This move is part of ADB’s broader strategy to support inclusive development by strengthening health services, particularly for vulnerable groups like the elderly and women.

ADB has committed CNY 270 million (approximately $37.3 million) to Fosun United Health Insurance Company Limited (FUHI). This marks the first time ADB has directly invested in an insurance company, highlighting the growing importance of private health insurance in ensuring sustainable development.

The investment, which is matched by contributions from the International Finance Corporation (IFC) and Shanghai Fosun Pharmaceutical (Group) Co., Ltd., aims to bolster FUHI’s solvency and assist in its expansion. This will allow the company to offer more affordable health and long-term care products to a broader population.

Founded in 2017, FUHI is one of only seven specialized health insurance providers in China. The company has built a comprehensive portfolio that includes medical, critical illness, nursing care, and accident insurance, and is positioning itself as a leader in lifecycle health management.

This investment will enable FUHI to enhance its product offerings and increase its reach, furthering efforts to provide essential healthcare to underserved communities.

Related topics:

• Malaysia’s Motor Insurance Market Poised for Steady Growth Despite Challenges
• U.S. Commercial Auto Insurance Sector Faces Unprecedented Losses, Worsening Challenges
• Philippines Health Insurance Market Set to Grow to USD 17.60 Billion by 2033

Reimagining Supplemental Insurance

With CoreAssist, 5Star Life is rethinking what supplemental insurance can do. As Sal Campanile, Vice President of Worksite Voluntary Benefit and Group Sales at 5Star Life, put it, “It’s not just about paying claims — it’s about making sure insureds feel supported through every challenge.” This partnership aims to go beyond traditional insurance by integrating advocacy and support services powered by Overalls, to ensure members have a comprehensive experience.

The collaboration delivers LifeConcierge®, which uses human-led, AI-powered assistance to help CoreAssist policyholders navigate health, family, and daily life challenges. It combines financial protection with transformative solutions, providing a seamless, supportive experience for individuals facing complex life situations.

CoreAssist Benefits

Medical Navigation: Helps insureds understand insurance benefits, coordinate medical appointments, and resolve billing issues for any type of health coverage or service, ensuring a smoother experience when dealing with healthcare complexities.

Caregiving Support: Assists in finding and managing care for loved ones, including elderly relatives and children, offering an extra layer of support during busy times and ensuring caregiving needs are met efficiently.

Family and Child Services: Offers assistance with school enrollment, after-school care, extracurricular activities, and other important family tasks, providing peace of mind and relieving some of the daily pressures.

Daily Stressor Assistance: Helps manage household tasks, schedule appointments, and coordinate everyday logistics, making life’s demands more manageable and less overwhelming.

Additional Services: LifeConcierge® goes beyond medical and family care, offering a wide variety of services, from travel planning to navigating legal paperwork, simplifying life for insured members.

A New Era of Empowering Insurance

Jon Cooper, CEO of Overalls, highlighted the company’s vision: “We believe insurance should do more than protect — it should empower.” Through this partnership, CoreAssist and LifeConcierge® offer a blend of human care and AI intelligence, aiming to create a faster, smarter, and radically better member experience.

This innovative offering demonstrates the shift toward personalized insurance solutions that support policyholders not only financially but also emotionally and practically, easing the stress of everyday life and empowering them to focus on what matters most.

By combining advanced technology and compassionate assistance, Overalls and 5Star Life are setting a new standard in the insurance industry, making it more responsive, supportive, and aligned with the needs of today’s consumers.

Related topics:

• Teenager Facing Eating Disorder Treatment Convicted for Car Insurance Violation
• Florida Approves Two New Property Insurers to Boost Market Competition
• AM Best Affirms Credit Ratings of Samsung Fire & Marine Insurance and Subsidiaries

The agreement was signed by Rafiqul Islam, Additional Managing Director of Sonali Life, and Md. Shihab Uddin, Country Manager of MILVIK Bangladesh. Also present at the event were Sheikh Mohammad Daniel, Director; Mohammad Monzur Morshed, COO; Hasib Reza, CIO; along with other senior officials and employees from Sonali Life.

Through this collaboration, Sonali Life customers and employees will gain access to MILVIK Bangladesh’s telemedicine services. Meanwhile, MILVIK will provide Sonali Life’s insurance solutions digitally to its customers.

Speaking at the event, Sheikh Mohammad Daniel, Director of Sonali Life, said: “This partnership marks an important step in our mission to offer comprehensive protection. By combining insurance with digital healthcare, our policyholders and employees can enjoy greater peace of mind and overall well-being.”

The alliance underscores both companies’ commitment to innovation, customer-focused services, and improving access to healthcare and insurance solutions across Bangladesh.

