Weekly News Roundup – 13th January

A hard market. A cost of living crisis. A climate catastrophe. Cybercrime. Biodiversity loss. We have all this and much more to look forward to over the next decade…. However, it doesn’t have to be all doom and gloom. There are a number of ways insurers can take advantage of this situation and use their resources to mitigate these risks, whilst putting both the customer and the global community at the forefront. This week we also share some thoughts on embedded insurance and what the secret to success is.

A new insurance world: the paradigm shift of 2022 (Source: Intelligent Insurer)
Matthew Wilken, chief underwriting officer at Hiscox Re & ILS warns that we should expect to see an even harder market in 2023 but that there are opportunities to be found in this.

Global Risks Report 2023 (Source: World Economic Forum)
Exploring both short and long-term risks, the report from WEF says that the cost of living crisis will be the most severe global risk over the next two years.

Embedded insurance: are insurers ready for a new business model (Source: Insurance Hound)
A recent roundtable with industry leaders emphasises the need to put “the customer at the heart of any arrangement” and warns that not every insurance is suitable to be embedded.

A practical guide to Consumer Duty insurance (Source: CII)
With new rules coming into play from July this year, this concise guide explores what companies need to get prepared.

Revealed: insurers’ main tech priorities for 2023 (Source: Insurance Business Magazine)
Gartner’s latest report puts customer experience at the top of the agenda, ahead of growth.

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