Weekly News Update – 23rd February

Continuing conflict in Ukraine and the Middle East is having an ongoing impact on the industry, as it faces challenges relating to trade and passenger routes (both sea and air), the insuring of NGO and media personnel on the front line and premium volumes.  We also look at how companies can prepare for the climate transition requirements  and what brokers can be doing to protect SMEs from cyber risks.

Impact of war in Ukraine on insurance (Source: Insurance Post)
As the Ukraine war rages on, Alexis Fehler, A&H Class Underwriter at OneAdvent has been in discussions with Insurance Post, examining the role of the insurance market in supporting personnel working on the ground.

Insurance premium volumes could fall due to Middle East tension: OAC (Source: Reinsurance News)
New data from actuarial consultancy OAC shows increased conflict could narrow existing conflict-free flight paths, causing ‘a lower demand in long distance air travel’ and a decrease in aviation market premium volumes. They also expect to see further ramifications for the shipping insurance market with ongoing attacks affecting trade routes.

How can brokers protect SME clients against cyber risk? (Source: InsurTech)
OneAdvent client, Cowbell “shares the 4-stage cybersecurity framework for brokers to protect their SME clients against risk”.

Insurance Climate Transition – Opportunity, Strategy and Climate Transition Planning (Source: ABI)
The Climate Transition Plan (TPT) Taskforce, launched by HM Treasury, “is a significant development in the global effort to combat climate change”. KPMG discuss its far-reaching implications for the insurance industry.

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