance crime, is warning consumers across the nation about the growing impact of insurance fraud. As part of a new campaign with the Anti-Fraud Alliance, NICB is encouraging policyholders everywhere to join in combating the deceptive schemes that drive costs up for policyholders and businesses by learning more about insurance fraud, sharing best practices with their communities and reporting it.
Insurance fraud includes any scheme in which someone deceives an insurance company or consumer to reap financial gain from their insurance policy. That ranges from individuals exaggerating what would be legitimate claims, to organized groups of people staging accidents, fabricating property damage, or billing for services that they never rendered. With insurance lines covering nearly every industry, scams affecting American policyholders and companies are among the most pervasive financial crimes in the nation.
Insurance fraud is not a victimless crime. According to the Coalition Against Insurance Fraud, the U.S. loses approximately $308.6 billion in insurance fraud, leading to each policyholder paying $900 more through annual premium increases.
"The cost and pain from insurance fraud is not invisible and is not felt by insurers alone – it hurts everyone," NICB West Region Director of Operations Ray Duncan said. "By recognizing common or seemingly innocent insurance fraud schemes and reporting suspicious activity, you can help reduce the incidence and cost of these schemes for everyone. All of us can take steps to protect ourselves and educate those around us. These preventative measures can help to stop criminals before they take advantage of others."
Zurich Strengthens Its Fraud Defences with Quantexa Real-Time AI, Connecting Industry-Wide Claims Data
The new AI-enabled platform will operate across multiple lines of business written by Zurich, alerting claims handlers to suspicious activity using an expanded range of sources and records so they are able to make decisions more effectively.
Zurich has been operating real-time fraud detection for the past three years and detected the equivalent of £260,000 worth of bogus claims every day in 2024, but the new approach will highlight connections across an even larger range of variables and across the whole insurance industry.
The Quantexa Decision Intelligence (DI) platform analyses multiple sources of information including the CUE (Claims and Underwriting Exchange) database, instantly cross-checking details of claims made with other insurers. The platform identifies matches with industry intelligence on the Insurance Fraud Register, connecting automatically rather than relying on manual checks and speeding up the investigation process. The DI software also incorporates open-source corporate data such as Companies House, providing a greater depth of information for AI analysis.
Claims handlers input details of claims as normal, using information provided online or in a phone call. The platform automatically identifies a range of data points such as individuals, addresses, related businesses and even the solicitors connected with the claim. It produces a dynamic visualisation of these entities and highlights other claims, policies and any warning flags connected with any part of it. The claims handler is shown a guidance rating and risk scenarios, indicating how likely it is the claim could be fraudulent and helping them decide whether to refer it for investigation by the fraud team. A clean rating allows faster processing of a claim, ensuring genuine customer claims are processed as quickly as possible.
Scott Clayton, Head of Claims Fraud at Zurich, said: “The technology and techniques used by fraudsters are always evolving and so are our efforts to stay ahead of them. The adoption of Quantexa means we can detect fraud more effectively than ever, enabling us to take steps to protect our commercial and public sector customers from fabricated and exaggerated claims being made against them.
Announcements
Mutual of Enumclaw Adds COO and CIO to Support Operational Transformation | Insurance Innovation Reporter
Mutual of Enumclaw (Enumclaw, Wash.) has appointed Daniel Guthrie as chief operating officer and Hem Chari as chief information officer, part of an organizational realignment aimed at strengthening the company’s product management, underwriting, and technology capabilities.
Guthrie joins as VP, product operations, and COO. He brings more than 25 years of experience in senior roles at insurers including Kemper, Nationwide, and Allstate. Most recently, he led more than $5 billion in direct written premium at Kemper and oversaw strategic initiatives focused on underwriting, distribution, and profitability.
“Daniel brings both deep and broad experiences that have prepared him well for driving the transformation we are undergoing here at MOE,” comments Robert Otis, president and CEO. “We have restructured our product and underwriting functions to ensure we have the best processes and products while deepening our relationships with our members and distribution partners.”
Operational Savings and Earnings Improvements
Chari joins as CIO. He has led enterprise digital transformation efforts across several industries, generating more than $50 million in operational savings and earnings improvements. His past roles include CIO positions at GE Power, Videojet Technologies, and Oldcastle BuildingEnvelope.
“MOE has a rich history of recognition for its innovative technology solutions,” says Otis. “Hem’s background with modern technologies and execution will allow MOE to leap forward. We’re investing in new technologies to meet the needs of our agents and members more efficiently.”
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