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.
One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, and broker plus advisor WTW, have teamed up with a goal to accelerate the adoption of parametric insurance solutions.
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Insurtech startup BirdsEyeView has announced the successful closing of a seed funding round to support its development of technology to deliver parametric insurance solutions using artificial intelligence (AI) and satellite data.
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Having now published the results of its Climate Biennial Exploratory Scenario (CBES), looking at the financial risks posed by climate change for the largest banks and insurers operating in the UK, the Bank of England believes that over-time climate risks could become a persistent drag on earnings.
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Hudson Structured Capital Management Ltd., the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has expanded its overall asset-base to more than $4 billion after the acquisition of a complementary transportation investment business.
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Vesttoo has hired a Chief Financial Officer as it continues to add all-important expertise and depth to its executive bench, naming former Prudential and Goldman Sachs banker Gaurav Wadhwa to the position.
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Vesttoo has made two senior hires in its legal function, adding former Hiscox executive David Schonbrun as Chief Legal Officer and a former Senior SEC Counsel Daniel Goldfried as his Deputy.
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Broking group Howden, global reinsurance firm Munich Re and UK insurtech Skyline Partners have teamed up to develop a parametric hurricane insurance product for Jamaican farmers.
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Rising interest in parametric insurance and risk transfer has resulted in an influx of investor capital into the space, the development of new MGA’s and capacity, as well as new technology platforms.
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Kin Insurance’s debut $175 million Hestia Re Ltd. (Series 2022-1) catastrophe bond issuance is expected to be an “integral” component of the fast-growing insurtech’s reinsurance tower, according to its Chief Insurance Officer.
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We’ve learned that direct-to-consumer and fast-growing insurtech Kin bolstered the surplus capital of its main carrier operating in Florida by $20 million in order to meet Demotech’s requirements for its rating affirmation recently.
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