Weekly News Roundup – 4th August

There are a number of challenges when launching a new insurance business; the navigation of the complex regulatory environment, the difficulties enabling speed to market, the struggle to find the right partners to work with…a new podcast episode explores all this and more (did we mention we may or may not be the stars of the show?!). Europe has faced historic temperature highs and, with that, catastrophic wildfires, drought and disruption to shipping lanes. Munich Re has revealed that “almost 90% of the natural disaster-driven losses in the first half of this year weren’t covered by insurance”.

PODCAST: The Plumbing and Wiring for Successful Insurance Businesses (Source: OneAdvent)
In this new Instech podcast episode, OneAdvent MD Tim Quayle discusses key challenges when launching a new insurance business with client Matt Jones, Chief Strategy Officer at Cowbell, a cyber insurance provider that uses advanced technology for its risk assessment and underwriting processes to overcome these hurdles.

European lack insurance protection as wildfires and drought batter the region (Source: Insurance Journal)
With Europe “warming at a faster pace than the global average” Munich Re warns that “we need to adapt to handle the consequences of global warming”.

UK to establish resolution regime for insurance companies (Source: Financial Times)
A new regime is planned to “give the Bank of England new powers and flexibility to manage the demise of a large insurer”, a move which is set to offer better customer protections but will not include Lloyd’s of London within its scope.

Gallagher Re Global InsurTech Report for Q2 2023 (Source: Gallagher Re)
Funding fell by 34% quarter on quarter to below $1bn for the first time in 3 years.

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