Reinsurers reducted rates for property catastrophe risk and coverage
Insurers achieved positive mid-year renewal results. These included reinsurance rate reductions for property catastrophe risk
News
Flooding in Bavaria and Baden-Württemberg will cost insurers €2 bn
The German Insurance Association (GDV) forecasts that recent flooding in Bavaria and Baden-Württemberg will cost insurers about €2 bn
A.M. Best revised outlook for global reinsurance industry to positive
Rating agency AM Best has upgraded its sector outlook for the global reinsurance industry from stable to positive
Insurtech Kin Insurance completed reinsurance program
Insurtech Kin Insurance has announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange have finalized their reinsurance programs
GenAI startup Orby AI secured $30 mn funding in Series A
Orby AI, a startup in the realm of enterprise automation, has secured a $30 million funding round to propel its mission of streamlining mundane processes
Velonetic and Lloyd’s launched a secure transition to Blueprint Two phase one
Lloyd’s and Velonetic have postponed the Blueprint Two phase one digital services launch, initially set for 2024. This decision aims to ensure safety and market preparedness
Lloyd’s introduced a new Canadian Core Fixed Income Solution
Lloyd’s, a global leader in insurance and reinsurance, introduces a new Canadian Core Fixed Income Solution on its Investment Platform
H1 2024 Reinsurance renewals indicated a changing market
The mid-year reinsurance renewals indicated a changing market driven by rising demand for protection. According to Guy Carpenter
PERILS updated insurance industry loss for Australia Christmas Storms
PERILS released the third loss estimate for the Australia Christmas Storms. PERILS updated insurance industry loss estimate stands at AUD 1,563 million
Global reinsurer capital in Q1 2024 increased for $695 bn
Aon reports a 4% increase in global reinsurer capital during the first quarter of 2024, reaching a new high of $695 billion
Howden highlights cyber insurance market growth by 54% by 2030
Howden Group’s fourth annual cyber report, “Risk, Resilience and Relevance,” highlights cyber insurance market stabilization last year
Climate insurtech IBISA raised €2.8 mn led by ARAF and Equator
Luxembourg-based climate insurtech IBISA Network has raised a €2.8 mn funding led by The Acumen Resilient Agriculture Fund (ARAF) and Equator
Artificial intelligence presence increased since advent of generative AI tools
Artificial intelligence has been around for decades, but its presence in public consciousness has increased dramatically since the advent of generative AI tools
Insurance market in China rised in Q1 2024 to $302.7 bn – CNFRA
Insurance market in China in the Q1 2024 reported primary insurance premium income of $302.7 bn, an increase of 5%
Cybersecurity platform YesWeHack raised €26 mn Series C led by Wendel
YesWeHack, a Bug Bounty and cybersecurity vulnerability management platform, has raised €26 mn in a Series C funding round led by Wendel
Insurtech Honeycomb raised cumulative funding to about $55 mn
Honeycomb Insurance sequred $36 mn in Series B led by Zeev Ventures. Honeycomb plans to use its new funding to double its workforce
Insurtech Understory raised a new $15 mn round of Series A
Understory, a Wisconsin-based insurtech, has raised a new $15 mn round of Series A capital co-led by True Ventures and Prelude Ventures
Car insurance agency Loop laid off staff after unsuccessful fundraising
Loop, a car insurance agency, co-founded by John Henry of Harlem Capital, has laid off staff due to fundraising challenges
AXIS launched US-based AXIS Cyber Incident Commander
AXIS Capital has launched of a new service for US-based, direct primary cyber insurance customers – AXIS Cyber Incident Commander
Zurich Insurance acquires 70% of indian insurer Kotak for $670 mn
Zurich Insurance Company has completed of acquiring majority stake in Kotak Mahindra General Insurance Company from Kotak Mahindra Bank
Insurtech Rhino secured 500K committed units to Rhino Integrated
Rhino, the security deposit insurtech, has secured 500,000 committed units to Rhino Integrated, its new user experience offering deposit insurance
Digital platform Amplify Life Insurance raised $20 mn in Series B
