Weekly News Roundup – 25th August

According to a recent report from investment management firm Conning, the US MGA market enjoyed marked growth in 2022.  Although a US based study, it’s clear the development of new and unique distribution channels is at the forefront of all MGAs’ strategy, regardless of their geography, in an effort to drive growth and address changing customer demands. Cyber criminals are getting “nasty” as they use personal attacks to persuade company stakeholders to pay ransom demands, says CFC. These “real-world intimidation” techniques are having the desired effect in persuading people to come up with the money.

The MGA market boom fuels channel distribution plans (Source: Digital Insurance)
“Enhanced tech capabilities and new channel strategies” are contributing to the growth of the MGA market.

Banks and the digital wallet race: the embedded insurance strategy (Source: Chubb)
81% of financial executives worldwide believe embedded insurance is becoming a “must-have” to drive revenue and enhance customer acquisition in a new report by Chubb.

Munich Re remains world’s largest reinsurer in AM Best’s top 50 ranking (Source: Insurtech Insights)
Together with Swiss Re, Munich Re accounts for “one quarter of the top 50 reinsurance gross premiums written in 2022”.

Insurance business: beyond the headlines – CFC on the top cyber threats impacting businesses (Source: CFC)
CFC notes that cyber criminals have moved on from “just encrypting data to instead stealing data and threatening its publication”, which has increased the payment of ransom demands.

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