Related topics:

• CUMIS to Exit Alberta Home and Auto Insurance Market Amid Rising Costs
• Covered Launches 2025 Home Insurance Guides for Buyers and Professionals
• Axis Max Life and IPPB Partner to Expand Life Insurance Access in Rural India

Key Players in the Strategic Partnership

KSLI: A prominent international insurance provider approved by Malaysian financial authorities, KSLI serves a global customer base. Its diverse offerings include US dollar-denominated policy insurance products, establishing a global presence in the insurance sector. KSLI is a part of the King Sun Group Holdings, a multinational conglomerate spanning sectors such as power, petroleum, technology, and finance.

Zhongbao Digitech (HK): A wholly-owned subsidiary of MOG Digitech and a leading technology company based in Hong Kong, Zhongbao (HK) specializes in leveraging digital currencies, particularly stablecoins, to empower industries, with a particular focus on the insurance sector.

Zhongbao (Zhuhai): A technical service provider in China’s insurance industry, Zhongbao (Zhuhai) is a leader in applying digital RMB (Renminbi) in the full-process insurance applications, which includes underwriting, claims settlement, and more.

Goals of the Strategic Cooperation

This collaboration intends to create a synergistic alliance, bringing together the strengths of each party to revolutionize the global digital insurance market. By combining KSLI’s expertise in global insurance services, Zhongbao (HK)’s digital currency capabilities, and Zhongbao (Zhuhai)’s technological innovations in digital currency applications, the partnership seeks to:

Empower the insurance industry with digital currencies: This includes the use of stablecoins and digital RMB to streamline processes and offer innovative financial solutions.

Enhance insurance product offerings: By integrating digital currency and insurtech, the partnership aims to deliver innovative products that provide more convenience, security, and transparency for global insurance customers.

Utilize cutting-edge technologies: The collaboration will focus on integrating artificial intelligence (AI) and blockchain technology into insurance underwriting, claims settlement, and other business processes, creating an efficient and intelligent insurance ecosystem.

Key Areas of Focus for Collaboration

Digital Currency Insurance Products: The development of new insurance solutions backed by digital currencies, providing global customers with innovative ways to purchase and manage their policies across borders.

Digital-Intelligent Precision Marketing: Using AI and blockchain to drive smarter and more efficient marketing strategies, enabling better customer targeting and engagement.

Cross-Border Insurance and Wealth Management Solutions: The partnership aims to transform wealth management and cross-border insurance solutions, making them more accessible, efficient, and secure through digital currency integration.

Business Process Digitalization and Automation: Through blockchain and AI-powered technologies, the partnership will work to streamline insurance processes such as underwriting, claims processing, and customer service, creating a more seamless and effective experience for both insurers and customers.

Commitment to Compliance and Global Expansion

The partnership emphasizes a strict commitment to adhering to the laws, regulations, and supervisory policies of various countries, ensuring that the solutions developed are compliant, secure, and globally scalable. The collaboration is designed to be long-term, with a focus on stability, regulatory adherence, and continued technological advancements.

By working closely with regulatory bodies and stakeholders across regions, the partnership aims to lead the way in digital-intelligent insurance solutions, helping the insurance sector move into the future with greater efficiency, transparency, and customer satisfaction.

A New Paradigm for the Insurance Industry

The partnership between KSLI, Zhongbao Digitech (HK), and Zhongbao (Zhuhai) is set to create a new paradigm in the global insurance sector, with digital currency and insurtech innovations paving the way for a more accessible and secure future for global insurance customers. With a focus on providing cross-border solutions and wealth management tools powered by the latest in AI, blockchain, and digital currency technologies, this alliance is poised to have a significant impact on the future of the global insurance industry.

Related topics:

• Kin Insurance Expands to Missouri with Data-Driven Home Insurance
• Axis Max Life Insurance Launches High Growth Pension Fund for Long-Term Retirement Savings
• Democrats Threaten U.S. Government Shutdown Over Health Insurance Dispute

Key Features of the Updated ACE Platform

Streamlined Navigation: The revamped ACE platform offers a more intuitive and user-friendly interface, making it easier for financial professionals to navigate through the application process.

Redesigned Dashboards: The updated dashboards provide clearer insights and a more organized layout, helping advisors track progress and manage applications more efficiently.

Simplified Application Creation: ACE now allows for quicker, simpler application creation, reducing the time spent on paperwork and administrative tasks.

Enhanced Client Invitation & Tracking: The new version comes with improved features for inviting clients to submit information and tracking their responses, making the overall process smoother for both clients and advisors.

Efficient Submission Workflows: The submission workflows have been optimized, ensuring faster turnaround times and a more seamless experience from start to finish.

