Some operators are already rethinking their logistics. Khanna said that rerouting is increasingly viewed as the prudent course. “The option remains, obviously, to go around the Cape of Good Hope and avoid the Red Sea area altogether,” he said. “Which I think in many cases, they should start thinking about, not just the vessel owners, but also the cargo owners.”
Less than 48 hours later, another Greek-operated cargo ship, the Eternity C, was struck by rocket-propelled grenades and maritime drones, killing at least four crew members, injuring others, and prompting a wide-scale search-and-rescue operation. The group also claimed to have taken some surviving crew members into “custody”.
In today’s fast-evolving business environment, corporate responsibility is no longer a question of compliance – it’s about contribution. With Environmental, Social and Governance (ESG) expectations rising across all sectors, insurance brokers and carriers are uniquely positioned to influence real, measurable change. Their trusted, long-term relationships with clients, combined with their central role in underwriting risk and allocating investment, give them a powerful platform to lead on responsible business practices.
The incursion, which began with a sophisticated act of impersonation involving one of M&S’s external partners, was not detected until two days after the breach occurred on April 17. By then, substantial damage had been inflicted on the retailer’s IT systems, culminating in depleted store shelves, crippled online functions, and an operational headache estimated to cost the business up to £300 million in profit.
The insurance broking industry showed further consolidation in 2024, with the top 15 groups controlling 48.7% of total global broking fees and commissions, up from 47.6% in 2023 and 45.8% in 2020. This trend appears likely to continue into 2025, with eight of the top 500 groups in acquisition processes during the first half of the year.
According to its annual report, the FSCS processed nearly 12,000 claims linked to investments, pensions, and mis-sold financial advice, resulting in payouts amounting to £176 million. A further £134 million was disbursed to policyholders of collapsed insurers, while £17 million was paid to members of failed credit unions, reflecting a broad spread of exposures across the financial services sector.
For insurers, the data present a mixed picture. While the broader financials category ranked second among 21 global sectors for output growth, the insurance subsector sat in the middle of the performance table, behind banks and other financials. Notably, the insurance industry experienced a slower rate of input cost inflation than most other service sectors, suggesting some relief from margin pressures.
“This is grade A mission creep,” wrote Andrew Griffith MP, former City Minister and Shadow Secretary of State for Business and Trade, in a strongly worded LinkedIn post. “It’s a perfect example of the unintended consequences of having too many well paid, deeply ‘woke’, public sector regulators making work for themselves.”
The soft, or softening, global insurance market is also helping. For brokers, finding capacity to cover renewable assets was often challenging. In recent months, this task has become easier. “We’re seeing more carriers enter the renewable energy space, which is creating additional capacity and putting downward pressure on pricing,” said Jason Kaminsky (pictured), CEO at kWh Analytics. Kaminsky’s US-based underwriting firm specialises in renewable energy.
“AI is already embedded in daily workflows, but ISACA’s poll confirms governance, policy, and risk oversight are significantly lacking,” said Jamie Norton, Board Director, ISACA, in a statement. “Leaders must act now to establish the frameworks, safeguards, and training needed to support responsible AI use.”
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