Weekly Newsletter - 11.09.2024

Insurance industry faces $151 billion annual catastrophe losses

Author

Sales Intelligence
September 12, 2024 • Estimated Reading Time: 3 minutes

Finance Regulation

The UK FCA will investigate pure protection insurance sales, focusing on commission structures and value to policyholders. The study will examine consumer engagement, competitive constraints, and potential conflicts of interest. This follows FCA's actions to improve customer service in other insurance sectors, emphasizing consumer protection.

Reinsurance News

Insurers should anticipate average annual natural catastrophe losses of $151 billion due to rapid exposure growth and inflation, according to Verisk. This figure surpasses the previous year's $133 billion and the five-year average of $106 billion. Climate change, though currently minor, is expected to significantly impact future losses.

People News

CRC Group, a leading North American wholesale specialty insurance distributor, has expanded its team with three key appointments: Rudie Heling as underwriting team leader, Sam Rector as broker, and Chris Young as personal lines underwriting team leader. These additions aim to enhance services for retail agency clients nationwide.

Business & Leadership

Zurich North America has appointed Arooran "Aroo" Sivasubramaniam as Head of Zurich Resilience Solutions (ZRS) for North America. With nearly 20 years of experience in insurance, Sivasubramaniam will lead ZRS's growth, focusing on risk management services to position Zurich as a leader in risk prevention.

Insurance Industry

Liz Hopper, managing director of Harry Hall, aims to double gross written premiums and expand product offerings within 24 months. Established in 1891, Harry Hall pivoted in 2017 to focus on equine and rider insurance. The company, based in Bradford, currently has 33 employees and a GWP of around $3.9 million.

Sales Intelligence is a Contentive publication in the Sales & Marketing division