Wealth-building digital platform Amplify Life Insurance has raised $20 mn in a Series B funding round co-led by Crosslink Capital and Anthemis
Insurtech ZA Tech, rebranded as Peak3, raised $35 mn Series A
ZA Tech, the insurance core system SaaS provider, has rebranded as Peak3 and has raised a $35 mn in Series A funding led by EQT and Alpha JWC Ventures
Ping An upgraded Ping An Family Doctor – health management system
Ping An Health’s upgraded “Ping An Family Doctor” introduces a comprehensive one-stop proactive health management services system
Insurtech Pyte raised additional $5 mn led by Myriad Venture
Los Angeles-based insurtech Pyte, specialising in secure computation platforms, has raised an additional $5 mn in funding, bringing its total funding to over $12 mn
AI insurtech Anterior raised $20 mn in Series A at a $95 mn valuation
Anterior, an insurtech company leveraging AI, has raised $20 mn in Series A funding at a $95 mn valuation
P&C insurers face several key risks and trends
As insured catastrophe losses rise, potentially increasing rates and reducing homeowner protection, according to S&P
Insurtech bolttech partnered with HAVA in Indonesia
International insurtech bolttech has partnered with HAVA, a B2B procurement company in Indonesia to allows HAVA to offer comprehensive device protection solutions
Insurers are prioritising automation and claims processing
A recent poll conducted among technology teams at insurance firms and MGAs by RDT highlights that insurers are prioritising automation, with claims processing
Shipping insurtech Orca AI secured $23 mn new funding
Orca AI, a Tel-Aviv-based shipping insurtech company, has secured $23 mn in new funding, bringing its total raised to $38.6 mn
FintechOS secured $60 mn in a Series B+ funding led by Molten Venture
FintechOS, a financial product management platform, has secured $60 mn in a Series B+ funding round led by Molten Venture
Severe storms & flooding impacted for insured losses in Central Europe
Severe storms and flooding have impacted Central Europe, leading to economic and insured losses in the hundreds of millions of euros
Insured Losses in Germany from floods will range from €2 bn to €3 bn
Moody’s RMS estimates that insured losses in Germany from the Central Europe Floods will likely range from €2 bn to €3 bn
Guy Carpenter launched the Capital & Advisory group
Guy Carpenter, a global risk and reinsurance specialist under Marsh McLennan, launched the Capital and Advisory group within its Global Capital Solutions unit
Insurtech Coversure raised $4 mn in a pre-Series A led by Enam
Indian insurtech Coversure has raised $4 mn in a pre-Series A funding round led by Enam Holdings, a seasoned regional investor
Insurtech Habit launched a Habit Bill Protection Insurance
Habit, a Portuguese insurtech specializing in embedded insurance and digital distribution, has launched a new product: Habit Bill Protection Insurance
Insurance losses from US severe weather could reach $20 bn
BMS has released a severe weather update indicating that insurance losses have surged past $10 bn and could reach nearly $20 bn
DFC announces $357 mn in New Political Risk Insurance in Ukraine
U.S. International Development Finance Corporation (DFC) announces $357 mn in new political risk insurance in ukraine as russia’s invasion threatens critical private investment
Swiipr raised $7.6 mn to advance airline disruption payments platform
Swiipr, a travel paytech company, has raised $7.6 mn in funding to advance its platform for airline disruption payments, led by Octopus Venture
Insurtech Authentic raised $11 mn in a Series A led by FirstMark Capital
Authentic Insurance, a New York-based insurtech startup, has raised $11 mn in a Series A funding round, led by FirstMark Capital
Insurtech APOLLO sequred $13.4 mn to establish a Finshore
Insurtech APOLLO has raised $13.4 mn to establish its buy-now-pay-later (BNPL) subsidiary, Finshore
Insurtech ifeel sequred $20 mn in Series B led by FinTLV Ventures
ifeel raises $20 million to save millions in mental health-related disability, productivity and claims for insurance companies and corporates around the world
Reinsurance capacity increased from traditional & ILS sources
