Weekly News Roundup – 24th November

$50 billion: the insured losses from severe convective storms in the United States. 75,000: aggregated death toll from 2023 significant disaster events. 30%: the percentage of total losses covered by insurance. These are just a few of the shocking figures in Aon’s new global catastrophe report. You can get the full picture below. Industry body, the Association of British Insurers, had been appealing to the Chancellor to reduce the rate of insurance premium tax  but Hunt left it unchanged in this week’s Autumn Statement.

Q3 Global Catastrophe (Source: Aon)
Aon’s new global report reveals that “total aggregated insured losses from natural disasters in the first three quarters were estimated to exceed $88 billion, and the number of billion dollar events is already expected to set a record in 2023”.

Insurers spared IPT hike as industry calls for greater clarity on capital reforms (Source: The Insurer)
Although there was no rise in IPT tax in the Autumn Statement there still remains uncertainty for millions of customers and businesses facing increased costs.

Earth observation will fundamentally change insurance (Source: Insurance Innovation Reporter)
Following loosening of regulations in the US, this article says that earth observation tech (namely satellites) and the value it creates for insurers is set to exponentially grow in the next 3-5 years.

PODCAST: The Reinventing Finance Podcast – Episode 42 with Tim Quayle of OneAdvent (Source: OneAdvent)
OneAdvent CEO, Tim Quayle, recently guest-starred on the Reinventing Finance podcast with Nikolaus Sühr and Tom van der Lubbe, talking about why he is a huge advocate of the DA model and why alignment between carrier and MGA strategy is so important.

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