Weekly Newsletter - 12.11.2024

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EVENT OF THE WEEK 📅

EDITOR’S PICK 🎯

How Your Confidence Crisis is Costing You Sales – And How to Stop It

Practical Tips by Kate Philpot from Getty Images

Ever felt like a fraud in a client meeting, worrying that you'll be exposed? You're not alone. Imposter syndrome can impact anyone, especially in sales, where confidence is key.

Kate Philpot, VP of Global Sales Enablement at Getty Images, and Camille Kempell, Business Development Director at Hive Perform, recently had an eye-opening conversation about overcoming self-doubt and building lasting confidence. They shared actionable strategies that go beyond managing imposter syndrome and help you build your career and maintain consistent performance.

Kate and Camille discuss:

• How imposter syndrome impacts your sales confidence and performance.

• Practical tips to speak up and combat self-doubt.

• The power of preparation to build lasting confidence.

• Why tracking your wins is essential to shifting your mindset.

• How mentorship and sponsorship can fuel your growth in sales.

Want to hear more? Get all their insights now and watch the recording now.

INDUSTRY INSIGHTS 🌐

Reinsurance Market to Stabilise Next Year, Pricing to Return to 2023 Levels

JP Morgan analysts project a stabilization in the reinsurance market by 2025, with pricing poised to return to the healthy levels observed in 2023. Even with minor price declines anticipated in the low single digits, the market remains robust. The January 1st, 2025 renewals loom large, especially following over $100 billion in insured natural catastrophe (nat cat) losses and an active hurricane season. Despite these challenges, a stable pricing environment is expected.

In their analysis, JP Morgan highlights that the previous consensus suggested a softening of prices before recent hurricanes. However, losses from these storms aren't anticipated to harden market conditions significantly. The continued firmness in terms and conditions, coupled with high attachment points, should bolster profitability.

Across the property and casualty (P&C) insurance and reinsurance sectors, pricing cycles appear to have peaked. Analysts foresee possible price flattening or minor reductions but dismiss the likelihood of sharp price collapses. This outlook suggests that most lines will remain adequately priced, thus maintaining reinsurers' margins. With current earnings expectations aligning with valuations, P&C reinsurers may see fewer unexpected earnings boosts compared to prior years.

Climate Change and Property Insurance Claims: A Gathering Storm for Carriers

Climate change is reshaping the insurance industry, driving an increase in property claims from disasters like wildfires and hurricanes. U.S. insurers covered $80 billion in natural disaster losses in 2023, with a notable amount remaining uninsured due to high premiums. Insurers face pressure as losses mount, with figures set to rise in 2024. This scenario strains insurers' ability to predict and manage claims effectively, creating a crisis of confidence in the industry's sustainability.

Rising claim volumes burden claims adjusters, leading to workforce shortages and prolonged settlement times. This impacts both residential and commercial sectors, where claims now encompass not just physical damage but also financial losses. As risk zones expand beyond coastal regions due to climate change, insurers are tightening underwriting and increasing premiums, leaving some high-risk homeowners underinsured.

To counter these challenges, insurers turn to technological innovations to improve efficiency and precision in claims processing. Advanced analytics enhance risk modeling, aiding in accurate premium pricing and resource allocation. Parametric insurance offers timely compensation based on predefined metrics, easing claims processes. Embracing these advancements can help the industry adapt to an uncertain future, ensuring sustainability amidst climate change. Such strategies redefine the insurance landscape, positioning carriers to manage climate-related risks with greater efficiency and reliability.

INDUSTRY NEWS 📰

Liberty Mutual Names Marc Orloff President, GRS North America

Marc Orloff has been appointed President of Liberty Mutual's Global Risk Solutions (GRS) North America, effective January 1, 2025. He will replace Kevin Smith, who is retiring but will remain an advisor. Orloff aims to continue the underwriting-led culture and capitalize on opportunities in North America.

Horace Mann Expands to New Jersey, Supporting Educators with Comprehensive Services

Horace Mann expands into New Jersey, offering insurance and financial services tailored for educators. Partnering with Plymouth Rock, they provide auto and home insurance, alongside student loan and retirement solutions. This initiative aims to support educators, allowing them to focus on their impactful roles in shaping future generations.

James Irvine to Lead OAK Re Property Reinsurance Growth Strategy

James Irvine will join OAK Re as Chief Underwriting Officer for property in spring 2025, based in London. With nearly two decades of experience, his appointment aligns with OAK Re strategic vision to become a leading global reinsurance franchise at Lloyd, emphasizing industry expertise and advanced risk insights.