Weekly News Roundup – 24th March

Hurricane Ian and the war in Ukraine have taken their toll on the insurance market, with nat cat claims hitting dizzying heights and Lloyd’s of London slumping into the red. The cost of living crisis is this year’s challenge, with SMEs forgoing adequate cover as they struggle to tackle rising energy prices and cash-flow issues.

Hurricane Ian drives 2022 nat cat claims to breach $100 billion (Source: Global Reinsurance)
It’s the second year in a row that losses have exceeded this marker and growing interest rates are only adding to this figure.

Lloyd’s of London swings to loss after £21bn of claims including Hurricane Ian and Ukraine (Source: The Guardian)
The world’s biggest insurance market reported a pre-tax loss of £769m for 2022, compared with a profit of £2.3bn in 2021.

One in five SMEs cut insurance cover amid cost of living crisis (Source: Allianz)
20% of SMEs are slimming down cover due to the rise in inflation and increased energy costs.

An optimal MGA business process, achieving it with today’s technology (Source: MGAA)
This latest webinar from MGAA will explore technology issues facing MGAs, in particular the challenges in interpreting vast data sets.

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