In this week's news will talk about how Insurers brace for impact as NOAA predicts above average hurricane season, Insurance moves, and much more…
P&C market faces shifts amid high catastrophe losses in 2025
The commercial property and casualty (P&C) insurance market is continuing to adjust following a series of significant natural catastrophes in early 2025.
According to USI Insurance Services’ 2025 Commercial Property & Casualty Mid-Year Addendum, global insured catastrophe losses reached an estimated $50 billion in the first quarter, placing it among the highest first-quarter losses recorded.
In January, the Palisades and Eaton wildfires in Los Angeles destroyed more than 16,000 structures across 57,000 acres, resulting in $53.8 billion in damages, with insured losses expected to exceed $30 billion.
Severe convective storms and tornado outbreaks across the southern and eastern United States in March added to the total losses. Additionally, a 7.7 magnitude earthquake in Myanmar caused $600 million to $900 million in losses for Thai insurers, primarily absorbed by global and regional reinsurers.
According to USI Insurance Services’ 2025 Commercial Property & Casualty Mid-Year Addendum, global insured catastrophe losses reached an estimated $50 billion in the first quarter, placing it among the highest first-quarter losses recorded.
In January, the Palisades and Eaton wildfires in Los Angeles destroyed more than 16,000 structures across 57,000 acres, resulting in $53.8 billion in damages, with insured losses expected to exceed $30 billion.
Severe convective storms and tornado outbreaks across the southern and eastern United States in March added to the total losses. Additionally, a 7.7 magnitude earthquake in Myanmar caused $600 million to $900 million in losses for Thai insurers, primarily absorbed by global and regional reinsurers.
Insurance moves: Mosaic, AXIS Capital, Zywave, Sun Life US, and more...
Recent days have seen several notable executive appointments and organizational changes across the insurance and insurtech sectors.
Mosaic Insurance expands leadership in cyber and market engagement
Mosaic Insurance has promoted Yosha DeLong to global engagement officer and hired Brian Bonkoski as global head of cyber.
DeLong, who has led Mosaic’s cyber business since its 2021 launch, will now oversee broader market engagement, including product distribution and sales. Bonkoski brings 20 years of underwriting and distribution experience from Chubb and AIG and will lead global cyber product development starting June 16.
AXIS Capital restructured global cyber and technology team
AXIS Capital Holdings has promoted Peter Smith to head of cyber North America and Tara Sapru to GCT head of technical underwriting, realigning leadership within its global cyber and technology team.
Mosaic Insurance expands leadership in cyber and market engagement
Mosaic Insurance has promoted Yosha DeLong to global engagement officer and hired Brian Bonkoski as global head of cyber.
DeLong, who has led Mosaic’s cyber business since its 2021 launch, will now oversee broader market engagement, including product distribution and sales. Bonkoski brings 20 years of underwriting and distribution experience from Chubb and AIG and will lead global cyber product development starting June 16.
AXIS Capital restructured global cyber and technology team
AXIS Capital Holdings has promoted Peter Smith to head of cyber North America and Tara Sapru to GCT head of technical underwriting, realigning leadership within its global cyber and technology team.
Progressive Insurance launches new initiative to help first-generation homebuyers
Progressive Insurance has launched a new initiative, called Open the House, aimed at supporting first-generation homebuyers.
The multi-year program is intended to help individuals navigate the homebuying process, retain homeownership and establish long-term financial footing, the insurer stated.
A key component of the initiative is The UpPayment program, which offers a $13,500 grant to assist with downpayments for up to 100 eligible applicants. The company said the effort is focused on reducing financial barriers commonly faced by those purchasing homes without inherited wealth or family experience in the housing market.
According to a recent Bankrate Home Affordability Report, 78% of US adults who do not own a home cite affordability as the primary obstacle. Progressive stated the Open the House program is intended to address these challenges through access to financial support and educational resources.
The multi-year program is intended to help individuals navigate the homebuying process, retain homeownership and establish long-term financial footing, the insurer stated.
A key component of the initiative is The UpPayment program, which offers a $13,500 grant to assist with downpayments for up to 100 eligible applicants. The company said the effort is focused on reducing financial barriers commonly faced by those purchasing homes without inherited wealth or family experience in the housing market.
According to a recent Bankrate Home Affordability Report, 78% of US adults who do not own a home cite affordability as the primary obstacle. Progressive stated the Open the House program is intended to address these challenges through access to financial support and educational resources.
Insurers brace for impact as NOAA predicts above average hurricane season
NOAA announced an above-average hurricane season, with 13 to 19 named storms, of which six to 10 will become hurricanes and three to five will be major ones.
Insurers have already seen claims costs soar in 2025 from California wildfire damage and severe storms across the Midwest.
Government scientists and the insurance industry are encouraging more mitigation efforts and resiliency plans across state and local communities and on the part of individual homeowners and businesses.
Insurers have already seen claims costs soar in 2025 from California wildfire damage and severe storms across the Midwest.
Government scientists and the insurance industry are encouraging more mitigation efforts and resiliency plans across state and local communities and on the part of individual homeowners and businesses.
Missouri considers home insurance tax break for storm damage
Missouri lawmakers are currently debating a bill that could offer a measure of relief to homeowners and renters grappling with the aftermath of severe weather. The proposed legislation, introduced during a special legislative session, would allow for tax deductions based on home insurance deductibles paid to repair storm damage.
The tax deduction proposal is part of a broader agenda for the special session, which also includes discussions on disaster housing grants, affordable housing initiatives, and efforts to keep the state’s professional sports teams from relocating. Gov. Mike Kehoe convened the session on May 30, following months of extreme weather that have battered the state with tornadoes, large hail, and widespread flooding.
“We call on legislators to use this special session as a rare opportunity to support our vulnerable neighbors in their time of need, drive economic development and make transformative investments in our state,” Kehoe said in a statement. “This work is too important to leave unfinished."
The tax deduction proposal is part of a broader agenda for the special session, which also includes discussions on disaster housing grants, affordable housing initiatives, and efforts to keep the state’s professional sports teams from relocating. Gov. Mike Kehoe convened the session on May 30, following months of extreme weather that have battered the state with tornadoes, large hail, and widespread flooding.
“We call on legislators to use this special session as a rare opportunity to support our vulnerable neighbors in their time of need, drive economic development and make transformative investments in our state,” Kehoe said in a statement. “This work is too important to leave unfinished."