Impact and Adoption

Since its initial launch, ACE has become a central part of Penn Mutual’s operations, with more than 90% of eligible applications now being submitted through the platform. This high adoption rate underscores the platform’s importance and effectiveness in the company’s digital strategy.

Comments from Leadership

Jennifer Dorfmeister, Chief Distribution Officer at Penn Mutual, emphasized that the updated ACE platform is not only faster but also smarter. “We’ve taken what worked and made it better, so financial professionals can focus less on process and more on progress,” she said.

Stephen Kennedy, Chief Operating Officer, noted that the platform’s refresh marks a significant milestone. “The refreshed ACE gives us the agility to respond faster, innovate smarter, and continuously raise the bar for what digital life insurance solutions can deliver.”

Long-Term Strategy and Flexibility

The update to ACE reflects Penn Mutual’s long-term strategy of reinforcing its digital infrastructure and staying ahead of industry trends. The company has designed the platform with flexibility in mind, allowing them to adapt ACE to future market demands and changes in the life insurance industry.

By continuously improving its digital tools, Penn Mutual aims to strengthen its competitive edge in an industry where efficiency and client experience are paramount. The updated ACE platform is a key component in supporting financial professionals, enabling them to better serve their clients and streamline their operations.

This refreshed platform underscores Penn Mutual’s commitment to driving innovation in the digital space, ensuring that it remains at the forefront of life insurance solutions in an increasingly digital world.

Related topics:

• Zurich Malaysia Unveils EV Insurance with Comprehensive Charger Protection
• Citroën India Partners with Oriental Insurance to Enhance Motor Insurance for Customers
• Türkiye Sigorta Launches Flexible Payment Plans and Genuine Parts Assurance for Car Insurance

Additionally, AM Best affirmed the FSR of A- (Excellent), the Long-Term ICR of “a-” (Excellent), and the Indonesia National Scale Rating of aaa.ID (Exceptional) for PT Asuransi Samsung Tugu (AST) in Indonesia. The outlook for these ratings remains stable.

SFM’s ratings reflect its exceptionally strong balance sheet, solid operating performance, favorable business profile, and very strong enterprise risk management (ERM).

AST’s ratings are based on its strong balance sheet, solid operating performance, and suitable ERM, despite a more limited business profile. These ratings also recognize the substantial support provided by AST’s parent company, SFM.

SFM’s risk-adjusted capitalisation is expected to stay at the strongest level over the medium term, as measured by AM Best’s Capital Adequacy Ratio (BCAR), mainly due to its solid available capital. The company also maintains the highest regulatory solvency ratio among non-life insurers in South Korea, even after transitioning to a stricter solvency regime. Looking ahead, SFM plans to use its excess capital for growth opportunities and shareholder returns.

Although SFM’s capital is exposed to some market volatility due to changes in the market value of its stock holdings, its risk-adjusted capitalisation has proven resilient under various capital market stress scenarios. The company’s balance sheet strength is also bolstered by its debt-free position, low underwriting leverage, and conservative investment strategy.

Related topics:

• Progressive Announces Second Auto Insurance Rate Hike in Nevada This Year
• UK Motor and Home Insurance Premiums Continue to Fall in August, Signaling Market Shifts
• Foreign Residents’ Health Insurance Arrears in South Korea Surpass Previous Year’s Total by May

This marks the second time this year that Progressive has increased its rates for Nevada drivers. Earlier, on January 24, the company implemented a 5% rate hike after seeking a 10% increase. Both requests have been subject to scrutiny and modification by state regulators.

According to the Nevada Division of Insurance, rising costs are being driven by several factors. These include higher expenses for vehicle repair and replacement, increased medical costs linked to accidents, a greater frequency and severity of insurance claims, and broad economic pressures such as inflation. These trends are not unique to Nevada but are impacting auto insurance rates nationwide.

Multiple Insurers Raise Rates Amid Economic Pressures

Progressive is not alone in increasing premiums for Nevada residents. Hartford Insurance Company of the Midwest received approval for a significant 17% rate increase on August 28, affecting 22,000 policies statewide after requesting a larger hike of 27%. Similarly, Hartford Underwriters Insurance Company was permitted a 9.8% increase for 1,200 policies starting August 11, which was lower than their requested rate change of 22%.

CSAA General Insurance Company also raised its rates by 12% for approximately 65,000 customers beginning July 1, after seeking a 15% increase. These adjustments reflect ongoing challenges faced by insurance companies as they respond to rising operational costs and changing market conditions.

For Nevada drivers, these increases mean higher premiums across several major insurers. The decisions underscore how broader economic trends and industry-specific challenges continue to shape the cost of auto insurance in the state.

