Industry Trends
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Howden Launches Resilience Laboratory to Combat Climate Risks
Global insurance broker Howden has launched a new platform designed to assist clients in evaluating and addressing climate-related challenges.
Cachet Partners with TaskRabbit to Launch Gig Economy Solution Underwritten by Hiscox
Cachet, a company specialising in insurance products for platforms and micromobility, has announced a new partnership with TaskRabbit to provide enhanced insurance options for freelancers.
AI Takes the Wheel: Are Human Insurance Jobs in the Fast Lane to Automation?
The recent news that leading BNPL fintech, Klarna, has shed 700 staff (half its workforce) following the adoption of AI tools – and is more streamlined and profitable than ever before – should come as a wake-up call to many in the financial services space.
Swiss Re Anticipates Rising Reinsurance Demand Amid Global Volatility
Swiss Re is forecasting an increase in demand for reinsurance protection due to heightened natural catastrophe risks, macroeconomic instability, and geopolitical tensions.
Lloyd’s Reports £4.9 Billion Profit, £30.6 Billion Gross Written Premium and an 83.7% Combined Ratio at Half Year Results
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announced a strong set of results for the first six months of 2024, with an overall profit before tax of £4.9bn (HY 2023: £3.9bn).
Life Insurers Could Help Turn the Tide on Cancer Outcomes, say Sector Leaders
Developments in the healthtech space are driving transformation in the Life insurance industry, enabling it to implement better diagnostic outcomes for patients, according to leaders from GRAIL, MassMutual and Munich Re Life and Health.
Prudential and Google Cloud Partner to Transform Insurance with AI
Prudential plc (Prudential) has announced a significant expansion of its strategic partnership with Google Cloud to develop innovative AI-powered products and applications aimed at enhancing experiences for customers, agents, and employees.
Reinsurance Requires a Gradual Adoption of AI, say SCOR Leaders
AI can complicate rather than simplify and reinsurers should take a circumspect approach to replacing legacy processes, according to Nicholas Berg and J.C. Brueckner of SCOR
Demand for Better Severe Weather Coverage Soars According to Insurity Survey
Insurity, a leading provider of cloud software for insurance carriers, brokers, and managing general agents (MGAs), has released findings from its 2024 Severe Weather P&C Consumer Pulse survey, shedding light on consumer attitudes towards severe weather insurance coverage.
Global On-Demand Economy Set to Soar by 2025 says New Report
INSHUR has annouced its findings from Driving the On-Demand Economy in the US, the first and only report to survey Americans who drive for on-demand rideshare and delivery apps including Uber and DoorDash.
EMPOWERING INSURANCE: Belen Tokarski – President and COO of Mylo
In the latest installment of our ‘Empowering Insurance’ series, Insurtech Insights’ Joanna England talks to Belen Tokarski – the President and Chief Operating Officer of Mylo.
Otonomi Announces Global Launch of Three-Hour Air Cargo Delay Parametric Insurance
Otonomi has officially launched its new three-hour Air Cargo Delay Parametric Insurance worldwide. The product aims to fill a significant gap in air cargo insurance by providing coverage for ultra-short yet costly delays.
Customer Expectations Need to be Adjusted Regarding Risk, says Nationwide’s President, Personal Lines
Casey Kempton highlighted critical challenges facing the personal lines sector and spoke at length about opportunities for innovation and improvement during her recent live on stage session at Insurtech Insights USA 2024.
RDT Tech Poll: Insurers Push for Increased Transparency in Claims Processing
The recent RDT Tech Poll has revealed a strong consensus among insurance professionals for greater transparency and automation in claims processes. The poll highlights a significant call for change within the industry, driven by rising claims costs and inefficiencies in current systems.
Insuring the TikTok Generation
Meeri Savolainen, Founder & CEO, INZMO, gives us her thoughts on attracting a younger customer base and closing the next generation’s protection gaps.
TEN Trends Transforming Insurtech in 2024 and Beyond
The Insurtech sector is undergoing a rapid transformation, driven by advancements in AI, IoT, data analytics, and blockchain.
Why First Notification of Incident (FNOI) is Transforming Proactive Responses to Major Global Events
Daniel Grimwood-Bird, Head of Sales & Marketing at McKenzie Intelligence Services (MIS), discusses why First Notice of Incident (FNOI) – rather than First Notice of Loss (FNOL) is changing the game when it comes to claims processing.
Appian and PwC UK Forge Alliance to Drive Innovation in the Insurance Sector
PwC UK achieved a 30% improvement in claims lifecycle efficiency through the implementation of the Appian AI Process Platform.
Moody’s Report Warns of Potential Profit Hits for EU Life Insurers Due to Intensified Regulatory Scrutiny
A recent report by credit rating agency Moody’s highlights the increasing regulatory scrutiny on European Union life insurers, which aims to ensure their products deliver “value for money.”
Insurtech Funding Round-Up: Top 15 Investment Raises of Q2 2024
Insurtech funding has seen a significant uptick in recent weeks with raises almost reminiscent in frequency of the 2021 digital transformation boom.
