Weekly News Roundup – 5th August
A recent study by McKinsey reports that 65% of those who resigned from a job in insurance or finance between April 2020 and April 2022 left the industry entirely so it is clear that something needs changing. Read below to find out what insurers are doing to reduce staff turnover. There’s also another new report which explains what underwriters should be doing to survive in the current environment and insight from Pen Underwriting indicates the MGA market is “in rude health” and that talent has a key role to play in that. Ukraine still dominates the headlines as the first grain shipments leave the country and in this week’s highlighted article, Ascot’s head of cargo explains how the insurance world has come together to enable this to happen. In other news catastrophe losses are on the up due to climate change.
Insurers reveal preparation for great resignation (Source: CII)
A recent poll by CII showed that nearly half of insurers are looking to offer flexible working practices “in a bid to attract and retain talent in the current climate”.
Underwriters need more diverse skills to meet client needs (Source: Insurance Business Magazine)
In another report from CII, they indicate that to be a successful underwriter “candidates would need a “more diverse” set of digital analytical skills which would allow them to utilise quantitative tools and handle big data”.
Ascot’s McGill: Ukraine cargo facility is “what the Lloyd’s market is all about” (Source: The Insurer)
The carrier’s head of cargo discusses how the Lloyd’s market launched an insurance product for Ukraine grain transportation in an impressive 7 days.
Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022 (Source: Swiss Re)
Record high temperatures throughout Europe and fierce Winter storms are increasing in frequency according to research from the Swiss Re institute. Head of Catastrophe Perils said that moving forwards “secondary perils require the same disciplined risk assessment as primary perils such as hurricanes”.
MGAs secret sauce is a recipe for success (Source: Insurance Hound)
CEO of Pen Underwriting, Tom Downey, provides his assessment of the MGA market, emphasising that the “entrepreneurial underwriting talent” is a gamechanger.