Related topics:

• Over 10 Million UK Drivers Risk Overpaying for Car Insurance
• Rising Premiums Push More Americans to Drive Without Car Insurance
• Drivers Seek Answers as Car Insurance Prices Soar Since 2021

The company attributes the decision to rising auto claims costs, which have made continued operations unsustainable. Despite this, current policyholders will maintain coverage until their 2026 policy expiry, and renewals will be honored under existing terms through the end of the year. After January 1, 2026, CUMIS will no longer issue quotes or renew home and auto insurance policies in Alberta.

The company assures customers that they will receive advance notice before policy expiration and guidance to secure alternative coverage.

CUMIS, a subsidiary of Co-operators General Insurance, becomes the fourth insurer to exit Alberta’s home and auto market in the past two years, following Aviva’s 2024 announcement that the province’s insurance environment “doesn’t foster growth.”

Alberta’s 3.7% rate cap, introduced last year to improve affordability, has been cited as a factor pushing insurers out, leaving some customers with fewer options and higher premiums elsewhere. Alberta Finance Minister Nate Horner noted that less than 0.1% of the province’s auto insurance policies were through CUMIS.

CUMIS will continue its operations in British Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Newfoundland, and Prince Edward Island, ensuring continued service for policyholders outside Alberta.

Related topics:

• Indian Life Insurance Premiums Up 6% in August on Agent Growth & Digitisation
• Kansas Residents Recover $26 Million from Lost Life Insurance Policies in 2024
• Expiring Tax Credit Could Leave Thousands in Colorado Without Health Insurance

Regulatory Background and Consumer Protection

All insurance companies operating in Nevada are required to submit proposed rate changes to the Division of Insurance for review and approval. The DOI’s mandate is to safeguard consumer rights and maintain insurer financial stability. As part of its regulatory process, the division often approves rate increases that are lower than those initially requested by insurers. In this instance, Progressive sought an 8.41 percent increase for the fall adjustment, but regulators approved a lower figure of nearly 7 percent. Earlier this year, Progressive requested a 10 percent rise but was granted a nearly 5 percent increase, affecting 178,171 Nevadans.

The DOI emphasizes that approved rates cannot be “excessive or discriminatory,” and each request undergoes rigorous evaluation to ensure fairness and compliance with state regulations.

Factors Driving Insurance Rate Increases

The DOI attributes rising auto insurance costs in Nevada to a variety of contributing factors:

Repair and Replacement Costs: Modern vehicles often feature advanced technology and expensive components, leading to higher repair bills.

Medical Expenses: Increased medical costs associated with accident claims have impacted overall insurance payouts.

Claim Frequency and Severity: More frequent accidents and more severe claims drive up insurance company expenses.

Economic Trends: Broader inflationary pressures affect both the cost of repairs and healthcare services, further straining insurer resources.

In a statement provided to the Las Vegas Review-Journal, the DOI noted: “Auto insurance rates in Nevada, as in other states, are influenced by a combination of factors, including increases in repair and replacement costs, rising medical expenses, claim frequency and severity, and broader economic trends such as inflation.”

Industry-Wide Rate Increases

Progressive is not alone in raising rates this year. Other major providers have also implemented significant increases:

American Access Casualty Company: Raised rates by 10 percent effective August 11, impacting 2,025 residents.

Hartford Underwriters Insurance Company: Increased rates by nearly 10 percent on August 28 for 1,225 policyholders.

Hartford Insurance Company of the Midwest: Raised rates by almost 18 percent on August 28, affecting 22,297 Nevadans.

These successive increases reflect ongoing challenges faced by insurers in maintaining profitability while meeting consumer protection standards.

Impact on Consumers and Market Outlook

The cumulative effect of these rate hikes is substantial for Nevada drivers. With more than 200,000 Progressive customers alone facing higher premiums this fall—and similar actions from other providers—many households may see notable changes in their monthly budgets. While insurers cite rising costs and economic pressures as justification for these increases, consumers are urged to review their policies carefully and shop around for competitive rates where possible.

Industry analysts anticipate that insurance premiums may continue to rise if current economic trends persist. The DOI maintains its commitment to balancing insurer solvency with consumer protection and encourages policyholders to reach out with questions or concerns regarding their coverage.

Company Response and Next Steps

Progressive Direct Insurance Company did not respond to requests for comment regarding the upcoming rate increase. As market conditions evolve and regulatory oversight continues, Nevada residents are advised to stay informed about changes affecting their auto insurance policies.

For further information or assistance regarding auto insurance rates or consumer rights, individuals can contact the Nevada Division of Insurance directly or visit its official website.

