Global InsurTech Market to garner $160 bn by 2030 at 32.7% CAGR
Global insurtech industry was pegged at $16 billion in 2022, and is estimated to generate $160 billion by 2030, growing at a CAGR of 32.7%
News
Indian insurtech InsuranceDekho raised $150 mn in Series A funding
Indian insurtech InsuranceDekho has raised $150 mn in Series A funding consisting of a mix of equity and debt, in the largest ever series A round by an Indian Insurtech
SaaS insurtech Zylo secured an additional $5 mn in Series C funding
SaaS insurtech Zylo has secured an additional $5 mn in Series C funding from MassMutual Ventures and celebrates key milestones from 2022
A new Florida law have potential to reduce cost of homeowners insurance
A new Florida law and proposals have the potential to reduce the cost of homeowners insurance in the state, according to the Insurance Information Institute
How inflation affects U.S. auto and home insurance premium rates?
U.S. auto and homeowners insurance premium rates lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases
Combined ratio for the property & casualty insurance is forecast to be 106%
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 105.8%, a worsening of 6.3 points from 2021
Global average total cost of a data breach growth up to $4.4 mn
Global average data breach in 2022 cost $4.4 million, up from 4.2 million in 2021 and $3.9 million in 2020, according to research by IBM and the Ponemon Institute
Job Trends in the European Insurance Sector 2023
The number of active job postings in the Insurance sector of the Europe region increased by 13.8% MoM, and increased by 29.4% since December 2022
Trends at Europe’s largest insurers illustrate an upward movement in insurance pricing
Trends at Europe’s largest insurance companies illustrate an upward movement in commercial insurance pricing which is set to continue, albeit at a slower pace
B2B2C insurtech Roadzen mergers with Vahanna Tech Edge Acquisition
Insurtech Roadzen has plans to become a publicly traded company in the US via merger with Vahanna Tech Edge Acquisition in a blank-check vehicle in a deal valued $965mn
Lawyers sequred award in legal fees in $2.7 bn Blue Cross health insurance antitrust case
A group of plaintiffs’ lawyers has asked a U.S. appeals court to uphold what it called a “historic” $2.7 billion health insurance antitrust settlement
Insurtech Kin finished 2022 with $228 mn in gross premium (+117%)
Kin, the direct-to-consumer home insurtech, announced select preliminary operating results through the fourth quarter ended 2022
Allianz reports record operating profit, targets 2023 profit of 14.2 bn euro
Allianz reports record operating profit. Total revenues increased 2.8 percent to 152.7 (12M 2021: 148.5) billion euros
Swiss Re targets a net income of $3 bn for 2023
Swiss Re reported a net income of USD 472 million for 2022, with a net income of USD 757 million in the fourth quarter. Based on Swiss Re’s very strong capital position
Fairfax Financial Holdings announces 2022 net earnings of $1.1 bn
Fairfax Financial Holdings announces fiscal year 2022 net earnings of $1,147.2 million ($43.49 net earnings per diluted share after payment of preferred share dividends)
Net-Zero Insurance Alliance launched the first Target-Setting Protocol
United Nations-convened Net-Zero Insurance Alliance launched the first Target-Setting Protocol at the World Economic Forum’s Annual Meeting
Reinsurers pull back cat reinsurance coverage, cat bonds & ILS instruments
Following multiple years of large catastrophe losses, reinsurers are raising prices and pulling back cat reinsurance coverage
Total insured losses from Turkey Earthquake estimated $2.4 bn, property losses $20 bn
Total property losses from the M7.8 and M7.5 earthquakes are expected to be close to $20 billion, with the M7.8 earthquake accounting for the bulk of those losses
Digital assets are a threat to the safety of the banking industry
Digital assets are a threat to the safety and soundness of the banking industry, and banks should proceed with caution
South African insurtech Naked Insurance raised $17 mn in Series B funding led by IFC
South African insurtech Naked Insurance has raised $17 million in Series B funding led by the International Finance Corporation (IFC)
Blockchain cybersecurity platform Ironblocks raised $7 million in Seed round
Ironblocks, a blockchain-native cybersecurity platform, has announced that it has raised $7 million in Seed round co-led by Collider Ventures and Disruptive AI
Cybersecurity startup Descope raised $53 mn in Seed funding led by Lightspeed Venture
Cybersecurity startup Descope announced that it has raised $53 million in Seed funding and launched its new authentication platform
Israeli insurtech OpenEyes raised $18 mn in Series A funding led by Insight Partners
OpenEyes, an Israeli insurtech startup targeting commercial automotive fleets, has emerged from stealth with $18 mn in Series A funding led by Insight Partners
Insurtech Goose Insurance sequred $4 mn Series A funding led by Axis Insurance
Vancouver-based Insurtech Goose Insurance closed a $4 million Series A funding round led by Axis Insurance Managers, with participation from Impression Ventures
Security deposit insurtech Rhino is exploring $40mn fundraising round
Security deposit alternative insurtech Rhino is exploring $40mn fundraising round in what could end up being a massive down round compared to the ~$500mn valuation
Lloyd’s Lab accelerator has become a major force in insurance innovation, securing over $1 bn to support startups transforming the industry, launching 6 years ago
Venture capital funding in insurtech startups is stabilizing, driven by breakout-stage startups in Series B and C. Projections indicate it will reach $4.2 bn
Venture capital funding for generative AI startups is on track to exceed 2023's record-breaking levels. In the first three quarters of 2024, GenAI startups raised over $20 bn
Insurance claims management software can streamline intake, evaluation, validation, payouts and closure. Unfortunately, not all platforms are built to the same standard