Weekly News Roundup – 12th January

The World Economic Forum released its Global Risks Report this week, which highlights the five risks most likely to “present a material crisis on a global scale”. Despite the challenges these present, experts emphasise that we do have “the capacity to respond”. Lloyd’s has set limits for Letters of Credit in response to the Vesttoo fiasco and, also, we share some of our thoughts on what MGAs need to do to launch in 2024 in an Insurance Times article. Enjoy!

Global Risks Report 2024 (Source: World Economic Forum)
In its latest annual Global Risks Report, the WEF reveals the top 5 risks, which include extreme weather events, cyberattacks and AI-generated misinformation and disinformation.

MGA learnings for 2023 and missions for beyond (Source: Insurance Times)
What’s the one thing new MGAs must do to get off the ground in 2024? For OneAdvent CEO, Tim Quayle, it boils down to this – having a smart, simple plan to show value and minimise execution risk. Read Tim’s reflections on 2023, and tips for MGA success in 2024.

BIBA launches 2024 manifesto (Source: Insurance Business Magazine)
Graeme Trudgill, BIBA’s CEO said “We are calling for effective scrutiny of the FCA’s (Financial Conduct Authority) growth and competitiveness objective with metrics to measure the regulator’s success in helping to facilitate a thriving and competitive insurance market”.

Lloyd’s sets limits for letters of credit exposure (Source: Insurance Insider)
Following the Vesttoo scandal last year, in which forged letters of credit were used, Lloyd’s has taken measures to protect itself. One way is to examine the issuing banks’ long-term credit ratings.

Cowbell to cover UK mid-market businesses with up to £1bn turnover (Source: Reinsurance News)
We’re delighted to announce that Cowbell, our cyber MGA client, has expanded their offering due to “the demand for advanced cybersecurity solutions…where the traditional InsurTech offerings often fall short”.

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