Lloyd’s Lab hosted ‘Demo Day’ for insurtech startups (Cohort 12)
Lloyd’s Lab, an innovation accelerator launched by Lloyd’s of London, hosted ‘Demo Day’ for Cohort 12 of its 10-week Accelerator programme
News
Lloyd’s insurers expected to hit targets, says JP Morgan
JP Morgan has estimated changes for Lloyd’s insurers ahead of their first-half 2024 results, expecting them to meet their 2024 guidance
Cover Genius launched technology-driven travel insurance for Priceline
Priceline and embedded insurtech Cover Genius have announced a new partnership to introduce enhanced travel protection for flights, hotels, rental cars
Global insured losses from natural disasters to rise annually by 5-7% relative to GDP
Global insured losses from natural disasters are expected to rise annually by 5-7% relative to GDP, according to Swiss Re
Insurtech Lemonade launched Buildings & Contents insurance in the UK
Lemonade, the AI-driven insurtech company, has launched Buildings and Contents insurance in the UK. This expansion allows UK homeowners to purchase
Climate Change Boosts Extreme Weather: Time for Insurance to Adapt
Climate change is making severe weather more common worldwide, which greatly affects the electric grid. Insurance funding is crucial for adaptation
Commercial real estate poses an exposure for US life insurers
Commercial real estate (CRE) poses a significant exposure for US life insurers, who hold over $900 bn in CRE, representing about 17% of their total invested assets
Aviva acquired of Probitas Holdings (Bermuda) for £249 mn
Aviva has finalized the acquisition of Probitas Holdings (Bermuda) Limited for £249 mn, marking its entry into the Lloyd’s market
European financial & insurance M&A activity rebounded
M&A activity in the European financial afn insurance services industry rebounded in the first half of 2024 after a slow
Lloyd’s Inclusive Futures Coalition funds & supports 3 key initiatives
Lloyd’s launched the Inclusive Futures Coalition, a group of market firms and delivery partners leading the Inclusive Futures program
Insurtech Wefox changes CEO: Mark Hartigan steps down
Wefox Holding is replacing Chief Executive Officer Mark Hartigan after the insurtech startup’s board rejected a proposal by its largest stakeholder
Insurtech Sidecar Health raised $165 mn Series D led by Koch Disruptive Tech
Sidecar Health raised $165 mn in a Series D funding round led by Koch Disruptive Technologies, supported by GreatPoint Ventures
Eastern Alliance Insurance selected CLARA Analytics’ insurtech platform
Eastern Alliance Insurance Group, a wholly-owned subsidiary of ProAssurance Corporation, has selected the CLARAty:ai platform
Insurtech Feather sequred €6 mn in funding led by Keen Venture
Insurtech Feather, a startup offering digital insurance solutions for expats in Europe, has secured €6 mn in funding. Keen Venture Partners led the round
Novidea acquires automated document generation startup Docomotion
Novidea, a developer of a cloud-based, data-driven insurance management platform, has announced the acquisition of Docomotion
Insurtech Kin achieved $113 mn in written premium in Q1 2024
Kin reported its operating results for the Q1 2024. The company achieved $112.7 million in gross written premium, marking a 53.8% increase
Reinsurtech Supercede sequred $15 mn in a Series A
Digital reinsurance platform Supercede has sequred $15 mn in a Series A funding led by Alven, with participation from Mundi Ventures, Outward, Seedcamp
Insurtech Wopta Assicurazioni closed a €4.1 mn Series A funding
Wopta Assicurazioni, an insurtech MGA focused on protecting businesses and professionals from everyday risks, has closed a €4.1 mn Series A funding round
Zurich Group acquires AIG’s global personal travel insurance business
Zurich Insurance Group announced an agreement to buy AIG’s global personal travel insurance and assistance business, AIG Travel, for $600 mn
Generali CEE Holding completes 4Life Direct acquisition
Generali CEE Holding has finalized the acquisition of 4LifeDirect, a life insurance distribution company in Poland
EIOPA’s enhances Cross-Border Cooperation for relocating (re)insurers
The European Insurance and Occupational Pensions Authority (EIOPA) has updated its 2021, decision on supervisory collaboration
Real-life Barbie Malibu DreamHouse is most popular stay on Airbnb
Barbie’s Malibu DreamHouse is most popular stay on Airbnb after release of the BARBIE film. AirBnb revamped and relisted the California home
U.S. banks increase insurance usage for Climate-Related Risks
U.S. banks are increasingly using insurance as a key mitigant against growing climate-related risks and potential losses in their commercial and residential real estate loan
French insurance market ratings remain stable amid political uncertainty
French insurers’ ratings remain resilient despite current political uncertainties. Fitch stated no immediate implications for France’s ‘AA-’/Stable rating
U.S. health insurers adapt to rising Medicaid utilization
The long-term credit profiles of large U.S. health insurers participating in state Medicaid managed care programs should not be significantly affected
Paul Davies decided to retire as Vice chair of Aon
Paul Davies has decided to retire as vice chair of Aon after a 36 years at the firm and 63 years in the brokerage industry
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
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
US 30-year mortgage rates reached 7.55% as refinancing and purchase applications declined, raising monthly costs and pushing more borrowers toward ARMs
Google and CoverGo examine how Agentic AI could reshape insurance operations, underwriting, data architecture, governance and human oversight
Mastiffs top the list of the most expensive dog breeds for pet insurance, with annual premiums averaging $2,546, according to Insurify data
Learn how insurers use Privacy Impact Assessments to identify data risks, support privacy compliance and protect policyholder information