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.
Clearwater Report says 90% of Insurers Struggle with Outdated Operating Models
A recent report by Clearwater Analytics, a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, claims that up to 90% of insurers are at a disadvantage due to their current operating models, deemed inadequate to meet future business needs.
Lloyd’s Sounds the Alarm: Global Economy Faces US$3.5 Trillion Cyber Attack Risk Over Five Years
Lloyd’s has unveiled a startling assessment of the global economy’s vulnerability to a potential cyber attack, estimating a staggering $3.5 trillion in losses over a five-year period.
Hiscox Finds Cyber Attacks Surge on Businesses for Fourth Consecutive Year
A recent investigation by Hiscox has uncovered a disturbing pattern of escalating cyber attacks on businesses, marking the fourth consecutive year of growth in such incidents.
EMPOWERING INSURANCE: Lauren Liang, Global Head of Growth & Innovation for Swiss Re, on Embracing Disruption
Bringing ever more effective solutions and innovations to the customer space is all in a day’s work for Lauren Liang of Swiss Re, who thrives on change and innovation.
China’s Insurance Market Leaps 10 Indexed Places in a Decade, Says New Study from Swiss Re on Digital Adoption
A new report from Swiss Re has found that China has leapt an incredible 10 places, according to the insurance giant’s index on digital adoption – documented in a new report from the Swiss Re Institute.
NYC, DC, LA Identified as US Cities Most Iikely to see Unrest in the Next Year, Reveals Verisk
New York City, Washington DC, and Los Angeles are among the major US cities that have the highest chance of experiencing outbreaks of damaging civil unrest in the next 12 months, according to a new predictive data model released by Verisk’s global risk intelligence unit, Verisk Maplecroft.
How to Innovate Faster: AXA XL’s Rose Hall Talks Talent Retention and Innovation Strategy
In our latest instalment ‘How to Innovate Faster’ in collaboration with FintechOS, we spoke to AXA XL’s SVP and Head of Innovation, Americas for AXA XL, Rose Hall.
10 Cyber Insurtech Companies Driving Innovation for the Industry
Cyber insurance is now a priority expense for any reputable business. Insurtech Insights lists 10 companies disrupting space and driving growth in the sector
Asian Insurtechs bolttech and Qoala Make CB Insights Top 50 List
Two leading insurtechs from Asia have been selected as part of the Top 50 List compiled by CB Insights.
Global Insurance Industry to Demonstrate Resilience Despite Economic Slowdown and Inflation, Swiss Re Institute Reports
Global economic growth has exceeded expectations in the first half of 2023, but experts anticipate a slowdown in the coming months.
Five Minutes On: APIs, with Tony Grosso, Head of Growth for EIS
Tony Grosso is the Head of Growth/GWB Insurance Markets for EIS. We quizzed him on the importance of APIs in the Employee Benefits space.
Zurich Announces Strategic Partnership with Embedded Solutions Insurtech Qover
Zurich Insurance Group (Zurich) has announced a strategic partnership with Qover, an insurtech based in Belgium, as part of its efforts to expand its embedded insurance capabilities.
wefox Partners with GATE to Transform the Long-Term EV Rental Market Insurance
wefox, a global leader in the insurtech industry, has entered into an exciting new partnership with GATE (Green & Advanced Transport Ecosystem), a venture founded by Iveco Group.
Insurtech Qover Raises US$30 Million in Series C Round to Boost Growth and Profitability
Qover, a leading insurtech specialising in embedded insurance orchestration, has recently concluded a successful Series C up-round funding, securing an impressive $30 million.
Humn.ai Partners with QBE Insurance to Offer Pricing Insurance Solution to Taxi Fleets
Humn.ai has forged a partnership with QBE Insurance Group to provide its Innovative dynamic pricing insurance solution to taxi fleets
Closing the Technology Deficit Could Generate $3 Trillion in Revenue for European Companies, Reveals Accenture Report
A recent report from Accenture has highlighted the potential for European companies to generate an additional $3.2 trillion in revenue by 2024 if they close the technology deficit that exists between them and their North American counterparts.
Cyber Insurance Rates Experience 10% Drop in June, Reversing Previous Increases, says Howden
In a recent report, broker Howden revealed that cyber insurance rates have decreased by approximately 10% in June compared to the previous year.
Zurich’s Commitment to ESG and Innovation Results in Eight Award Wins in H1 2023
Zurich Insurance (Hong Kong) has received widespread recognition for its strong commitment to environmental, social, and governance (ESG) practices and its innovative approach to product development.
