Now that we’ve made it via one other month of 2022, what may very well be extra on-brand for this yr than the truth that May ended with #Swedengate. If you don’t know what that’s, contemplate your self fortunate, as a result of we’re not about to go into summer season discussing whether or not Europeans feed their visitors or not.
Instead, for our May Insurance Newsletter, we’re going to place the concentrate on one thing that’s related it doesn’t matter what the season is: insurance coverage. So be a part of us as we focus on the main traits in insurance coverage and the insurtech sector and replace you on upcoming occasions and tales.
Let’s get into it.
- What’s Going On?
- Tech Layoffs: Are you ready?
- Risk Transfer: Shelter & Storm
- What’s New from Embroker
What’s Going On?
New know-how shaping trade change, says GlobalKnowledge — Insurance News
A brand new report from GlobalKnowledge confirms one thing we at Embroker have identified for years: that digitization is remodeling the insurance coverage trade worldwide.
Global insurtech funding for 2021 smashes data — Insurance Business America
Total funds invested had been $15.8 billion, greater than the quantity invested in 2019 and 2020 mixed.
Cybersecurity Insurance Market is Registering a CAGR of 18.2% from 2022–2032 — Digital Journal
A current report from Future Market Insights predicts that the cybersecurity insurance coverage market will develop 18.2% yearly over the following decade to succeed in $61.2 billion by the top of 2032.
Tech Layoffs: What Comes Next After Brutal May?
Tech layoffs prime 15K in a brutal May
There’s little doubt that May was a tough month for the tech trade. From hiring freezes at corporations comparable to Meta and Twitter to layoffs at PayPal, Getir, and Gorillas, tech staff felt mounting stress from various elements: rising inflation, steep losses on the inventory market, declining VC funding, and the continued fallout from the conflict in Europe.
All of those elements have contributed to a local weather of uncertainty which has hit startups particularly arduous. While the general tech sector stays dynamic, it’s unsure whether or not job losses will proceed into the summer season, and the way a lot these layoffs in tech will harm the broader economic system.
For startups, the difficult job market makes it particularly vital to get employment practices legal responsibility insurance coverage. EPLI protection protects a enterprise in opposition to worker lawsuits, which may end up in staggering authorized prices. Luckily, Embroker makes it extremely straightforward for startups to buy an EPLI coverage at an reasonably priced worth.
Risk Transfer: Shelter from the Storm
Stocks making the largest strikes noon: Salesforce, Delta, Albemarle, and extra
One have a look at the inventory markets worldwide, and there’s no mistaking the route that shares have been heading this yr. With the CEO of JPMorgan Jamie Dimon not too long ago saying that the economic system is headed for a “hurricane,” it’s no marvel that investor nerves are on the sting.
Downturns are a part of the cyclical nature of the markets, however we’re dwelling in particularly unsure occasions. For companies, which means discovering methods to guard themselves in opposition to the onslaught of dangers they’re confronted with within the present market.
If there may be one tried and examined method to mitigate dangers, it’s enterprise insurance coverage. Having the correct insurance coverage protection may also help see you and your corporation via the present dangers and market volatility and offers you an opportunity to make plans for the long run. Think of it as an funding in your future.
So take one other have a look at your insurance coverage insurance policies to ensure you’ve obtained the correct protection for these market circumstances, and examine us out, as a result of we all know the best way to navigate enterprise uncertainty.
What’s New from Embroker?
Upcoming Events, Stories, and More
The Embroker Vertical Insurance Index
Check out our Startup Insurance Benchmark Report, the place we analyze startup dangers and prices for founders.
2022 StartOut Demo Day
Join StartOut entrepreneurs as they current their options at StartOut Demo Day. This yr’s digital Demo Day will spotlight LGBTQ-led, scalable tech startups to traders. Embroker is proud to be one of many sponsors of this occasion.
LPL Calculator: How Much Is Legal Malpractice Insurance?
80% of attorneys get sued sooner or later whereas working towards regulation. That’s why it’s mandatory for attorneys to get authorized malpractice insurance coverage. Find out how a lot it prices and get an estimate utilizing our LPL calculator.
Check out the Embroker Blog for extra.