insurance

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) insurtech that currently focused on California wildfire risks, has raised a $25 million Series A funding round to help it expand its business and further develop its advanced technologies.

Global consultancy Bain & Company has highlighted access to alternative sources of capital and the use of insurance-linked securities (ILS) as one of the key factors for insurers to consider as they look for success in what the company calls “a radically different future.”

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has partnered with Canopius owned MGA and insurance API platform Vave to offer parametric extreme temperature insurance to commercial property owners.

SiriusPoint, the international insurance and reinsurance company that launched as Third Point Re and Sirius Group combined, has announced the hiring of a new Chief Risk Officer, in Andreas Kull, who the company has hired from Bernina Re.

Global reinsurance company Swiss Re has increased its forecasts for global insurance premium growth, seeing an acceleration and now forecasting the market will surpass $7 trillion in global premiums by mid-2022.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred.

Analysts from Peel Hunt warn that with reinsurance market appetite for certain property catastrophe risks uncertain, some re/insurers may find themselves retaining more secondary peril exposure and it’s “not obvious that third-party capital will rush in to fill the gap.”

Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million.

For the second quarter running, broker Marsh has said that secondary catastrophe perils have remained a focus, with commercial properties exposed to those risks seeing some steep rate increases.

The role of the capital markets in the world’s transition to a low carbon economy as we look to tackle the threats of the changing climate, is “absolutely fundamental,” according to Rowan Douglas, Head of the Climate and Resilience Hub at Willis Towers Watson (WTW), and Chairman of Willis Research Network.