Happy hump day, !

This week, we delve into the fine art insurance market where North America leads the way and the global average HNWI spending during the H1 2024 was a shocking $143,905 per purchase. 

The European Insurtech market had a terrible 2024, with funding falling 25% YoY and deal volume dropping by as much as 54%. However, the UK secured 32% of all European Insurtech deals and strengthened its position in the region.

The job market remains resilient. Unemployment claims remain elevated when compared to pre-COVID levels but not to a recession alarming state.

— Insurance 150 Team

Table of Contents

• Data Dive

• Trend of the Week

• Market Movers

• Insurtech Corner

• Deal of the Week

• Macroeconomics

• Interesting Articles

• Tweet of the Week

Data Dive: The Billion-Dollar Brushstroke

Fine art isn’t just about aesthetics—it’s a serious asset class. The global fine art insurance market, currently valued at $5.56 billion, is set to hit $6.73 billion by 2032 (CAGR: 4.34%). What’s fueling this growth? High-net-worth individuals (HNWIs) are investing more in art, with allocations reaching 25% of portfolios for those worth $50M+.

The Numbers That Matter:

• The art market has skyrocketed 8,600% in value since 1978.

• Average HNWI spending on fine art in H1 2024? A cool $143,905 per purchase.

• North America leads the insurance market, but Asia is catching up fast with a 47.4% increase in art wealth projected by 2026.

The Fine Print: Despite its growth, fine art insurance faces challenges—valuation disputes, rising fraud, and climate risks. With wildfires and floods increasingly damaging collections, insurers are adjusting coverage models. The next frontier? Cross-border policies and dynamic valuation models to keep up with shifting art prices.

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Unemployment Insurance: The Real-Time Recession Detector

Economists rely on lagging indicators like GDP to measure economic health, but unemployment claims have always been the canary in the coal mine. The Department of Labor’s weekly UI claims data has been tracking job losses since 1945, making it one of the few real-time economic indicators with historical depth.

The latest data? Unemployment claims remain elevated compared to pre-pandemic levels but haven't triggered full-blown recession alarms. The spike in 2020 was a once-in-a-lifetime (hopefully) anomaly, but the post-pandemic labor market is still recalibrating. Continued claims—those filing for benefits week after week—remain a key metric to watch. If they keep creeping up, expect more volatility in insurance portfolios.

For now, the job market remains resilient, but as history shows, that can change quickly. Keep an eye on those claims numbers—they tell the story before the headlines do.

In partnership with Range

Insurance Execs Manage Risk. Who’s Managing Their Wealth?

You help clients protect their financial future—so who’s protecting yours?

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Even if you already have an advisor, you’d be surprised how much in fees you could save.

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UK InsurTech: Still Standing in a Sinking Market

European InsurTechs just suffered a brutal year. Funding fell to $1.7B (down 25% YoY), and deal volume collapsed 54%—hitting its lowest level in years. But amid the wreckage, the UK remains the continent’s last stronghold, securing 32% of all deals (though still down 54% from 2023).

One of the rare bright spots? Hyperexponential: The UK-based pricing decision intelligence (PDI) software firm locked in a $73M Series B, one of the biggest InsurTech raises of the year. With 10x revenue growth and a profitable model, hx Renew is now setting its sights on the US market.

The big picture? Investors are still wary, but UK InsurTechs are proving that the right mix of AI-driven innovation and profitability can still get deals done.

Deal of the Week: Gallagher Continues Its Buying Spree with $1.2B Woodruff Sawyer Acquisition

Arthur J. Gallagher & Co. is making another major M&A move, announcing a $1.2 billion acquisition of Woodruff Sawyer, one of the top 40 U.S. insurance brokers. The deal strengthens Gallagher’s position in management liability, construction, real estate, and cyber insurance, while expanding its West Coast footprint.

This follows Gallagher’s $13.5B acquisition of AssuredPartners in December, reinforcing the trend of consolidation in the middle-market brokerage space. Woodruff Sawyer, with $268M in pro forma revenue and a team of 600+ employees across 15 offices, will integrate into Gallagher’s U.S. retail brokerage under Peter Doyle.

With insurance M&A heating up, Gallagher is proving that scale and specialization are key to staying ahead. The deal is expected to close in Q2 2025.

In partnership with Range

Insurance Execs Manage Risk. Who’s Managing Their Wealth?

You help clients protect their financial future—so who’s protecting yours?

Range is a modern all-in-one wealth management platform built for high-earning professionals like you. Their flat-fee, fiduciary model ensures your financial strategy is optimized without conflicts of interest. From taxes and estate structuring to equity planning and investment management, Range’s team of experts and cutting-edge platform help maximize your wealth—without the inefficiencies and fees of traditional firms.

Book a complimentary demo and take control of your financial future.

Trump’s Trade Whiplash and the USMCA Deficit

Trump hit Mexico and Canada with 25% tariffs, then partially reversed course two days later. The reason? Businesses and markets hate uncertainty almost as much as they hate higher costs.

The chart shows a persistent US trade deficit with its neighbors, with Mexican imports surging under USMCA. Some blame Chinese goods rerouting through Mexico, which Trump aims to curb—while keeping everyone guessing.

With exemptions lasting just 30 days, businesses now face a monthly game of tariff roulette—not exactly a winning economic strategy.

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"You miss 100% of the shots you don’t take"

Wayne Gretzky