Related topics:
Global Travel Medical Insurance Market Set to Exceed $10 Billion by 2034
2 in 5 Australians Overconfident in Credit Card Travel Insurance
AI Set to Transform Marine Insurance, but Risks Remain, IUMI Warns

“Our Alberta home and auto policies will remain active until their expiry in 2026,” CUMIS confirmed. “Policyholders will receive ample notice to make informed decisions about securing new coverage. Claims service and decisions will continue uninterrupted, and all claims under existing policies will be processed according to policy terms until settled.”

The withdrawal affects both auto and home insurance, as CUMIS bundles the two products together under its Home & Auto program, designed for credit unions and their members to provide convenience and savings. The company emphasized that its operations in other provinces remain unaffected.

CUMIS holds a 0.27% market share for private passenger vehicles in Alberta, according to 2025 filings approved by the Automobile Insurance Rate Board (AIRB).

Context: Challenges in Alberta’s Insurance Market

Alberta’s government has acknowledged the growing pressures on insurers, citing catastrophic events, high vehicle replacement costs due to tariffs, and inflation. A government spokesperson emphasized ongoing efforts to maintain a competitive and stable insurance market, pointing to the upcoming Care First auto insurance reform, set for January 1, 2027. This reform aims to reduce lengthy court disputes, improve benefit dispute resolution through a tribunal system, and provide premium stability for Albertans.

Insurance experts warn that CUMIS’ exit is part of a broader trend. Aaron Sutherland, Vice President of the Insurance Bureau of Canada’s Pacific and Western division, noted, “Several insurers have already left Alberta since the rate cap was implemented nearly three years ago. This limits consumer choice and may force drivers to seek more expensive coverage elsewhere.”

Previous exits include:

Sonnet Insurance Company (Definity-owned) – phased out auto operations by December 2024.

Aviva Canada – phased out Aviva Direct from Alberta by January 2025.

Zenith Insurance – ended its relationship with an Alberta brokerage selling auto insurance in 2023.

Currently, Alberta’s good driver rate cap is set at 7.5%, which includes a 5% base cap and a 2.5% surcharge in 2025 due to natural disaster claims. The cap has challenged insurer profitability, with Alberta auto insurers reporting a -20% weighted average return on premium in 2024, according to AIRB.

CUMIS’ withdrawal underscores the financial strain on insurers operating under these regulatory conditions and highlights the urgency for market reforms ahead of the Care First system implementation in 2027.

Related topics:

• Over 100,000 Residents Enrolled in Kwara State Health Insurance Scheme
• NHIA Applauds Tinubu’s Move to Mandate Health Insurance for All Civil Servants
• Expiring Tax Credit Could Leave Thousands in Colorado Without Health Insurance

It started with a gain of 4.82%, reaching an intraday high of Rs 814.95, but eventually fell to a low of Rs 750.35, reflecting a drop of 3.49%.

Although HDFC Life remains above its 200-day moving average, it is currently trading below its 5-day, 20-day, 50-day, and 100-day averages, signaling a mixed performance in the short term compared to its longer-term trends.

In the broader market, the Sensex opened strongly but later lost momentum, falling by 781.04 points to 80,675.63. The index is currently below its 50-day moving average, though it remains above its 200-day moving average.

Despite the short-term decline, HDFC Life continues to show strong year-to-date performance. As of now, the company has posted a 22.12% gain, significantly outperforming the Sensex, which has grown by just 3.26% during the same period.

Related topics:

• New Report Warns of Home Insurance Crisis in New Zealand, Citing Climate and Cost
• Arizona Home Insurance Costs Defy National Trend as Climate Risks Soar
• AI Makes Insurance Cheaper and Faster for Australians, New Report Finds

The book was officially released by several key figures, including Sushil Dev Subedi, Executive Director of the Nepal Insurance Authority, along with Directors Pramila KC, Ashish Dhakal, Sachin Acharya, and Chief Executive Officer Manoj Lal Karna.

At the launch event, Executive Director Subedi praised the initiative, stating that providing citizens with basic knowledge about insurance is a commendable task. He emphasized that insurance companies bear the responsibility of both providing services and educating the public. “Together, we should make insurance awareness a mission. The authority is always with you in this journey,” Subedi said.

Pramila KC, a director at Himalayan Life Insurance, highlighted that the book includes valuable insights from the insurance sector’s knowledge, experience, and practices. She expressed confidence that it would serve as a useful resource for anyone involved in insurance, whether directly or indirectly.

The book covers a wide range of topics, including an introduction to insurance, principles of insurance, insurance policies, risk assessment, required documentation, insurance fees and bonuses, the role of insurance agents, taxes, claims, loans, paid-up value, supplementary contracts, and facilities for treating fatal diseases.

