Life insurance

Allianz SE will take a 3.7 billion-euro ($4.2 billion) charge tied to the implosion of some of its U.S. hedge funds, bringing some clarity to months of uncertainty on the legal bill for the matter.

The demand for no-medical exam life insurance has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

The unique partnership comes amid an increase in vehicle crash-related deaths and a desire to help customers understand how their choices could potentially support their overall health.

Amplify, a digital life insurance platform, is focused on helping customers build wealth through permanent life insurance.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

Asian insurance giant AIA Group Ltd. is considering selling some life insurance legacy assets in Australia as part of its strategy to streamline its portfolio, according to people familiar with the matter.

Zurich Insurance Group agreed to sell its Italian life and pensions back book to Portuguese insurer GamaLife, the first step in a plan by the Swiss company to improve capital allocations.

Wyshbox is the marketing name for Wysh Life and Health Insurance, which provides term life insurance for consumers with digital customized plans.

Chubb Ltd. is joining with insurance-tech startup Betterfly for offerings in Mexico, Colombia, Ecuador, Chile and Argentina as the companies seek to tap into under-served Latin American markets.