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Insurtech funding drops to 2018 levels, but $7 trillion market opportunity persists: Report
29th June 2023
The first half of 2023 witnessed a significant decline in venture capital funding for insurtech start-ups, reaching levels similar to 2018. According to the report "The State of Global Insurtech" prepared by Dealroom.co, Mundi Ventures, MAPFRE, NN Group, and Generali, insurtech investments amounted to $2.4 billion, a 45% decrease compared to ... Read the full article
Lockton Re sees double-digit organic growth in FY23
29th June 2023
Lockton's reinsurance business, Lockton Re, has seen a double-digit organic growth, contributing to the growth in global revenue to $3.1 billion for FY23. The independent insurance broker has reported revenue growth of 17% on a constant currency basis, with reported organic revenue growth at 16% for its fiscal year ending April ... Read the full article
Aluminium Bahrain B.S.C holds Reverse Insurance Roadshow
29th June 2023
Aluminium Bahrain B.S.C, the largest aluminium smelter in the world after China, held a Reverse Insurance Roadshow. This was the first of its kind in the MENA region, with top-rated insurance and reinsurance markets, in collaboration with Bahrain Kuwait Insurance Company and reinsurance broker WTW on the 6th and 7th June ... Read the full article
Hedemark to succeed Wegener as FERMA President
28th June 2023
The Federation of European Risk Management Associations (FERMA) has announced the election of Charlotte Hedemark as its next President. Her tenure as President will start on 17 October. She will be succeeding Dirk Wegener following the completion of his four-years as President. Hedemark is a Risk Management Expert at SAP and is ... Read the full article
A below average storm season to benefit re/insurers & underwriters: Amwins’ Purviance
27th June 2023
2023 is predicted to be a below average storm season in the US, which along with price increases achieved over the past several years, should benefit re/insurers and underwriters; this amid a “fatigued” market caused by a challenging last 5 years from a catastrophe loss perspective, Amwins CEO Scott Purviance ... Read the full article
Non-life insurers in advanced markets face reserve adequacy concerns amidst recent shocks: Swiss Re
27th June 2023
Direct non-life insurers in advanced markets have experienced a deceleration in the release of prior-year loss reserves, prompting concerns about adequacy due to recent shocks, leading to an uptick in the share of incurred-but-not-reported (IBNR) claims, according to a Swiss Re Institute report. The global insurance industry had made favourable progress ... Read the full article
Resilience launches into European Market
21st June 2023
Cyber insurer Resilience has expanded its operations in the European market now supporting clients in Ireland, Spain, Italy, Sweden, and Denmark. The EU launch comes on the heels of the successful launch of the Resilience Solution in the US and UK markets. Its expansion to other countries will follow soon, ... Read the full article
Aon & Zurich-backed renewal data platform Big Ticket announces launch
20th June 2023
After four years in development, Big Ticket, an industry-backed renewal data platform, was launched at the annual Airmic conference in the UK. According to the announcement, this shared corporate data platform aims to transform the $1tn global commercial insurance industry by revolutionising the ‘broken’ renewal experience for risk managers, brokers and ... Read the full article
Nayms launches its first fully capitalised insurance program on marketplace platform
19th June 2023
Blockchain based insurance marketplace Nayms has announced that it has launched its first fully capitalised insurance program on the Nayms Marketplace. The Nayms Marketplace brings together insurers, insureds, capital providers, brokers, and underwriters in an on-chain ecosystem - from capitalising balance sheets to paying premiums and claims. According to Nayms, this new ... Read the full article
Revenues from MGAs, MGUs and cover-holders grew by around 19% in 2022
15th June 2023
In 2022, revenues earned globally by Managing General Agents (MGAs), managing general underwriters (MGUs) and cover-holders grew by around 19%, to $17.3 billion, according to a recent report by Insuramore. This figure is substantially ahead of the growth rate of the world's insurance broking sector which is believed to have advanced ... Read the full article
London Market fundamentals “very strong”, outlook positive: Berenberg
15th June 2023
"We struggle to identify a recent period when the fundamentals of the London Market sub-sector have been so strong, both on the asset and the liability side of the balance sheet," suggest analysts at investment bank Berenberg. Given the strong rate momentum year to date, Berenberg anticipates an improvement in London ... Read the full article
Captives to remain a vehicle of choice: Sivanesan, Labuan IBFC
15th June 2023
Against a backdrop of market-hardening effects, Labuan International Business and Financial Centre (Labuan IBFC)’s captive sector continued to gain momentum with five new players and total gross premiums of USD 571 million in 2022. More than 62% of the premiums were generated from the international insurance business. “This underscores Labuan IBFC’s ... Read the full article
AI & Deep fakes becoming the latest surge behind phishing scams: AM Best
14th June 2023
Artificial intelligence (AI) technology and deep fakes are becoming the latest surge behind phishing scams, as they are creating new opportunities for criminals. A combination of voices and writing styles are being mimicked to look as if calls, messages and emails are coming through from a familiar source, therefore making it ... Read the full article
Resilience names Pruzinsky Global Head of Underwriting & Sales
13th June 2023
Cyber insurer Resilience has promoted CJ Pruzinsky to Global Head of Underwriting & Sales. Previously, he led the underwriting team from the launch of the company’s managing general agency. His appointment, Resilience stated, reflects the company’s international growth and recent new solution launch to help clients better manage their cyber risk. In ... Read the full article
Brokerslink expands Eastern European network with four new affiliates
9th June 2023
Global broking business, Brokerslink, has further strengthened its international presence by adding four esteemed Eastern European affiliates to its rapidly expanding network. The inclusion of these new affiliates will significantly extend Brokerslink's reach in the region, specifically in Romania, Moldova, Czech Republic, Slovakia, Bulgaria, and Hungary. One of the newly welcomed affiliates ... Read the full article
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