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.
Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has partnered with primary carrier giant Generali on creation and distribution of parametric insurance products.
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Broker Willis Re has called on its clients and their counterparties to “accelerate the reinsurance calendar” as a response to the Covid-19 pandemic and to avoid any undue delays.
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Every so often some new insurance or reinsurance product, or strategy, emerges that shows us a glimpse of the future of this marketplace, often driven by technology, data and the use of parametric triggers.
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Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, has already cleared a trade in just the second holding of its new weekly auctions of industry loss warranties (ILW’s).
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Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, is launching weekly auctions of industry loss warranties (ILW’s), with which it hopes to add efficiency to the process of ILW trading.
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The Lloyd’s of London insurance and reinsurance market fell to an underwriting loss for the third consecutive year, reporting a combined ratio of 102.1% for 2019, while paying gross claims during the year that were higher than in the prior year.
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As the reinsurance and insurance-linked securities (ILS) community adapts to full remote operations and working from home, this industry that has thrived on face-to-face contact now needs to rapidly embrace the electronic trading and risk transfer tools that are available to it.
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Insurance-linked securities (ILS) is seen as one of the cylinders of the insurance and reinsurance engine for Markel Corporation and the firm’s CO-CEO’s Thomas Gayner and Richard Whitt see ILS driving “increasing advantages and profitability” for the company with its leading position set to help it scale in the space.
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Lloyd’s of London said that it will continue progressing its plans to make the insurance and reinsurance market more welcoming and accessible to insurance-linked securities (ILS) capital providers, but only in parallel with its 2020 priority deliverables under the first phase of the Future at Lloyd’s.
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Lloyd’s of London appears to have lowered the priority level of its plans for welcome insurance-linked securities (ILS) capital into the insurance and reinsurance marketplace, as three other initiatives from its Blueprint One are set to be the immediate focus.
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