This publication marks the second book released by the Life Insurance Company to promote insurance awareness. Previously, Asian Life Insurance had published Insurance Knowledge, written by Acting Deputy CEO Murari Raj Humagain.

Related topics:

• BNM Revises Motor Insurance Claims for Faster, Fairer Settlements
• Self-Driving Car Insurance Market Set to Reach $88.1 Billion by 2032
• German Drivers Face Potential Car Insurance Hikes in 2026

To demystify the experience, we’ve broken down the entire car insurance claim journey—from the seconds after an accident to the final settlement—with expert advice to help you navigate it smoothly.

The moments right after a crash are chaotic, but staying calm and focused on two priorities—safety and evidence-gathering—will set your claim up for success.

“Your first move should always be to make sure everyone is okay,” says Maria Lopez, a senior claims manager at Allstate with 15 years of experience. “Even a ‘minor’ accident can cause hidden injuries, so check yourself, passengers, and anyone else involved.”

If someone is hurt, call 911 immediately. Do not move injured people unless they’re in immediate danger (e.g., a smoking car).

If your vehicle is drivable and you’re on a busy road, move it to a safe spot (like the shoulder or a nearby parking lot) to avoid secondary accidents. Turn on hazard lights to alert other drivers.

If the car isn’t drivable, stay inside with your seatbelt on until help arrives, and keep a safe distance from traffic.

Insurance companies rely on evidence to process claims, so the more details you collect, the better.

Vehicle damage: Take photos of every angle of your car and the other vehicle(s)—close-ups of dents, broken parts, and license plates, plus wider shots showing the overall condition.
The scene: Snap photos of skid marks, debris, traffic signs, stoplights, and the position of the cars relative to each other. Weather conditions (rain, snow, fog) should also be documented.

Witness contact info: If bystanders saw the accident, ask for their names, phone numbers, and emails. “A witness statement can be the deciding factor if there’s a dispute over who’s at fault,” Lopez adds.

Never admit fault during this exchange—even if you think you’re to blame. Let the insurance companies investigate and determine liability.

Once you’re safe and have documented the scene, contact your insurance company as soon as possible. Most insurers offer 24/7 claims hotlines (found on your policy card or insurer’s app) to start the process immediately.

Provide your policy number, the accident’s time and location, and the other driver’s info. If police responded, mention that a report was filed (you’ll need a copy later).

“Delaying a claim can slow things down—insurers need to act quickly to assess damage and talk to witnesses before memories fade,” Lopez notes.

The adjuster needs to evaluate your car’s damage to estimate repair costs. This can happen in two ways:For most claims, the adjuster will meet you at a repair shop, your home, or a company-approved location. They’ll check for visible damage (dents, broken glass) and hidden issues (like a bent frame or damaged transmission) that may not be obvious.

“Inspectors look for signs of pre-existing damage, too—so make sure to point out exactly what happened in the accident,” Lopez says.

Related topics：

• Forecasts Warn of Rising Costs and Strain Across UK Motor Insurance Market
• Motor Insurance Claims Surge by 23%, Legal Costs Remain High in 2024
• Motor Insurance Premiums Set to Dip in 2025 Before Rising Again in 2026

Crestwell will specialize in property insurance for condominium associations across Florida. Its target clients are property owners, boards, and managers. The company promises a data-driven approach to offer tailored coverage.

The startup will also participate in Florida’s “depopulation” program. This program shifts policies from the state-run insurer, Citizens Property Insurance, to private companies like Crestwell.

Leading the company are two industry veterans. Kathy Cody is the Chief Executive Officer. Paul DiFrancesco is the Chief Underwriting Officer. Each has over 30 years of experience in the Florida insurance scene. Cody was formerly the CEO of Orchid Insurance.

“Florida’s unique market dynamics have created an incredible advantage to launch Crestwell,” said CEO Kathy Cody. She stated that older insurance carriers in the state have struggles that limit their flexibility. Crestwell, she said, will use its underwriting expertise to offer better options and compete effectively.

The launch is part of Bain Capital’s larger push into the insurance industry. The firm has recently made other major investments, including in companies like Acrisure and Lincoln Financial.

However, this expansion comes as Bain Capital Insurance faces legal questions in Florida. It is involved in a case about allegedly unauthorized switching of Affordable Care Act health plans.

Crestwell is entering a market where other Managing General Agents (MGAs) are also growing. For example, Coastal Insurance Underwriters recently partnered with Superior Specialty Insurance.

A partner at Bain Capital, Matt Popoli, expressed confidence. He said Florida’s complex market is a long-term opportunity for a skilled team like Crestwell’s.

Crestwell will begin operations with an initial capacity partner. Emerald Bay Risk Solutions will provide coverage through its A- rated carrier, Mainsail Insurance Company.

