Weekly News Roundup – 14th July

With the Consumer Duty deadline fast approaching, we’ve produced a short overview of the new directive and what it means for your business.  The recently released MGA Opinion Report by law firm Clyde & Co has indicated that the MGA model “remains an attractive place to invest” and that 45% of the carriers they surveyed are looking to increase their partnerships with MGAs.

Blog: Consumer Duty – a brief intro for MGAs (Source: OneAdvent)
OneAdvent’s Head of Compliance & Risk, Richard Palmer, lays out the core principles of the new Consumer Duty directive.

MGA Opinion Report 2023 (Source: Clyde & Co)
A survey of industry experts has shown confidence in the MGA sector remains high.

Global insurance industry to demonstrate resilience despite economic slowdown and inflation, Swiss Re Institute reports (Source: Insurtech Insights)
Global insurance premiums are set to grow by 1.1% in 2023 and profits for life insurers are expected to rise due to “improved investment returns, normalisation of COVID-19 related claims, a de-risking of pension and annuity premiums and a stabilisation of earnings volatilities”.

Continued extreme heat could see subsidence insurance payouts increase to £1.9bn by 2030 (Source: PWC)
New analysis from PwC shows that sustained extreme weather events could increase the chance of subsidence and thus increase the costs to insurers dramatically within the decade.

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