Insurance technology, now known more widely as Insurtech, has the potential to bring significant efficiency & disruption to reinsurance, ILS & risk transfer markets.
Insurtech a hot trend with everyone from traditional reinsurance incumbents, as they seek to improve efficiency and stay ahead of the game, to brokers who are seeking to avoid disintermediation, to insurance-linked securities (ILS) players who see it as a way to enhance the efficiency of their capital even further.
The potential for Insurtech and Fintech initiatives to bring efficient capital, such as ILS capital and alternative reinsurance capital from third-party investors, more directly into contact with risk is huge. The opportunities to use technology to shorten and optimise the chain from original risk, to insurance, to reinsurance, to retrocession (or final capital source), will create winners and losers in the market, making this a trend to watch closely.
Direct-to-consumer and fast-growing insurtech company Kin Insurance has revealed that it ceded around 97% of its gross losses from hurricanes Ian and Nicole in 2022 to its reinsurance capital partners.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has made another senior hire focused on institutional capital markets, with former BlackRock executive Thomas Rose joining the company as Head of Capital Markets, North America.
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Oxbridge Re Ltd., a Cayman Islands based reinsurance firm, has launched an initiative through which it aims to sponsor the issuance of digital or tokenized reinsurance securities, that will be used to raise capital and support collateralized contracts underwritten via its sidecar, Oxbridge Re NS.
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Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported a more than doubling of its gross premiums underwritten for 2022, with the total rising to $170 million for the year.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has added another experienced business development hire, with former Akinova and Inari employee Alexander Pike joining the company.
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Hudson Structured Capital Management, the insurance-linked securities (ILS), reinsurance, insurtech and transportation focused asset manager, has made a second investment in specialist flood underwriting managing general agent (MGA) reThought Insurance.
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The reinsurance renewal period has proven to be a challenging one for both capital providers and those looking to place risks, according to Giulio Genillard, Manager, Synpulse.
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Submitting “rich supply curves” for reinsurance capacity can result in a more successful allocation for a reinsurer, according to Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace.
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HSCM Ventures, the insurance technology venture investing arm of ILS and reinsurance specialist investment manager Hudson Structured Capital Management, has participated in a $25 million funding round for life insurtech Dayforward.
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Broking giant Aon is embracing the Open Exposure Data (OED) Standard for the risk modelling of property reinsurance placements, working alongside leading reinsurers to test the hypothesis that this can enhance the sector’s operational efficiency.
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