New Insurance Startup Crestwell Launches for Florida Condo Market

A new insurance firm, Crestwell Underwriters, has launched with funding from Bain Capital. The company will focus solely on providing property insurance to Florida condominium associations.

The Fort Lauderdale-based managing general agent (MGA) will offer its insurance products to condo property owners, boards, and managers. Crestwell says it will use data-driven methods to create customized coverage. It will also take on policies from Florida’s state-owned insurer, Citizens Property Insurance Corporation.

Industry veterans Kathy Cody and Paul DiFrancesco will lead the new company. Cody serves as CEO, and DiFrancesco is the chief underwriting officer. Both executives have more than 30 years of experience in the insurance sector.

“Florida’s unique market dynamics have created an incredible advantage to launch Crestwell,” said Cody. She explained that many established carriers in the state face challenges that limit their ability to adapt. Crestwell, she said, will use its underwriting experience to offer better coverage and compete for customers.

Bain Capital’s investment in Crestwell is part of a bigger plan to expand in the insurance industry. The private equity firm recently invested billions in companies like Acrisure and Lincoln Financial.

This expansion happens as Bain Capital Insurance faces legal scrutiny in Florida. The company is involved in a lawsuit about the alleged unauthorized switching of Affordable Care Act health plans.

Crestwell enters a Florida condo insurance market that has seen other MGAs grow. Coastal Insurance Underwriters, for example, recently partnered with Superior Specialty Insurance Company.

Matt Popoli, a partner at Bain Capital, said Florida’s complex condo market is a good opportunity. He said a skilled team like Crestwell’s can generate strong profits over time.

Emerald Bay Risk Solutions will act as Crestwell’s first capacity partner. It will provide coverage through its admitted carrier, Mainsail Insurance Company, which has an A- rating from AM Best.

Related topics:

• South Korea Allows Seniors Early Access to Life Insurance Benefits
• Dis-Chem Life Charts New Path in South Africa’s Life Insurance Market
• Enroll Wyoming Prepares for Health Insurance Changes Amid Funding Cuts

The ruling came from a dispute between Mesco Manufacturing and its insurer, Motorists Mutual Insurance Company. Mesco filed a claim for hail damage to the roofs at its manufacturing facilities.

Motorists Mutual initially paid Mesco $7,806.75. Mesco believed the damage was much worse and demanded a review using the appraisal process in its policy.

In an appraisal, each side picks an appraiser. Those two then select a neutral third expert, called an umpire.

The appraisers agreed that the metal roofs were damaged by hail. However, they disagreed on two other types of roofs, known as EPDM and modified bitumen.

The umpire was brought in to settle the dispute. He concluded that the modified bitumen roofs were hail-damaged, but the EPDM roofs were not. He issued a final award of $1,020,480.32 for the repairs.

Motorists Mutual refused to pay the full amount. The company sent a check for only $265,296.21. It excluded all money for the modified bitumen roofs.

Mesco sued for breach of contract. It argued the insurer must pay the entire award set by the umpire.

A district court ruled in Mesco’s favor. Now, the U.S. Court of Appeals for the Seventh Circuit has affirmed that decision.

The court found that the umpire had to decide what caused the damage to determine how much it would cost to fix. The insurer argued a policy clause allowed it to “deny the claim” even after an appraisal.

However, the court stated that the insurer could not use that clause to ignore a binding appraisal award without a very strong reason. Valid reasons would include fraud or a major error. The court said the insurer had shown no such reason.

The ruling makes it clear that appraisal awards are binding. Insurers cannot simply reject them because they disagree with the result.

Related topics:

• PhonePe Launches Home Insurance Product Offering Comprehensive Coverage
• Government to Compensate Car Insurance Costs for Veterans and War Invalids
• Utah Ranks Among the Most Affordable States for Home Insurance

In a statement, MDRT highlighted its decade-long collaboration with Asia Insurance Review to support and promote the financial services profession, noting that the new sponsorship underscores its commitment to recognizing the growth and success of companies and advisors across Asia.

Carol Kheng, MDRT 2025 president, said, “MDRT offers vital opportunities for top-performing financial professionals to continue to learn and grow.

Sponsoring the 2025 AIIA reflects our commitment to strengthening the profession across Asia and worldwide. We remain dedicated to engaging our supporting companies and members to help them achieve greater success.”

Originally focused on life insurance, MDRT membership now encompasses comprehensive client protection and financial planning, with relevance across agency, brokerage, bancassurance, and open-architecture channels. MDRT said it aims to drive further growth in the Asian market through initiatives like its AIIA sponsorship.

