IAG Firemark Ventures, the corporate venture capital arm of Australia and New Zealand’s largest general insurer IAG, together with Jerusalem Venture Partners (JVP), and Margalit Startup City (MSC) New York have announced a new ClimateTech Insurance joint-collaboration.
According to the announcement, the partnership is aimed at discovering, nurturing, and developing emerging cutting-edge technologies and startups to measure and mitigate risks stemming from the impact’s of climate change.
With the global climate crisis continuing to evolve, the need to combine AI predictions and analytics becomes extremely important with climate change, introducing new risks and uncertainties that directly impact the insurance industry, both for individual consumers and insurance providers.
Extreme weather events which includes hurricanes, floods, wildfires, and droughts have become more frequent and severe, leading to increased property damage, crop losses, and business disruptions.
Therefore, insurers are facing higher claims pay-outs and increased financial risks.
Additionally, IAG Firemark Ventures, JVP and Margalit Startup City NYC will be encouraging collaboration with corporations, start-ups and emerging businesses to support and scale climate technological solutions to help insurers achieve their global energy, environmental and sustainability goals.
Erel Margalit, Founder and Chairman of JVP and Margalit Startup City, said: “As extreme weather conditions and climate change are increasingly impacting the livelihood of individuals worldwide, insurance companies are actively searching for new technologies, including AI predictions and analytics, with the aim of providing secure coverage for challenging climate conditions.
“We are delighted to have IAG Firemark Ventures as our partner, along with MINI and other partners, as we explore new technologies globally in the US, Israel, and Australia. These advancements can bring innovative solutions and frameworks to meet the evolving demands of climate change.”
Scott Gunther, General Partner of IAG Firemark Ventures, commented: “As an insurer, we see first-hand the impact climate change is having on our customers, communities, business and our industry. For this reason, IAG Firemark Ventures has ClimateTech as a key startup investment focus area for the future and why we have entered into this important partnership. We look forward to working with the International ClimateTech Centre to help ClimateTech startups’ scale to help deliver on our climate and environmental goals.”
