Insurance Business

Amazon and GoodRx are rolling out subscription services for prescription medications aimed at Americans whose health insurance coverage is eroding or absent. The move positions the two companies to capture customers paying out of pocket for drugs, underscoring how gaps in US insurance coverage are creating a new commercial market for discount medication programs.

Insurance broker Lockton says the gap between insured and uninsured losses is worsening as climate change drives more frequent and severe natural catastrophes. The firm argues that rising claims from floods, storms and wildfires are leaving more damage uncovered, putting greater strain on households, businesses and governments that cannot obtain or afford coverage.

Ad-tech company 33Across has rebranded as WealthStage, repositioning itself as an advertising platform for banks, lenders, brokers, insurers and trading apps. The new business centres on an AI engine that scores household wealth, aiming to target financial products as an estimated $124 trillion passes between generations by 2048. Industry observers are asking which data feeds the engine and what parts of the business remain under the 33Across name.

The European Union is developing a climate insurance plan aimed at narrowing the protection gap — the share of climate-related losses not covered by insurance. As extreme weather events increase across Europe, growing numbers of homes and businesses face uninsured damage. Officials hope the plan will expand coverage and improve resilience, though details of how it would work remain to be set out.

Specialty insurer Ascot has restructured its underwriting businesses and appointed presidents to lead its divisions. The move forms part of the group's effort to sharpen its specialty insurance and reinsurance operations under clearer divisional leadership. No financial details or named executives beyond the new division presidents were provided in the announcement.

Nvidia is working with insurance providers to develop coverage for risks linked to artificial intelligence, according to reports circulating widely in business and tech circles. As AI adoption accelerates, companies face growing exposure to liabilities such as model failures, data breaches and regulatory penalties. Nvidia's move signals an effort to build confidence among enterprises deploying its chips and AI systems, and insurers are increasingly being asked to underwrite a technology whose long-term risks remain difficult to quantify.

East Coast storms could disrupt travel plans through the fall and winter season, according to Forbes, which outlines when travel insurance can help travelers recover costs. With the busy holiday travel period approaching, the report highlights how storm-related delays and cancellations may affect flights along the East Coast and when policies would cover travelers for interruptions, cancellations, and related expenses.

A federal judge has found that the IRS's pre-trial assessment of penalties in a microcaptive insurance case is lawful, according to Bloomberg Law. The ruling is a setback for microcaptive owners challenging the tax agency's authority to impose penalties before trial. The decision may shape how similar disputes between taxpayers and the IRS proceed, in an area already under close scrutiny by regulators.