15 Insurtechs to Watch in Asia in 2023
As reports suggest that Asia is the next big global arena for insurtech growth, we’ve listed the top 15 Asian insurtechs that are driving change in the marketplace
AXA Sets Environmental Targets for its Insurance Portfolio
French insurer AXA has established its first-ever environmental targets for its insurance portfolio, aiming to limit emissions of climate-warming gases associated with the vehicles and companies it covers.
Ten Cyber Insurance Providers Protecting Businesses from Cyber Threats
In today’s digital landscape, cyber security insurance has become an essential safeguard for businesses against data breaches, malware attacks, and cybercrime.
Hong Kong Could Soon Overtake London, Singapore, Tokyo as International Insurance Hub
Hong Kong could surpass London, Tokyo, and Singapore as the international insurance hub, industry experts predict in latest report.
ITI USA 2023 Holding Expert Panels to Deep-Dive AI
Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
Cyber Attacks Are on the Rise, Due to Software Vulnerabilities, Says Beazley
Speciality insurer, Beazley has released its latest report on cyber risk – and finds software vulnerability a major cause in rising attacks.
Paymentus Launches New Guidewire Marketplace App to Enhance Insurance Transactions
Users of Guidewire Marketplace’s app BillingCenter are now able to access Paymentus’ new, Ready-For-Guidewire accelerator.
Cover Genius Partners with Volaris to Offer Low-Cost Travel Insurance Solutions
Cover Genius has announced its new strategic partnership with Volaris, the low-cost Mexican airline serving various regions including Mexico, the United States, and Central and South America.
Coalition Releases Much-Anticipated 2023 Cyber Claims Report
Coalition has unveiled its highly anticipated Cyber Claims Report for 2023. This comprehensive report sheds light on the ever-evolving landscape of cyber trends, offering valuable insights into the nature of cyber incidents.
LexisNexis Risk Solutions Strengthens Geospatial Data Suite to Tackle Rising Property Risks for UK Insurance Providers and Consumers
LexisNexis Risk Solutions, the data, advanced analytics and technology provider to the UK and Ireland insurance market, has launched a new suite of geospatial intelligence datasets for basements, trees and windstorms to address these weather-related challenges.
US-UK Insurtech Accelerator Initiative to Launch Recruitment for First Us Cohort at Hartford Symposium
The second stage of a major transatlantic collaboration that has forged insurance industry trade links and driven innovation between the US and the UK will launch at next month’s insurance event, InsurTech Hartford Symposium
ITI USA Expert Panel to Explore the Bionic Approach to Transforming Underwriting Capabilities
Insurtech Insights USA 2023 is holding an expert panel on the ‘Bionic Approach Transforming Underwriting Capabilities’ in today’s hard market, organisers have announced.
SIX Reasons Why the UK Insurance Industry Must Embrace Further Transformation this year
The UK is facing considerable upheaval over the next few months in response to financial, political and social changes, reports suggest.
ITI USA Expert Panel to explore Key Investment Drivers for Insurtechs in Today’s Hard Market
Insurtech Insights USA 2023 is holding an expert panel on how to attract investors in today’s hard market
EY and IBM Expand Quantum Computing Alliance
EY and IBM has announced that EY Global Services Limited will be joining the IBM Quantum Network, in a bid to further enable EY teams to explore solutions with IBM that could help resolve some of today’s most complex business challenges.
ITI USA 2023 Confirms Panel on Cyber Insurance: At-Bay, Cowbell, NFP & Mulberri included
Insurtech Insights has confirmed its expert speaker panel on ‘The Technologies Creating a Dynamic Cyber Insurance Strategy,’ which will see At-Bay, Mulberri, NFP and Cowbell leaders talk tech and innovation on the main stage
The Hanover Group Launches New CyberSecure Program for Commercial Lines Customers
The Hanover Insurance Group, Inc. has introduced its Hanover CyberSecure Program, a comprehensive set of cybersecurity services for its Commercial Lines cyber customers.
Reinsurance Sector Delivers Record-High ROE; says ACORD Quarterly Report on Global Insurance Stock Index
The reinsurance sector has delivered record-high ROE; and digital maturity strongly correlated with high insurer performance, reports ACORD
Allianz, AXA and Zurich are Winning Against Inflation Challenges, says Fitch
According to Fitch Ratings, the three major European insurance groups – Allianz, AXA, and Zurich – have effectively managed the effects of the macroeconomic environment, such as high inflation and interest rates.
