Marine Insurance Is Booming Again: Here's Where Smart Capital's Going

Good morning, ! It’s Wednesday, and we look at the global marine hull insurance market, global life insurance growth, and Africa’s insurtech state.

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DATA DIVE

Hull, Yeah: A $9.2B Market Resurfaces

The global marine hull insurance market hit $9.2B in 2023, up 7.6% YoY, marking a sharp rebound after a decade-long slog. Rising ship values, tightened capacity, and the return of catastrophic losses (hello, containership fires) have reignited premiums. But here’s the rub: claim severity is up, even as frequency remains low. Europe still dominates (52% of global share), but China and Singapore are where the underpenetrated action is. Bottom line: hull insurance is no longer a sleepy backwater—it’s now a proving ground for pricing discipline in a high-volatility ocean. (Read or Listen to the Full Report)

TREND OF THE WEEK

Life Insurance Is Back (And Emerging Markets Is Carrying the Torch)

The life insurance market is finally stretching its legs again. Global life premiums are expected to grow 2.9% in 2024, nearly quadruple the past decade's average. But the real action is in emerging markets, where growth is forecast to hit 7.2%—outpacing advanced economies by nearly 5x. What’s fueling this surge? A cocktail of elevated interest rates, aging populations, and a rising EM middle class hungry for financial protection. Meanwhile, advanced markets continue their slow jog at 1.5%. For insurers and investors, this isn’t just about recovery—it’s a geographic reset. If your growth map still starts in Frankfurt, it may be time to learn how to spell São Paulo. (More)

PRESENTED BY BOXABL

The Father-Son Duo Rethinking Homebuilding

Home construction has been slow, costly, and inefficient for centuries. So in 2017, Paolo and Galiano Tiramani founded BOXABL to change that.

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MARKET MOVERS

INSURTECH CORNER

Africa’s Insurtech Leap: Personalised, Data-Driven, AI-Backed

The Africa InsurTech Forum 2024 revealed how the continent’s insurers are leapfrogging legacy systems and embracing technology to close long-standing protection gaps.

From Nairobi to Lagos, insurers are turning to personalization, leveraging social media and lifestyle data to tailor policies and boost retention. Big data is no longer just a buzzword; it’s underwriting microinsurance for smallholder farmers and helping players like Turaco and mTek serve the underserved.

AI is automating claims and underwriting, while cybersecurity is fast becoming both a defensive strategy and a product line. The market is also warming to cyber insurance, a niche in developed economies that’s gaining traction amid rising digital risks.

Crucially, all this innovation is happening under the watchful eye of evolving regulators. Forums like this champion regulatory sandboxes—creating room for experimentation without chaos.

Why it matters: Africa’s insurance market remains underpenetrated, but its digital infrastructure—particularly mobile and fintech adoption, is among the world’s fastest-growing. That makes it a laboratory for agile, tech-first insurance models that global incumbents and investors shouldn’t ignore. (More)

DEAL OF THE WEEK

Insurance? Try Fintech With a Side of M&A

Acrisure just reminded everyone it’s not “just an insurance broker.” The Michigan-based firm locked in $2.1 billion from Bain Capital and others, at a whopping $32 billion valuation—a 40% jump from three years ago. The raise, led via convertible senior preferred stock, fuels its ongoing metamorphosis into a tech-enabled financial services platform.

CEO Greg Williams is shopping for deals and hinted at non-insurance M&A on the horizon—think cybersecurity, payroll, and fintech. No one exited in this round, which tells you something. Also: Bain’s Cristian Jitianu joins the board.

Acrisure’s pitch? $5B+ revenue, 900 acquisitions under its belt, and resilience during economic chaos. If it sounds like an IPO tease, that’s because it is—but Williams is still playing it close to the vest. (More)

TOGETHER WITH BOXABL

A New Chapter in Home Construction

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MACROECONOMICS

Don’t Blame Beijing—Blame Comparative Advantage

Blaming China for the U.S. trade deficit is like blaming your ex for your credit card debt—emotionally satisfying, but economically flawed. The U.S. hasn’t posted a trade surplus since 1975, well before China joined the WTO. The real culprit? Structural shifts in America’s economy toward high-cost services and away from manufacturing. As the U.S. outsourced goods and imported capital, China capitalized with scale and specialization. The result: America morphed into the world’s shopper-in-chief, not because it was outsmarted—but because that’s what rich, service-driven economies do. (More)

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TWEET OF THE WEEK

"Dont be afraid to give up the good to go for the great."

John D. Rockefeller