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.
Interest in parametric risk transfer and insurance is on the rise as the immediacy and availability of data improves and new types of market participants enter the fray, suggesting growth is on the horizon, according to industry experts.
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As interest in and use of parametric forms of insurance and reinsurance risk transfer continues to increase, broker Willis Towers Watson notes that prices for coverage have been on the rise in the United States, but so too is available parametric capacity.
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Kettle, a deep-learning and artificial intelligence (AI) focused reinsurtech start-up, has made a key hire as it builds out its reinsurance platform, appointing William Haddrell, formerly of Sompo International, as its Chief Underwriting Officer.
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Kettle Re, or Our Kettle, a deep-learning and artificial intelligence (AI) focused reinsurtech start-up, has registered a company in Bermuda and received an Innovative Agent license for it.
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In some situations, parametric insurance and risk transfer arrangements can benefit the protection buyer by providing coverage that wouldn’t have been available under a traditional indemnity insurance policy. You can learn about this and more in our upcoming live webcast (register here).
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Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, has announced a senior addition to its Board, with the former PartnerRe CEO Emmanuel Clarke joining.
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Ledger Investing, the insurance technology (insurtech) and insurance-linked securities (ILS) focused venture-backed company, has appointed former AIG CEO Peter Hancock to its Board of Directors and also hired ILS executive Rajiv Punja as its Chief Investment Officer.
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The Weather Risk Management Association (WRMA) and Artemis have partnered to host a live webcast on April 29th 2021 to discuss the role of parametric solutions in supporting climate resilience. The event will feature senior leaders from across the weather risk management and re/insurance space.
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The global risk transfer industry is poised for change amid a wave of disruption from numerous sources, a trend accelerated by the impacts of the Covid-19 pandemic and the emergence of SPACs, according to Michael Millette, the Founder and Managing Partner of specialist investment manager Hudson Structured Capital Management.
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Insurance and reinsurance broker Aon, working with cryptocurrency and smart contract focused insurtech start-up Nayms and Bermuda specialist insurer Relm, aims to open up the capital markets to digital asset risk, to source risk capacity for the burgeoning crypto space.
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