Weekly News Roundup – 28th July
The Consumer Duty regulation is coming into force on Monday and the FCA has published 10 questions for firms to consider and use to flag any potential gaps or weaknesses. In case you haven’t seen them yet check out the link below. Munich Re digs out stats on what natural disasters the world has faced so far this year and what that means for the insurance industry. Finally, a Belgian business school professor discusses how insurtechs are digitising insurance to “provide plug-and-play solutions that simplify the integration of sustainable practices into businesses & existing frameworks”.
FCA has 10 questions ahead of Consumer Duty deadline (Source: Peer2Peer Finance News)
The new directive will be live on 31st July and these FCA-produced 10 questions are to guide firms in their navigation of it.
First half catastrophes “much higher than the 10 year average” – Munich Re (Source: Global Reinsurance)
Munich Re reports that overall insured losses hit $43bn for the first 6 months of 2023 vs the last decade average of $34bn. The Turkish and Syrian earthquake claimed responsibility for the costliest natural disaster.
The United Kingdom: The nexus of insurtech (Source: McKinsey)
According to research from McKinsey, the UK has the “highest number of insurtechs per capita among all major world economies”. A new report provides a deep dive review of the sector and explores the industry’s biggest challenges, including access to capital, scaling and the macroeconomic climate.
Is sustainability now the key to assessing insurance risk? (Source: InsurTech Digital)
An academic at Vlerick Business School explores how insurtechs are addressing business insurance needs brought on by increased focus on sustainability and the emergence of more regulation.