Weekly News Roundup: March 17

In this weeks roundup we have from the SVB crisis to the Top Specialist Wholesale Brokers of 2023. So let's get started...

1. VIU by HUB partners with Fetch Pet Insurance

Digital insurance brokerage platform VIU by HUB has announced that it has partnered with Fetch Pet Insurance. The move expands the personal insurance coverage offered by VIU and will enable pet owners to receive proactive advice that fits their needs and budget, the companies said.

Powered by global brokerage Hub International, VIU offers an embedded broker platform and omnichannel approach featuring a digital-first experience, supported by live agent interactions.


​​2. How the SVB crisis is impacting US insurers

Fitch Ratings has released an analysis of US insurers’ exposure to recent failed banks, including SVB.

Insurers’ direct investment exposure to the failed banks is modest, the analysis said, with an estimated total of just $1.16 billion.

“Insurers’ stable liability and funding profiles will generally enable them to hold bonds until maturity, reducing pressure to sell them at a loss,” Fitch said in its analysis. “However, financial system interconnectedness and second-order effects could present short-term challenges.”

Business team celebrating a triumph with arms up

3. Unveiling the Top Specialist Wholesale Brokers of 2023

Insurance Business America has announced the 40 winners of 2023's Top Specialist Wholesale Brokers.     

This year's list was revealed in a special report focusing on current challenges in the financial market and how elite wholesale brokers are navigating new landscapes and providing constructive solutions.     

With radical change and uncertainty in the market combined with easy access to information through the internet, brokers need to step up their knowledge and skillset.


4. GEICO reports largest cutback in ad spend for 2022

The country’s four largest personal lines property and casualty insurers have reduced their advertising spend in 2022 amid rising costs and elevated claims.

GEICO came out ahead of the pack, according to S&P Global Market Intelligence, with a 38% decrease year-over-year.

The Berkshire Hathaway subsidiary reportedly spent $1.28 billion on advertising in 2022, roughly $800 million less than the prior year, as its parent company saw insurance underwriting results that were impacted by natural catastrophes and increases in private passenger auto claims.

Continuous Improvement on the Mechanism of Metal Gears.

5. Insurance must rethink its role as 'traditional premise' no longer enough

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore.

Instead, attitudes and behaviours around insurance are increasingly purpose-driven and prevention-focused. Consumers are looking to insurance companies to act on the world’s biggest challenges, such as climate change, aging populations, and healthcare gaps. They also strongly want to reduce risks in their lives, according to Bain and Company’s survey.


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