The Insurance Special — May 2022 Newsletter
Now that we've made it through another month of 2022, we detail what happened in May in our insurance newsletter. Read on.
Protect your business today!
Get a QuoteNow that we’ve made it through another month of 2022, what could be more on-brand for this year than the fact that May ended with #Swedengate. If you don’t know what that is, consider yourself lucky, because we’re not about to head into summer discussing whether Europeans feed their guests or not.
Instead, for our May Insurance Newsletter, we’re going to put the focus on something that’s relevant no matter what the season is: insurance. So join us as we discuss the major trends in insurance and the insurtech sector and update you on upcoming events and stories.
Let’s get into it.
- What’s Going On?
- Tech Layoffs: Are you prepared?
- Risk Transfer: Shelter & Storm
- What’s New from Embroker
What’s Going On?
New technology shaping industry change, says GlobalData — Insurance News
A new report from GlobalData confirms something we at Embroker have known for years: that digitization is transforming the insurance industry worldwide.
Global insurtech funding for 2021 smashes records — Insurance Business America
Total funds invested were $15.8 billion, more than the amount invested in 2019 and 2020 combined.
Cybersecurity Insurance Market is Registering a CAGR of 18.2% from 2022–2032 — Digital Journal
A recent report from Future Market Insights predicts that the cybersecurity insurance market will grow 18.2% annually over the next decade to reach $61.2 billion by the end of 2032.
Tech Layoffs: What Comes Next After Brutal May?
Tech layoffs top 15K in a brutal May
Actors definitely NOT pictured above …
There’s no doubt that May was a rough month for the tech industry. From hiring freezes at companies such as Meta and Twitter to layoffs at PayPal, Getir, and Gorillas, tech workers felt mounting pressure from a number of factors: rising inflation, steep losses on the stock market, declining VC investment, and the continued fallout from the war in Europe.
All of these factors have contributed to a climate of uncertainty which has hit startups especially hard. While the overall tech sector remains dynamic, it’s uncertain whether job losses will continue into the summer, and how much these layoffs in tech will hurt the broader economy.
For startups, the challenging job market makes it especially important to get employment practices liability insurance. EPLI coverage protects a business against employee lawsuits, which can result in staggering legal costs. Luckily, Embroker makes it incredibly easy for startups to purchase an EPLI policy at an affordable price.
Risk Transfer: Shelter from the Storm
Stocks making the biggest moves midday: Salesforce, Delta, Albemarle, and more
You’ll need more than an umbrella.
One look at the stock markets worldwide, and there’s no mistaking the direction that stocks have been heading this year. With the CEO of JPMorgan Jamie Dimon recently saying that the economy is headed for a “hurricane,” it’s no wonder that investor nerves are on the edge.
Downturns are part of the cyclical nature of the markets, but we’re living in especially uncertain times. For businesses, that means finding ways to protect themselves against the onslaught of risks they are faced with in the current market.
If there is one tried and tested way to mitigate risks, it’s business insurance. Having the right insurance coverage can help see you and your business through the current risks and market volatility and will give you a chance to make plans for the long term. Think of it as an investment in your future.
So take another look at your insurance policies to make sure you’ve got the right coverage for these market conditions, and check us out, because we know how to navigate business uncertainty.
What’s New from Embroker?
Upcoming Events, Stories, and More
The Embroker Vertical Insurance Index
Check out our Startup Insurance Benchmark Report, where we analyze startup risks and costs for founders.
Join StartOut entrepreneurs as they present their solutions at StartOut Demo Day. This year’s virtual Demo Day will highlight LGBTQ-led, scalable tech startups to investors. Embroker is proud to be one of the sponsors of this event.
LPL Calculator: How Much Is Legal Malpractice Insurance?
80% of attorneys get sued at some point while practicing law. That’s why it’s necessary for lawyers to get legal malpractice insurance. Find out how much it costs and get an estimate using our LPL calculator.
Check out the Embroker Blog for more.