Weekly News Update – 26th January

Amazon’s foray into the insurance world has ended as quickly as it started as it announces the closure of its insurance comparison site after just 15 months. Aon’s latest report, which identifies natural disaster and climate trends highlights some devastating statistics. Insurtech has survived a battering suffered by the rest of the fintech sector according to a new Forbes article…and we can’t go without announcing our new client launch – Criterion.

Amazon closes insurance comparison site (Source: The Times)
In a perhaps unsurprising move, Amazon has axed its UK insurance comparison site after failing to compete with the likes of Go Compare and MoneySuperMarket.

Number of billion-dollar disasters in 2023 highest on record: Aon report (Source: Aon)
In their latest ‘Annual Climate and Catastrophe Insight Report’ Aon reveals that in 2023 ‘the 398 global natural disaster events caused a $380 billion economic loss’.

Why insurtech remains steady as other fintech segments falter (Source: Forbes)
An interesting article examining why insurtech funding levels and deal numbers have remained steady.

Waste management and recycling plant insurance – a market short on capacity (Source: Insurance Age)
Insurance Age explores why there is such a reluctance to underwrite waste management and recycling risks. ‘”There is a crying need for specialty underwriting in this class,” said Stuart Kinsella, underwriting director at new recycling MGA, Criterion.’

OneAdvent launches Criterion to plug gap in the under-served recycling sector (Source: OneAdvent)
OneAdvent, has announced the launch of Criterion Ltd (Criterion), an MGA underwriting niche classes of business including waste management, recycling and mining business.

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