Elon Musk Drops Lawsuit Against OpenAI, Ending Months-Long Legal Dispute
In a surprising turn of events, Elon Musk has withdrawn his breach of contract lawsuit against OpenAI and its CEO, Sam Altman.
“Insurance is at an Inflection Point,” says Richard McCathron of Hippo
Hippo CEO described the challenges of 2023 and outlined the insurtech’s journey towards greater resilience, during a fireside chat with Bryan Falchuk at Insurtech Insights USA 2024
LEADERSHIP SPOTLIGHT: Frank Perkins, CEO and Founder of inari
Insurtech Founder and CEO, Frank Perkins launched inari in 2017 to help legacy system-based insurance companies digitally transition. Insurtech Insights caught up with him to find out more.
Top Speaker Sessions Unveiled for Insurtech Insights USA 2024
Insurtech Insights USA 2024, the premier gathering for innovators and leaders in the insurance technology industry, is excited to announce its lineup of top speaker sessions taking place at the Javits Center on June 5th and 6th.
Lloyd’s Lab Opens Applications for its 13th Cohort
Lloyd’s Lab, the renowned 10-week innovation accelerator, is now accepting applications for its 13th cohort.
Swiss Re Institute Predicts Boom in Life Insurance as Interest Rates Surge
The Swiss Re Institute forecasts a significant boost in profitability for the life insurance industry due to rising interest rates.
How Data Analytics is Reshaping Insurance in Southeast Asia
Ben Potts, Managing Director International, at Novidea, discusses how data analytics is transforming the insurance landscape throughout Southeast Asia.
Combating Rising Crime: Beazley’s Deadly Weapons Protection Expert, Justin Peterson, Talks Future Solutions
Justin Peterson, one of Beazley’s leading Deadly Weapons Protection (DWP) underwriters, talks to Insurtech Insights about the rising demand for cover, and how the insurance industry is helping to reduce the consequences of weapon-related violent crime.
California Screaming: The Future of Insurance in the Golden State
Ten major insurers have now withdrawn services or announced their exit from California, leaving hundreds of thousands of customers without insurance options in the face of increasing threats from natural catastrophes. What does the future hold? Insurtech Insights finds out more.
Zurich Insurance Implements Stricter Policies on Fossil Fuel Projects
Zurich Insurance Group AG has announced significant changes to its underwriting policies, revealing it will no longer support new oil and gas ventures and will tighten scrutiny on clients looking to expand into metallurgical coal mining.
Record Year for Delegates at Insurtech Insights Europe, 2024
Insurtech Insights Europe has experienced its busiest year yet, with more than 6,000 insurance industry delegates pouring through the doors for the fifth edition of the annual conference.
Mind the Gap: What is Gap Insurance and How Does it Work?
In this latest Thought Leadership article, Rory Yates, Chief Strategy Officer at EIS, examines the Gap insurance quandary and explores how the FCA is attempting to level the playing field for customers.
SCOR Achieves Record FY23 Income of €812m with Enhanced P&C Combined Ratio
SCOR has disclosed a record net income of €812 million for the fiscal year 2023, signaling a notable upturn from the losses incurred in 2022.
Embedded Insurance in Europe to Reach 30% of P&C and 10% of Total Life Markets over Next Decade
A new report from Embedded Finance & Super App Strategies and InsureMO describes the commercial potential for Embedded Insurance in Europe.
EMPOWERING INSURANCE: Sayata’s CCO, Upasana Unni, Talks Leading an Insurtech Through Turbulent Times
As the Chief Commercial Officer at Sayata, Upasana Unni oversees the supply side of the two-sided marketplace. Initially focused on cyber insurance, Sayata has since broadened its offerings to include other lines for small and medium businesses.
10 Insurance Industry Predictions for 2024
The insurance industry continues to be in flux, undergoing several seismic shifts simultaneously. Now that we are officially in the new year, we can see these changes and accelerations in various ways. Read on for ten predictions for our industry in 2024.
LEADERSHIP SPOTLIGHT: Kobi Bendelak, CEO and Founder of InsurTech Israel
From front line fatigues to the startup circuit, Kobi Bendelak swapped his successful military career for the insurance industry – and now supports tech entrepreneurs seeking to disrupt through innovation.
Chubb Expands North American Personal E&S Business, CEO Greenberg Expresses Caution
Chubb has experienced an uptick in its North American personal Excess and Surplus lines (E&S) business, but the company’s CEO, Evan G. Greenberg remains cautious about the trend.
SCOR Launches Offshore Renewable Energy Consortium, Boosts Capacity to US$180 Million
SCOR has announced the establishment of an offshore renewable energy consortium, expanding its deployable capacity to over US$180 million.
Chubb Ltd. Reports Impressive Fourth-Quarter Results Driven by Property/Casualty and Life Insurance
Chubb has announced stellar fourth-quarter earnings, fuelled by a combination of factors including a tax benefit, robust property/casualty underwriting income, and substantial gains in life insurance net premiums written.
