AIG’s CEO has said that 2025 catastrophe losses “could recalibrate the entire industry” and that the recent wildfire losses demonstrate the “significant protection gap for the peril”. Global insurtech funding dropped 5.6% YoY, from USD4.51 billion in 2023 to USD4.25 billion in 2024 according to Gallagher Re’s new report. The FCA shares why a healthy culture is critical for healthy growth and that the encouragement of “open dialogue, constructive challenge and learning from failure, fuels innovation”.
Catastrophe losses could top $200 billion this year: Zaffino (Source: Business Insurance)
AIG CEO, Peter Zaffino, warns that with significant losses from California wildfires already recorded, 2025 insured losses are likely to “exceed the already elevated losses of the past several years”.
Global InsurTech Report Q4 2024 (Source: Gallagher Re)
According to Gallagher Re, global InsurTech funding “halved QoQ, from USD1.38 billion in Q3’24 to USD688.24 million in Q4 2024” and that “half of Q4’24 InsurTech deals involved InsurTechs with a focus on claims”.
Cyber market reaches $16.6bn – Guy Carpenter report (Source: Global (Re)insurance)
Pricing for cyber insurance flattened or decreased in 2023, continuing to adjust throughout 2024, according to the reinsurance broker. The market hit $16.6bn last year, with North America contributing £10.5bn and Europe $3.9bn.
Culture is contagious (Source: FCA)
FCA COO Emily Shepperd has spoken of the importance of corporate culture in shaping firms’ conduct towards its customers and flags why non-financial misconduct is one of the clearest signs of a toxic culture.
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