Weekly News Roundup – 9th June
According to Insurance Times’ ‘Five Star Rating Report: MGA Market 2022/23’, the majority of brokers are now viewing MGAs as a viable alternative to traditional insurers but is there capacity out there for them? We share views from experts (including our own MD, Tim Quayle) in this week’s news roundup. You can also discover how AI is being used to mitigate potential fires and reduce smuggling on container ships and read the latest updates on the global cyber market.
In the News: Are MGAs facing additional challenges in securing capacity? (Source: OneAdvent)
An article in the Insurance Times explores whether MGAs are facing a capacity crunch. Tim Quayle, Managing Director of OneAdvent, commented “Capacity providers are expecting more of MGA businesses in terms of infrastructure, systems and controls. The bar has risen, but there is definitely capacity out there for MGAs.”
Is embedded insurance the wrong idea? (Source: Insurance Thought Leadership)
Insurance Thought Leadership dissects a recent blog post by Ian Gutterman, founder and CEO of Informed Insurance, in which he argues that embedded insurance is bad for both the consumer AND the insurer.
Global cyber market rockets in value – Guy Carp study (Source: Global Reinsurance)
A new report from Guy Carpenter says that the US cyber market has more than tripled in value in the last 4 years. They have also modelled a global event loss at the 1:200 year level to be between USD 15.6 billion and USD 33.4 billion.
Using AI to detect misdeclared cargo (Source: youTalkinsurance)
The use of AI to screen containers is set to reduce fire risks, smuggling, piracy and more.