Weekly News Roundup – 10th February

When Hurricane Lisa hit Belize’s Mesoamerican Reef with wind speeds of 70 knots, WTW’s parametric solution organised a $175,000 pay-out to finance restoration of the coral within two weeks of the event. This is a great example of how this type of insurance can be used to battle the effects of climate change quickly and efficiently. In other news, despite another quarter of increased commercial insurance rates, as revealed in a recent report by Marsh, Munich Re indicates the outlook for economic growth is not as dire as first believed. Lastly, John Neal has had strong words to say about the recent government behaviour and what needs to be done to guarantee the UK’s reputation as a financial stronghold.

Global commercial insurance rates up 4% in Q4 2022 (Source: youTalk-insurance)
This moderate increase is the ‘21st consecutive quarter of increases’ according to Marsh research that will no doubt lead to a ‘tough operating environment’ in 2023.

Munich Re’s Economic Outlook 2023 (Source: Munich Re)
Despite the difficulties faced round the world by the war in Ukraine, inflation and price increases, global economic growth is not expected to be as low as initially expected.

WTW and MAR Fund reef insurance programme pays out to finance restoration after Hurricane Lisa (Source: WTW)
A parametric insurance product designed to protect a reef on the Caribbean coast against hurricanes has shown to be worth its weight in gold.

Three PMs and a mini budget disaster has dented London’s standing – Lloyd’s boss (Source: Insurance Business Magazine)
UK politics has damaged the country’s ‘reputation for financial stability’ according to John Neal and he urges the government and businesses to come together to restore credibility.

A wave of tool theft spurs hi-tech security systems (Source: BBC News)
ARMD, a tool insurance insurtech (and one of the fantastic MGAs on our platform) have hit the news headlines again, featuring in an article about hi-tech ways to protect tradespeople and their tools.

Embedded insurer Companjon and European challenger bank bunq join forces to bring users digital insurance (Source: Companjon)
Companjon, an insurtech that specialises in digital embedded insurance (and another of our MGA stars) has partnered with challenger bank, bunq, to deliver extended warranty and purchase protection products to their users.

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