Related topics:

• Health Insurance Costs Expected to Rise in 2026
• Vietnam’s New Health Insurance Decree Receives Broad Support, Boosts Student Coverage
• UK Motor Insurance Market Faces Rising Claims Amid Softening Premiums

Star Health pioneered the Senior Citizen Red Carpet Policy in 2007, becoming one of the first in India to offer tailored health insurance plans for individuals aged 60 and above. This initiative was designed to meet the unique healthcare needs of seniors, with no pre-insurance medical tests required.

The company’s Senior Citizen Red Carpet Policy, along with other offerings such as Star Senior Citizen Red Carpet, Star Health Assure, Star Health Super Star, Star Comprehensive Insurance, and Star Family Health Optima, ensures comprehensive coverage for senior citizens across various healthcare needs. The insurance policies cover treatments ranging from planned surgeries and chronic illness management to emergency hospitalizations, reflecting the diverse medical requirements in later life.

Additionally, Star Health has introduced an Elder Care program as part of its Star Flexi multi-rider add-on. This program provides a wide range of services, from emergency healthcare assistance to daily concierge support and engaging activities. It is designed to help seniors manage both health-related emergencies and everyday challenges.

With a network of over 14,500 hospitals offering cashless treatment, Star Health ensures that seniors have access to quality healthcare services in both metropolitan areas and smaller towns. The company’s efforts have significantly contributed to improving healthcare accessibility and financial protection for senior citizens across India.

Related topics:

• U.S. Auto Insurance Shopping Grows Strongly in Q2 2025
• Missouri ACA Health Insurance Rates Set for Biggest Hike Since 2018
• Over 20 Auto Insurers Lower Rates in Louisiana, Led by State Farm and Hugo

The stock is currently above key moving averages, reflecting a solid market position, while the broader market, including the Sensex, has also recorded gains.

On August 18, 2025, HDFC Life gained 3.45%. The stock is just 1.17% below its 52-week high of Rs 820.5, highlighting its strong performance relative to recent levels. Over the past eight days, HDFC Life has delivered a total return of 9.79%.

Today, the stock opened with a 2.37% gain and reached an intraday high of Rs 812.15, up 3.27%. HDFC Life is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signaling a robust market stance.

In the broader market, the Sensex rose 311.33 points, or 1.28%, to reach 81,627.12. While HDFC Life outperformed the Sensex, the finance and NBFC sector overall gained 3.11%. Year-to-date, HDFC Life has posted a strong 31.85% return, significantly surpassing the Sensex’s 4.46% gain.

Related topics:

• Group Life Insurance Market Forecast to Grow Strongly Through 2029
• China Life Insurance Appoints Niu Kailong as Non-Executive Director
• Life Insurance in Singapore Sees Strong H1 2025 Growth as Claims Fall 42%

China Life Insurance Company Limited has appointed Mr. Niu Kailong as a Non-executive Director, following approval from the National Financial Regulatory Administration. His term began on August 6, 2025.

Mr. Niu will serve on the Strategy and Assets and Liabilities Management Committee, playing a role in shaping the company’s strategic direction and financial management.

China Life Insurance (HK:2628) is a leading insurance provider in China, offering a wide range of life insurance products and services. The company is listed on the Hong Kong Stock Exchange.

The most recent analyst rating for the stock is a Buy, with a price target of HK$19.00.

Related topics:

• Tariffs Could Boost Indiana Car Insurance Rates by Nearly 6% This Year
• New U.S. Auto Tariffs May Push Car Insurance Prices Up 7%, But Effects Take Time
• Auto Insurance Shopping Surges 18% in Q2 2025 as Consumers Seek Savings

Based in Minneapolis, Allianz revealed that hackers targeted the platform using social engineering tactics, a method that tricks employees into revealing passwords or inadvertently installing malicious software. As a result, not only customers but also financial professionals and employees were affected.

The company stated that it took swift action to contain and mitigate the breach, notifying federal law enforcement agencies, including the FBI. Allianz clarified that there is no evidence suggesting the attack compromised other systems, such as their policy administration platform.

While the company did not disclose the exact nature of the exposed data, it is common for life insurance companies to store highly sensitive personal, financial, and medical information, including Social Security numbers and birth dates.

Cybersecurity experts have pointed to the hacking group Scattered Spider, known for its social engineering methods and financial motivations, as a potential suspect in the attack. This group has been increasingly targeting the insurance industry, taking advantage of its vast store of sensitive data.

Related topics:

• Car Insurance Rates Expected to Rise 7.5% in 2025, AAA Warns
• Illinois Launches Campaign to Stop Unfair Auto Insurance Pricing
• Lemonade Expands Car Insurance Business to Indiana, Driving Strong Stock Gains