Qatar Insurance acquires Vision Insurance to expand its direct insurance services in the Gulf market

Key Signals in Insurance

Merger and Acquisition
AssuredPartners announces acquisition of IFS Benefits, LLC
Marking the third acquisition in 2023 for AssuredPartners, IFS Benefits, LLC of Newark, DE, will join the national broker. In joining AssuredPartners, they will only strengthen those relationships by continuing to provide the same local and personal touch their clients have come to appreciate and combine it with the resources and expertise of a larger operation. Read More>>
Qatar Insurance Co. completes merger of subsidiary
Qatar Insurance completed the merger process of its subsidiary Oman Qatar Insurance Co. SAOG with Vision Insurance SAOG. The merger consideration was settled with Vision Insurance Company SAOGs existing shareholders by Oman Qatar Insurance Company SAOG. Read More>>
Executive Movements
Travis joins Brotherhood Mutual Insurance Company as Senior Vice President
Brotherhood Mutual Insurance Company, based in Fort Wayne, Indiana, has named Abel Travis its new Sr. VP, affiliate operations. Travis will lead agency enterprises, American Church Group, LLC, and Brotherhood Mutual Insurance Services, operationally and strategically, and provide strategic leadership for MinistryWorks payroll services and HR solutions. Read More>>
SelectQuote names Ryan Clement as Chief Financial Officer
SelectQuote announced that the Board of Directors appointed the company’s Chief Financial Officer, Ryan Clement, SVP of Financial Planning & Analysis. Before joining SelectQuote in January 2022 as the SVP of Financial Planning & Analysis, Clement served as the CFO of Sifted. Read More>>
Swiss Re’s new Canadian president and CEO
Jolee Crosby has been appointed president and CEO of Swiss Re Canada & English Caribbean. She will succeed Monica Ningen, who has been named CEO of U.S. P&C Reinsurance at Swiss Re. Both roles are effective July 1. Read More>>
Financial and Market Activity
Insurance provider Munich Re grows profit by 74% to USD 1.61 Bn
Munich Re reported the profits in the fourth quarter rose at German reinsurance provider Munich Re Group. Consolidated profit climbed 74% to USD 1.61 Bn from last year’s USD 871 Mn. Reinsurance gross premiums written increased 11.5% to USD 11.72 Bn from last year’s USD 10.51 Bn. Read More>>
Swiss Re’s profit plummets on inflation
Swiss Re reported a 2022 profit of USD 472 Mn, down from USD 1.4 Bn in 2021. The drop was driven by the effect of economic inflation on claims, a drop in the value of investments, and higher-than-expected catastrophe losses. Read More>>
AXA XL’s insurance revenues are up 14% on the back of moderating price rises
The company’s insurance revenues rose 14% to USD 15.86 Bn last year, helped by rate increases at the renewal of 7%, but average price rises slowed from 15% in 2021. Axa XLs total revenues rose 2% to USD 19.23 Bn last year. Read More>>

Latest Industry Insights from Draup Braindesk

Key Trends
  • The rapid growth in internet penetration and increased risks associated with internet use for critical transactions drive the demand for cyber insurance. 
  • The growing emphasis on government regulations across the insurance sector has fueled the adoption of insurance analytics solutions worldwide. 
  • The rising need for big data and predictive modeling capability has increased the adoption of insurance analytics tools. Big Data and Predictive Analytics give insurers valuable insights, such as forecasting customer behavior and supporting underwriting processes.
Key Driving Factors
  • With the advent of deep learning techniques, technologies such as convolutional neural networks and AI positively impact market revenue growth. 
  • The increasing need for various insurance policies among organizations to protect businesses from unforeseen losses drives revenue growth in the insurance market. They leverage advanced technologies and data capabilities to create a seamless, digital-first experience from quote and sale to claims. 
  • The global insurance market is being transformed into a digital-first model, and the use of machine learning, advanced analytics, internet of things (IoT) to build a more detailed individual risk profile has been gaining steady traction.

Startup Spotlight

Company – OnSiteIQ
Total Funding – USD 22.37 Mn
About: OnSiteIQ is a next-generation visual construction documentation and risk assessment platform to improve job site efficiency in development projects. The software maps all visual data directly to the floor plan making it easy to navigate, track, and interpret without sifting through thousands of image files. Read More>>

Latest Reports Published in Draup

StanCorp Financial Group, Inc. – Account Intelligence Report
StanCorp seeks to accelerate its recordkeeping solution for retirement plans to offer convenient services and plans to satisfy clients’ needs without time-consuming conversions and quick and easy project quoting. Read More>>
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