News

Weekly News Roundup – 1st December

Markel has announced its intention to create a program services division in the UK to serve MGAs, in particular supporting speciality commercial lines business. AM Best also shared good news by maintaining a positive market outlook for the DUA sector. The credit rating agency said that “the DUAE segment is still burgeoning with opportunity despite capacity constraints”.

State National coming to the UK MGA market through Markel International (Source: Global (Re)insurance)
The Markel-owned US programme services carrier will come to the UK in January. Markel’s President said “When complete….will bring much-needed capabilities to the market and help us better support the MGAs in the UK”.

Why AM Best has a positive market segment outlook for DUAE market (Source: AM Best)
Sustained growth, ability to address underserved and emerging risks and the use of tech and talent to drive innovation are just some of the reasons behind AM Best maintaining its positive outlook.

Google Cloud’s Walsh: Insurers increasingly embracing cloud and AI technologies (Source: The Insurer TV)
Google’s Head of Insurance discusses how the insurance industry is embracing cloud technologies, why his personal mission is to “make insurance lovable” and why the shift to cloud is such a “generational opportunity”.

‘This is a major opportunity’ – Insurers asked to step up ahead of COP28 (Source: Insurance Business Magazine)
Nigel Brook, global resilience and climate change risk practice leader at Clyde & Co acknowledges that ‘it’s a bumpy road ahead’ for insurers who “must find a way to underwrite these projects in a way that doesn’t put too much of the capital at risk”.

MAPFRE Chairman advocates for ethical AI legislation in the insurance industry (Source: Insurtech Insights)
In a keynote speech at the Geneva Association Summit 50, Antonio Huertas said “Europe has to strike the balance between necessary regulation and stifling competitive advantage”.