Our Scans · (FS.4.05) Insurance Broking · Weekly Summary

• Broking giant Aon has said today that it anticipates an influx of capital to the parametric risk transfer space in 2024, from traditional insurance, reinsurance and ILS fund sources. Artemis.bm
• The insurance broking sector is growing in value surpassing the £100 bn mark in terms of GWP - that is a massive contribution to the UK economy and we know from recent research from Opinium that 62% of SMEs think insurance protection enables them to take more risk and grow. Insurance Business
• Although pricing seems to be heading downwards on certain large or complex public company renewals, 77% of underwriters believe that the D & O risk is still increasing year over year as reported by US-based insurance brokerage and consulting firm Woodruff Sawyer. Insurance Business
• Cyberattacks should be viewed as an existential threat that can affect any insurance brokerage, at any time. Insurance Business
• WTW, a global advisory and broking company has launched Asia's first 4-peril parametric insurance to protect Sri Lanka's shrimp farms against weather risks, marking a major turning point in Asia's aquaculture development. Reinsurance News
• PSC Connect is a network of experienced and dedicated insurance broking specialists who help thousands of small to medium organisations across New Zealand and Australia to protect themselves from the risks and perils facing their business. Insurance Business
• Insurance broking giant WTW has launched Nitrogen Risk Insurance to safeguard profitability for Queensland sugarcane farmers. Insurance Business
• Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. Yahoo Finance
• U.S. retail insurance broking revenue was pressured by lower demand for transactional risk coverage, but reinsurance broking revenue surged. Business Insurance
• The purchase of York International, which is the 96th-largest broker of U.S. business, according to Business Insurance's most recent ranking, will add about $32 million in brokerage revenue to No. 22-ranked IMA. Business Insurance
• To prosper by 2028, broking firms must choose their business model, brokers need to embrace new learning, and insurers should adopt digital practices for client management. Infosys
• As large brokerage aggregators seek economies of scale, we expect to see continuing consolidation in the insurance brokerage space. The Globe and Mail
• Israeli-founded firms Real Brokerage and HoneyComb are bringing a positive form of tech disruption to the US real estate and multi-family insurance sectors, respectively. The Jerusalem Post
• In insurance brokerage space, M&A is leapfrogging at a record pace with little sign of a slowdown in 2022. Daily Fintech
• Prestige Insurance Holdings is set to launch a new digitally-led broking brand in 2022 with new technical, product management, customer support and marketing roles available in Belfast, Newry and Derry ~ Londonderry, as well as remote working opportunities. Digital DNA
• Considering the record levels of deployable capital, we expect competition for insurance carrier targets and run-off blocks to remain strong, ongoing brokerage consolidation to continue apace, and interest in InsurTechs to remain high. Business Insurance
• As borders open and domestic and international flights slowly return to a new normal, global risk and brokerage firms like WTW provide expertise managing the aviation industry's insurance risks and understanding industry trends. Insurance Business
• The 'direct broking' licence will enable PhonePe to distribute insurance products from all insurance companies in India to its ~300 million registered users. AffairsCloud.com
• China's largest brokerage, Citic Securities; Taikang Life Insurance; and the investment arm of Beijing's State-owned Asset Supervision and Administration Commission will take part. Nikkei Asia
• Monthly premiums on health insurance are much higher than what the average American can afford, so Spot is rethinking insurance and offering a new alternative for today's consumers, while finding ways to help Americans live their lives without going broke. FinExtra
• In Spain the technology consultancy and the insurance brokerage have launched cyber-insurance platform aimed at SMEs and freelancers to whom it will offer advice on cybersecurity and commercialisation of cyber risk policies. Eiopa - European Commission
• Switching rate at 32% While direct insurers face more risks in relation to named drivers, the LexisNexis Risk Solutions analysis has found they are much more resilient to the risks of policy cancellations and out - perform their competitors in customer retention. Actuarial Post
• Which is even more of an opportunity for Walmart, a larger player in retail today than Sears was in its heyday, currently reaching as many as 40% of all Americans on a weekly basis and also serving as the world's largest private employer. Kitces.com

Last updated: 25 April 2024