Coalition Launches New Cyber Solution CoalitionAI Chatbot for Brokers and Businesses
The CoalitionAI dashboard is now accessible to several US brokers and will answer questions about cybersecurity best practices, cyber policy coverage options, and more
Thai Insurtech Roojai Raises US$42 Million in Series B Round
Roojai.com, a Thai insurance startup, has successfully raised $42 million in Series B funding.
Beazley Updates Primary US Public D&O Offering
Beazley has announced the updates of its primary US Public D&O offering.
Driving Diversity in Tech: Anna Brailsford, CEO of Code First Girls
Anna Brailsford, CEO and Co-Founder of Code First Girls, is transforming female representation in the tech industry by providing employment through free education.
Munich Re has announced its withdrawal GFANZ due to ‘material’ legal risks
Global reinsurers Munich Re has announced that it will leave the Net-Zero Insurance Alliance due to “material” legal risks associated with the alliance’s coordinated emissions reductions.
Zurich UK Reveals Fraudulent Property Claims Increased by 31% in 2022
Insurance industry leader, Zurich UK, has revealed fraudulent property claims increased by 31% and fake casualty claims rose by 7% in 2022.
Chubb Names Francis O’Brien as New CRO; Promotes Sean Ringsted to Chief Digital Business Officer
Chubb’s former SVP and Deputy CRO, Frances O’Brien has been promoted to the position of Executive Vice President and Chief Risk Officer (CRO) at P&C insurer Chubb, effective April 1, 2023.
AXA: Work-Related Stress is Costing UK Economy US$34 Billion a Year, says Insurance Giant
Insurance giant AXA UK has released a report that reveals that stress endured in the workplace is costing the UK US$34 billion annually.
Lloyd’s of London Swings to Loss After £21bn Ukraine and Hurricane Ian Claims
The world’s biggest insurance market reports pre-tax deficit of £769m for 2022 after profit of £2.3bn in 2021
ESG: Chubb Introduces new Underwriting Standards for Oil and Gas Extraction
Chubb has introduced new underwriting standards for oil and gas extraction projects, emphasising the reduction of methane emissions, which are some of the most significant greenhouse gases generated by the industry.
Digital Evolution in the Life Insurance Industry is Critical, says Capgemini Report
A new report on digital transformation in the Life insurance industry has stated that ‘digital evolution’ is essential if the industry is to keep up with global innovations.
Insurtech Kin Upsizes its Series D Funding Round to $109 Million
Kin, the direct-to-consumer home insurance company built for every new normal®, today announced that it conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022.
2022 Saw Insured Catastrophe Losses Rise to $132 Billion, says Swiss Re
Global reinsurer Swiss Re has reported that insured losses resulting from natural and man-made catastrophes in 2022 totalled $132 billion with economic losses surpassing double this amount at $284 billion.
12 US-Based Insurtech Unicorns Scaling Fast in 2023
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
Employer Health Benefits Provider Gravie Raises $179 Million in Latest Funding Round
Gravie, a provider of employer health benefits, has secured a $179 million equity investment led by General Atlantic, a growth equity investor. FirstMark Capital and AXA Venture Partners, Gravie’s existing investors, are also participating in the funding round.
DeFi Insurance Payouts Rose to $34.4M in 2022, Says New Report
Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.
Insurtech Fuse Hits More Than $200M Gross Written Premium in 2022
Indonesian insurtech company Fuse announced Tuesday that it achieved more than 150 million policies in 2022, with gross written premium (GWP) exceeding $200 million.
Generali UK makes Supercede its Reinsurance Technology Provider Following Successful UK Trial
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition Proves Cyber is Insurable via New Method for Modelling Risk
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
Swiss Re Warns Inflation is Placing P&C Insurers Under Increasing Pressure
Swiss Re’s experts have warned that pressure as a result of inflation is being placed on P&C reinsurers and insurers over the next 12 months and this will impact claims growth.
Netradyne Partners with Cover Whale to Provide High-Tech Dash Cams for Customers
Netradyne, an SaaS provider of artificial intelligence (AI) and edge computing solutions focused on safety and driver coaching for commercial fleets, announced its partnership with Cover Whale Insurance Solutions, Inc., a commercial trucking insurance provider and fast-growing insurtech.
Forbes Ranks Guidewire Top for IT Services Among US Mid-Size Employers
Insurtech company Guidewire has been named one of the country’s best midsize employers by Forbes.
Hiscox UK launches underwriting academy to develop industry talent
Specialist insurer Hiscox UK has launched an underwriting academy after a successful pilot in the final quarter of 2022.
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