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.
The reinsurance market evolution continues and as ever alternative capital and the insurance-linked securities (ILS) market is placed centre stage in any discussion of the disruption of traditional business models, but now that the payback model of the past has expired, a new and more symbiotic model with ILS is emerging.
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An open, technology-driven, programmatic reinsurance risk placement marketplace has been announced as ready for business by Tremor Technologies, Inc., which the company hopes will make the placement and matching of risk with the right capital more efficient.
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Akinova, a digital risk trading insurtech start-up that is developing a platform where insurance and reinsurance related risk can be traded, has added another senior advisor in Susan Estes, a Wall Street veteran, as well as co-founder and CEO of bond trading platform OpenDoor.
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Nephila Climate, the weather and climate risk transfer focused unit of the largest asset manager in insurance and reinsurance linked investments, Nephila Capital, has signed up to provide indicative pricing through the Speedwell Weather run parametric weather risk transfer platform weatherXchange.
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Digital risk trading start-up Akinova, which is developing an “electronic marketplace for the transfer and trading of (re)insurance risks,” has signed up Pierre Francotte, the former CEO of Euroclear as an advisor.
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There are signs that the world’s largest reinsurance firm Munich Re is beginning to refocus and reposition itself, intending to concentrate on its core areas of expertise in risk management, risk transfer and risk bearing, alongside a newer developed focus on technology.
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Global reinsurance giant Swiss Re has highlighted the key macro trends that its research finds are threatening the insurance and reinsurance business model, among which are the insurance-linked securities (ILS) sector and in particular the risk of collateralised reinsurance.
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The discussions about a potential investment deal between reinsurance major Swiss Re and Japanese technology conglomerate and investor SoftBank Group have come to an end with no deal agreed, according to an announcement from the reinsurer today
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The owner of private equity backed international insurance and reinsurance broker RFIB Group Ltd. is rebranding to Risk Transfer Group (RTG), as part of a strategy to double revenues in three years, to include setting up a Guernsey protected cell company (PCC) and recognising that combining InsurTech and the capital markets is a significant opportunity.
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Speedwell Weather, a leading service provider to the weather risk management market, has added support for zero premium swaps within its parametric and index-based weather risk transfer platform weatherXchange, with pricing now available for these instruments.
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