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AI brings systematic accumulation risk potential towards portfolios: Munich Re’s Berger
21st March 2024
With artificial intelligence (AI) practically impacting all aspects of everyday life, the number of insurance gaps when using AI has staggered in recent years. Reinsurance giant Munich Re highlighted this in a recent whitepaper that showcased how AI exposures within traditional insurance policies possess the ability to become a significant ... Read the full article
WTW Research Network & London Mathematical Laboratory partner on nat cat models
15th February 2024
WTW, the global advisory, broking and solutions company, has announced a new collaboration between its subsidiary WTW Research Network and the London Mathematical Laboratory to better inform decision-making through catastrophe models. This new agreement will inform the use of mathematical modelling for insurance, to help mitigate natural catastrophe risk. The pair note ... Read the full article
Fairmatic names Jim Hinchley President of Insurance to accelerates growth
7th February 2024
Insurtech Fairmatic has appointed Jim Hinchley as President of Insurance to drive growth and "bring innovative new insurance products" to market. According to Fairmatic, Hinchley's proven track record in the commercial auto insurance space makes him "uniquely positioned" to help the firm enter its next growth phase. Fairmatic serves businesses across a ... Read the full article
BMA & White Rock joint action violates automatic stay provision, says Vesttoo
21st August 2023
In a recent filing to the U.S. bankruptcy court, insurtech Vesttoo has said that joint action launched in the Supreme Court of Bermuda by the Bermuda Monetary Authority (BMA) and Aon's White Rock (SAC) Ltd. last week, violates the automatic stay under its Chapter 11 cases. On Friday, the BMA ... Read the full article
BoE’s PRA thematic review reveals concerns over general insurance claims inflation
28th June 2023
In a recent thematic review conducted by UK regulator the Prudential Regulation Authority (PRA), part of the Bank of England, across the general insurance sector, concerns have been raised regarding the impact of claims inflation on general insurance claims. The review focused on how insurance firms have responded to a previous ... Read the full article
U.S. hurricane losses to increase by 10% over 20 years due to changes in climatic activity: Aon
21st June 2023
Aon plc, the global professional services firm, has revealed how its academic collaborations are progressing climate science, enhancing catastrophe model development and helping organizations to fulfil Environmental, Social and Governance mandates. Aon’s work with Columbia University has revealed that under selected scenarios, U.S. hurricane losses would increase by at least 10% ... Read the full article
Howden announces UK launch of Telematics Data Services
31st May 2023
International insurance broker Howden, has announced the launch of its Telematics App & Data Beacon ‘Howden Drive’ in the UK insurance market to help lower motor insurance premiums for customers. Howden Drive will also help to optimise loss ratios for brokers and insurers, as well as to improve road safety. Its ... Read the full article
Business intelligence & telematics latest risk mitigation trends in P&C: Waterstreet
9th March 2023
Business intelligence and telematics will be the latest trends in the property and casualty (P&C) insurance industry emerging for the second quarter, a recent analysis by insurance solutions provider Waterstreet Company has revealed. The company’s findings also highlighted the importance of innovative technologies and practices that reduce risk and improve the ... Read the full article
Customers are ready for telematics motor insurance products: Swiss Re
30th January 2023
There is a significant target market for telematics motor insurance products, a recent survey by IoT Insurance Observatory and the Automotive and Mobility Solutions team at Swiss Re has confirmed. Telematic insurance products have been going through years of development and refinement, despite this they are not mainstream yet, Swiss Re ... Read the full article
Swiss Re partners with insurtech Jooycar to boost auto insurance telematics
2nd November 2022
Global reinsurance giant Swiss Re has entered an alliance with Latin American auto insurtech Jooycar to boost auto insurance telematics benefiting small and medium-sized commercial fleets in Mexico. The insurtech will offer its fleet management service, "Fleetr by Jooycar", to the Mexican market, which it states was a success in its ... Read the full article
Hurricane Ian to “dramatically” impact Florida rates: MarketScout
7th October 2022
Analysts at MarketScout, a Managing General Agent, Lloyd's Coverholder and wholesale broker, have suggested that losses from Hurricane Ian will “dramatically” impact insurance pricing across both commercial and personal lines. MarketScout data shows that the commercial market composite rate for the third quarter 2022 increased 5.28%, with property rates up 7.67%. It’s ... Read the full article
Fairmatic raises $42m in funding round, Aquiline among leaders
2nd September 2022
Following its latest Series A funding round, insurtech company Fairmatic has raised a total of $42M from Aquiline Technology Growth, Foundation Capital, and other insurtech, fintech and technology angel investors. The funding comes at a time of development for Fairmatic, having emerged from stealth with a C-suite of insurance and technology ... Read the full article
Vida Capital says ‘dramatic change’ to R&Q leadership and strategy would be ‘counterproductive’
17th August 2022
Investment firm Vida Capital, Inc. has today expressed its support of both the current leadership and strategy of R&Q Insurance Holdings Ltd. Vida Capital Management currently manages funds owning some 9.07% of the outstanding shares of R&Q. In a statement, the company, which is a vertically integrated, uncorrelated investment firm specialising in ... Read the full article
Insurance premiums to reach record highs due to inflation, climate change – Matic
1st July 2022
Matic, an insurtech platform, says that home insurance premiums in the US are rising faster than ever before, increasing at a record rate of 5.5% between June 2021 and May 2022. According to Matic’s 2022 mid-year findings, which aggregated data from a random sample of 70,000 insurance policies, a ... Read the full article
Cyber buyers should “prepare to face dramatic premium increases”
21st June 2022
As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update. Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article