It’s been a week of significant ups and downs in the world financial markets, with the collapse of Silicon Valley Bank and Signature Bank, the much-needed bailout for Credit Suisse and the grand reveal of the UK’s Spring budget. Read on to see the impact of these events on the insurance industry.
Best’s commentary: SVB collapse highlights critical lessons for insurance industry (Source: Am Best)
The failure of the US bank “highlights for insurers the importance of managing enterprise, asset-liability and liquidity risks” says the credit rating agency.
Has insurance become too on-demand? (Source: Insurance Thought Leadership)
According to the author of this thought piece, there is no doubt that on-demand insurance has been a game-changer but argues that some complex risks (e.g. cyber) require longer response times and thus a more blended approach between tech and humans.
Spring Budget 2023 – ABI reacts (Source: Insurance Business Magazine)
The Association of Business Insurers are generally happy with the latest budget and believe the industry has a “significant role to play in the Chancellor’s vision for growth”.
Customer behavior and loyalty in insurance: global edition 2023 (Source: Bain and Company)
The role of insurers has to change is the message in this report from Bain. It highlights that consumers are looking beyond simple insurance cover and getting their claims paid, they now want insurers to provide advice and guidance in preventing the risks in the first place.
Lloyd’s reveals market increases in female and ethnic minority leadership (Source: Insurance Age)
Across the marketplace the number of women in leadership roles has risen to 32%, with 35% of firms already meeting or exceededing the 35% target.
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