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Weekly News RoundUP – 25th October

Results from FERMA’s annual survey show the rising concerns of risk managers over future uninsurable risks and highlights that “challenging market conditions” have forced a change in insurance strategies. Over in Germany, reinsurers gathered in Baden-Baden to discuss the impact of new emerging risks and why the industry must focus on value not price. Marsh’s Global Insurance Market Index reveals falling rate changes in Q3 2024 in three of the four major insurance product lines.

FERMA survey reveals rising concerns over uninsurable risks (Source: Captive International)
53% of respondents “believe that key business activities and locations will become uninsurable, up from 41% in 2022” with these ‘uninsurable’ risks being cited as “climate-change related physical risks and natural disasters (73%), cyber attacks (55%) and supply chain disruption (34%)”.

Baden-Baden Symposium: 1.1 talks must go beyond pricing as loss creep concerns mount (Source: The Insurer)
Despite the emergence of “new and evolving risks” and the “issues around loss creep”, Guy Carpenter CEO of EMEA and global capital solutions has implored the industry to look at the bigger picture and focus on value instead of price.

Investing in insurance: The value imperative (Source: McKinsey & Company)
McKinsey explores the private equity in insurance landscape, outlining the importance of operational value creation as a primary competitive differentiator and what management teams should be prioritising to achieve sustainable growth.

Global commercial insurance rates show first quarterly fall in seven years, Marsh says (Source: Reuters)
According to Marsh the 1% decline is largely due to increased competition among insurers in the global property market. Casualty insurance “was the only major product line to see an overall increase in the period”.

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