Weekly News Update – 1st March

62% of UK business leaders fear ramifications for not meeting ESG targets, believing the likelihood of litigation is on the increase, according to new research from Gallagher.  A thoughtpiece from Tony Kuczinski, a former President and CEO of Munich Re, explores why insurtechs have not disrupted the industry in the way they thought they would. There’s also a lively podcast around what insurers are doing to support the reneweable energy insurance market.

Business leaders fear legal action over ESG targets (Source: BusinessMatters)
A survey conducted by Gallagher revealed that two thirds of business leaders were concerned about the possibility of litigation for failing to meet ESG benchmarks. Nearly three quarters of those surveyed “admitted feeling pressured to establish ESG goals, despite lacking confidence in their ability to fulfil them”.

Where insurtech went wrong (Source: Insurance Thought Leadership)
Fascinating insight from Tony Kuczinski, a former President and CEO of Munich Re, on the role of insurtech in the industry (less of a disruptor, more of an enabler to make what exists currently, better), what stopped tech companies making their mark and why cyber entrants are more of a success story.

An update on AM Best’s Performance Assessment for Delegated Underwriting Authority Enterprises (Source: MGAA)
This new webinar will give a refresher of the AM Best assessment process and a summary of some published examples.

Winds of change in renewable energy insurance (Source: Insurance Post)
OneAdvent MGA client, Michael Morgan, founder and CUO of Viridis Underwriting Partners, took part in Insurance Post’s podcast centred around renewable energy insurance. He discussed availability of cover for older windfarms, the challenges associated with larger turbine sizes plus the cyber security risks facing renewable energy providers.

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