Happy Halloween
Halloween: Origins, Movies & Traditions
Samhain, when people would light bonfires and wear costumes to ward off ghosts. In the 8th century, Pope Gregory III designated November 1 as a time to honor all saints. Soon afterward, All Saints Day incorporated some of the traditions of Samhain. The evening before was known as All Hallows Eve, or simply Halloween. Over time, Halloween evolved into a day of trick-or-treating, carving jack-o-lanterns, festive gatherings, wearing costumes, Halloween movies and eating treats.
Halloween’s origins date back to the ancient Celtic festival of Samhain (pronounced sow-in). The Celts, who lived 3,000 years ago in Central and Western Europe, celebrated their new year on November 1.
That date marked the end of warm weather and the harvest and heralded the beginning of the dark, cold winter—a time of year that was often associated with human death. The Celts believed that on the night before the new year, the boundary between the worlds of the living and the dead became blurred. On the night of October 31, they celebrated Samhain, when it was believed that the ghosts of the dead could return to earth.
News
GM to pay $220 million to settle allegations it violated drivers' privacy | Reuters
General Motors (GM.N), opens new tab will pay $220 million to settle allegations that it illegally sold drivers' private behavior and location data to brokers, who then sold the information to insurers that used it to set and sometimes increase rates.
The settlement, announced on Thursday, resolves claims by the attorneys general of 35 US states and the District of Columbia over the automaker's Smart Driver program, which enrolled millions of drivers between 2016 and its discontinuation in 2024. Other regulators have also reviewed GM's handling of driver data. The Auto File newsletter brings you exclusive insights on the biggest shifts driving the global automotive industry. Sign up here.
GM was accused of pitching Smart Driver to help people improve their personal driving safety, only to violate drivers' privacy by reneging on its promise not to sell their data without permission. Many people who signed up were also enrolled in GM's OnStar safety, navigation and diagnostic service.
"People bought a car, not a tracking device," Oregon Attorney General Dan Rayfield said in a statement. Rayfield's office and the office of Washington Attorney General Nick Brown led the bipartisan state coalition.
The settlement also requires GM to limit driving data it collects, and obtain drivers' express consent before collecting or sharing that data.
P&C Insurance Software Spending Shifts Toward Core Systems and Data Capabilities in 2026
Property and casualty (P&C) insurers are increasingly directing technology budgets toward core insurance systems and data capabilities as carriers seek to improve access to operational information and support underwriting, pricing, and claims processes.
The shift reflects growing attention to the systems and data infrastructure that support insurance operations, rather than focusing primarily on customer-facing digital applications.
For much of the past decade, insurance technology investment focused heavily on customer portals, mobile applications, digital quoting, and claims intake. While these projects improved digital interactions, they did not necessarily address the underlying systems and data capabilities that influence underwriting performance.
The combined ratio remains an important measure of underwriting performance, and recent industry analysis has pointed to continued pressure on insurers. According to the source material, Deloitte's outlook expects the ratio to deteriorate through 2026, continuing a trend observed since 2024. The changing environment is contributing to greater attention on risk selection, pricing, claims performance, and the technology infrastructure supporting those activities.
Climate/Resilience/Sustainability
Gallagher Re: Global cat losses well below average so far this year
Insurers haven't seen a $10 billion insured-loss event for six consecutive quarters.
Global losses from natural catastrophes were $242 billion in the first nine months of 2026, according to a new report from Gallagher Re.
Insured losses were about $92 billion through the third quarter, under the 2016-2025 average of $128 billion. It's the lowest total since 2019.
Lower cat losses are largely due to lower severity per catastrophic event as well as fewer disasters overall. Insurers haven't seen a $10 billion insured-loss event for six consecutive quarters.
Financial Results
Erie Indemnity Reports Third Quarter 2026 Results
Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and nine months ending September 30, 2026. Net income was $182.0 million in the third quarter of 2026, compared to $182.9 million,in the third quarter of 2025.
Net income was $512.8 million in the first nine months of 2026, compared to $496.0 million in the first nine months of 2025.
Arthur J. Gallagher & Co. grew its combined brokerage and risk management businesses 5% organically in the third quarter, a result that looks unremarkable until you set it against what its larger rivals have reported across the past two weeks.
Total brokerage and risk management revenues before reimbursements reached $3.93 billion, up from $3.33 billion a year earlier. Adjusted earnings per share rose to $3.00 from $2.31. The 26th consecutive quarter of double-digit adjusted EBITDAC growth continued a streak that has run through hard markets, soft markets, and two of the largest acquisitions in the sector’s recent history.
LKQ Reports Third-Quarter Loss, Suspends Strategic Review as North America Organic Revenue Slips
LKQ Corp., which supplies recycled OEM and aftermarket parts used to repair vehicles, said organic parts and services revenue in its North America segment fell 2.4% in the third quarter of 2026, according to the company’s Oct. 29 earnings release. The result follows a second quarter in which the company said record use of alternative parts helped return North America to growth.
Company-wide revenue declined 5.1% to $3.3 billion, compared with $3.5 billion a year earlier. LKQ reported a net loss from continuing operations attributable to stockholders of $24 million, which included $111 million in pretax, noncash impairment charges. That compares with income from continuing operations of $178 million in the third quarter of 2025. The loss fell within the $16 million to $32 million range the company projected in its Oct. 23 preliminary results.
Research
JD Power: Total Loss Auto Claims Weigh Down Insurance Customer Satisfaction
Customer satisfaction with total loss auto insurance claims fell for a third straight year, while satisfaction improved for claims involving repairable vehicles, a new study looking at this year shows.
Customer satisfaction with total loss claims fell 12 points on a 1,000-point scale in 2026, marking a 46-point decline since 2023, according to the JD Power 2026 U.S. Auto Claims Satisfaction Study.
However, satisfaction with claims involving repairable vehicles improved four points and overall auto claims customer satisfaction was unchanged from last year at 700.
Announcements
Insurtech CoverGo raises $6 mn in Series B1 funding to expand AI insurance platform
CoverGo has raised $6 mn in the initial close of its Series B1 funding round, led by Betatron Venture Group, bringing total funding to more than $30 mn. The insurtech company has increased revenue tenfold since its 2022 Series A round, reached EBITDA breakeven and secured 25 institutional clients across 15 countries.
The investment will support AI-native insurance technology, core system modernization and automated workflows across distribution, policy servicing and claims. Insurtech CoverGo has secured $6 mn in the initial close of its Series B1 funding round, led by Betatron Venture Group (BVG) with participation from new and existing investors. The company plans to use the capital to develop its AI-native insurance platform and expand international sales.
Awards
Guidewire Celebrates Customer and Partner Innovation Across P&C Insurance
CONNECTIONS CONFERENCE -- Guidewire (NYSE: GWRE) honored several customer and partner award recipients at this year's Guidewire Connections, including the esteemed Guidewire Innovation Awards, Partner Excellence Awards honoring Consulting and Technology partner achievements through the Guidewire PartnerConnect program, Guidewire Insurtech Vanguards global InsurPitch winners, and the distinguished customer All-Stars Class of 2026. The annual awards celebrated the people and organizations delivering the year's most standout, innovative achievements in P&C insurance.
"Our customers and partners are redefining what's possible in the P&C insurance industry," said Christina Colby, Chief Customer Officer, Guidewire. "Their achievements demonstrate what Insurance with Confidence looks like in action, putting intelligent technology like AI to work in ways that improve the insurance experience at scale and deliver real value for their businesses and the customers they serve."