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The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.

Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).

Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

Is adequate risk transfer in the face of rapid technological change even possible?

The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.

According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.

In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.

As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.