Category: Trends

Insurers should expect big players in mainstream tech to influence the property/casualty industry during 2022.

For many of us, ringing in the new year means setting resolutions for better health and well-being. Whether in business or our personal lives, we must consider the scenarios that may threaten or enable our success. The insurance industry is no different.

For years, digital transformation has been the talk of the insurance industry. In the wake of the ongoing COVID-19 pandemic, many insurers made bold advances in automating core processes, adopting new technology and expanding their digital selling and collaboration capabilities.

Before cyber insurance can truly become a mainstay of the digital economy – as a widely available, widely affordable, consistently priced product – these problems need addressing.

It was great to see how so many companies showed incredible adaptability during COVID-19. While initially, we thought a lot of the insurance market would be at a loss as to what to do next, instead they were able to show resilience relatively quickly and technology was the enabler of that.

Increased deal activity and the use of M&A insurance has led to a record rise in the number of notifications, according to a new report by Howden M&A, an international M&A insurance broker. However, the COVID-19 outbreak did not result in a surge in the volume of claims or the number of coronavirus-related break events that had initially been anticipated.

2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.

2021 ended up being a bumper year for M&A deals and also for M&A insurers.