Reinsurance demand saw a significant increase, particularly for higher catastrophe layers, as Florida property insurers sought additional protection
Lloyd’s will open a new office in Miami to enhance business in LatAm
Lloyd’s, a leading global insurance and reinsurance marketplace, will open a new office in Miami to enhance its business in Latin America and the Caribbean
Lloyd’s signed of a Memorandum with the Bermuda Monetary Authority
Lloyd’s has signed a Memorandum of Understanding (MoU) with the Bermuda Monetary Authority (BMA) to collaborate on supporting
Insurtech Sixfold raised $15 mn in Series A to develop AI underwriting platform
Sixfold, the insurtech empowering underwriters with a generative AI solution for end-to-end risk analysis, has raised $15 mn in Series A funding
U.S. P&C re/insurers are well-prepared for hurricane seasons
U.S. property and casualty insurers and reinsurers are well-prepared for what may be one of the most active hurricane seasons on record
UK Insurtech Bondaval sequred £15 mn led by Dawn Capital
Insurtech Bondaval has sequred a £15 mn funding round from investors led by the seasoned investor Dawn Capital, who was an early backer of iZettl
Technology & risk exposure will challenge Philippines insurers’ strategy
Technological advancements and increased risk exposure present significant challenges for insurers in the Philippines when underwriting electric vehicles
2024 Atlantic hurricane season will be one of the most active on record
MS Amlin, a global re/insurer at Lloyd’s, projects that the 2024 Atlantic hurricane season will be potentially one of the most active on record
AIG initiated a secondary offering of Corebridge Financial stock
AIG has initiated a secondary offering of Corebridge Financial common stock, has initiated a secondary offering
CoreLogic released its 2024 Hurricane Risk Report
CoreLogic, a property information and analytics provider, has released its 2024 Hurricane Risk Report to assist insurers and risk managers
Insurtech Concirrus launched general aviation insurance platform Quest Aviation
Concirrus, a data and analytics platform for commercial insurance, has launched Quest Aviation, a platform designed to enhance efficiency for underwriters
Insurtech At-Bay expanded its Cyber and Tech E&O Excess & Surplus coverage
Cyber insurtech At-Bay has expanded its Cyber and Tech E&O Excess & Surplus coverage to businesses with up to $5 bn in revenue
Appian integrated with Swiss Re’s automated life insurance underwriting in EMEA
Appian, in collaboration with Swiss Re, announced the expansion of the Connected Underwriting Life Workbench to select countries in Asia Pacific, Europe, the Middle East
Fees & commissions earned from insurance broking grow to $168 bn
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around USD 168 bn in 2023
Life insurers expanded the use of private loans to optimize investment portfolios
The growing use of private credit by life insurers to optimise investment portfolios and align asset allocation with product liabilities is garnering heightened attention
CLARA Analytics launched of a fraud detection product for insurance claims
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has launched of a fraud detection product that leverages
Insurtech CoverGo digitizes GMS’s entire health insurance ecosystem
Group Medical Services (GMS), a health insurance company in Canada, and insurtech CoverGo, a global no-code insurance SaaS platform for insurers
Geneva Association survey of insurance C-level executives about AI & Climate Tech
The Geneva Association released the second report in a two-part series on climate tech and insurance, titled Bringing Climate Tech to Market: The powerful role of insurance
Hurricane Melissa and Asian floods show insurance’s role in adaptation, yet coverage is scarce. Philanthropy, bundling and aggregation could shift that
Canada’s climate risk strategy spans planning, legislation, financial regulation, federal operations and international engagement
Geoeconomic fragmentation makes managing global risks like climate, cyber, and pandemic risks more difficult for insurance and reinsurance sectors
Economic instability continues to push sustainability lower on the corporate agenda. In the current economic environment executives are focusing on the ESG risks