LEADERSHIP SPOTLIGHT: Gil Arazi, Founder & Managing Partner of FinTLV on Navigating the World of Insurance and Venture Capital
The past three years have been a rollercoaster ride for insurtechs globally. Gil Arazi, Founder & Managing Partner of FinTLV, gives Insurtech Insights his ‘eye-of-the-storm’ perspective.
Allianz Risk Barometer Reveals 2024’s Leading Global Business Risks
In its 13th annual release, the Allianz Risk Barometer has cast a spotlight on the paramount business risks for the year 2024.
Global M&A Poised for a Resurgence in 2024 Amidst 2023 Challenges, Predicts WTW Report
In the wake of a challenging year for mergers and acquisitions (M&A), global markets are gearing up for a significant rebound in 2024, according to recent findings from WTW’s Quarterly Deal Performance Monitor (QDPM).
Revolutionising Embedded Solutions: A Conversation with Marat Nevretdinov, Managing Director of HDI Embedded
We dive into the world of embedded insurance with Marat Nevretdinov, the accomplished Managing Director of HDI Embedded as he discusses the future of embedded services in a global context.
UnitedHealth Group and Allianz SE Continue to Lead in AM Best’s Worldwide Insurer Rankings
UnitedHealth Group Incorporated and Allianz SE have retained their top positions in AM Best’s rankings of the world’s largest insurance companies.
SEVEN Major Trends Transforming the Insurance Industry in 2024
From cyber insurance and generative AI, to embedded offerings and climate risk technologies, the insurance space over the next 12 months will see huge changes.
Beazley Appoints Patricia Kocsondy as Head of Global Cyber Digital Risks
Beazley, a leading specialty insurer, has announced the appointment of Patricia Kocsondy as the new Head of Global Cyber Digital Risks.
Canadian Insurtech Terminal Raises US$3.1 Million Funding to Transform Commercial Trucking Telematics
The Toronto-based startup Terminal is on a mission to become the Plaid for telematics data in the commercial trucking industry, as it successfully closes a US$3.1-million ($4.2 million CAD) seed round.
Swiss Re Strengthens Global Resilience Efforts with Acquisition of Fathom, a Leading Water Risk Intelligence Firm
Swiss Re has successfully acquired Fathom, a prominent UK-based company, to bolster its capabilities in addressing water-related risks in the face of current and future climate scenarios.
LEADERSHIP SPOTLIGHT: Darien Acosta, Chief AI Officer of Cover Whale, Talks Intelligent Telematics
AI is transforming the insurtech space – bringing with it many benefits – and reservations. We spoke to Darian Acosta, Chief AI Officer for the commercial trucking insurtech, Cover Whale, to find out how telematics technology is being used to transform fleet insurance and driver safety – and its impact on the job market.
Chubb Survey Exposes Alarming Lack of Awareness and Preparedness Among US Businesses Regarding Flood Risk
Chubb, the world’s largest publicly traded property and casualty insurance company, has released the results of a comprehensive survey revealing a significant underestimation of flood risk among mid-market companies in the United States.
Securing Cyber: Insuring Against an Escalating Threat
The growing cyber threat to businesses globally has seen the insurance industry mobilise into action. Insurtech Insights explores the regulatory and technical minefield of the cyber insurance space
Lemonade Celebrates Milestone with Over 2 Million Active Customers
Digital insurance leader Lemonade, has announced it has surpassed the ‘two million active customers’ milestone.
WTW Launches Asia Pacific Climate Risk Centre in Singapore
Global advisory firm Willis Towers Watson (WTW) has unveiled plans to establish the Asia Pacific Climate Risk Centre (ACRC) in Singapore.
LEADERSHIP SPOTLIGHT: Sachin Shah, General Manager, Emerging Markets, Manulife, on Operating Successfully in Asia
Sachin Shah began his career as an electrical engineer, but discovered his passion for problem solving was the perfect fit for the insurance industry.
AXA Future Risks Report 2023 Highlights Growing Concerns Over AI and Cybersecurity
In its 10th edition of the annual AXA Future Risks Report, global insurer AXA reveals a significant shift in perceived future risks, with artificial intelligence (AI) and data-related concerns entering the top 10 for the first time.
Chubb Reveals Q3 Results with Soaring Net Income and Record Operating Income
Chubb Limited has announced its outstanding third-quarter performance, revealing remarkable growth in key financial metrics.
Inflation Pressures Prompt Americans to Postpone Medical Care and Adjust Health Insurance
The escalating inflation and surging healthcare costs in the United States are compelling a growing number of Americans to defer medical treatments and reconsider their health insurance options, according to a new survey carried out by Nationwide and the Harris Poll.
Building Embedded Partnerships: Peter Smith of Cover Genius Talks Travel Tactics
Partnerships are driving disruption across the insurance industry with embedded products leading the way. Insurtech Insights caught up with Peter Smith, Vice President, Strategic Partnerships – Travel, EMEA for Cover Genius
CSE Insurance Group Becomes Seventh Major Insurer to Announce Withdrawal from California
CSE Insurance Group has officially declared its decision to gradually withdraw coverage from California, adding its name to the growing list of carriers exiting the state.
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