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7th May 2023

Newslink Global Insuraance Trends-Editor's Weekly Highlights

This week, Gallagher Re stated in its latest Global InsurTech Report that after its broad-based reset in 2022, new funding for the global InsurTech sector rose to $1.39bn during the first quarter of 2023, up 37.6% from $1.01bn in Q4, 2022, its lowest quarterly total since Q1, 2020-average deal size was up 25.3%, but deal count remained steady-mega-round funding accounted for only 12.9% of the total, the lowest since the 2020 Q1 dip. Favourable regulatory measures are to drive growth in the Indian general insurance industry in 2023 according to GlobalData. Insurance Europe published a position paper on the Insurance Distribution Directive (IDD) legislative.
Fadata ushered in a new age of digital insurance business with a completely open environment and faster updateability. Munich Re acquired apinity GmbH, a start-up that supplies application programming interface(API) solutions in the form of Software as a Service(SaaS) for the insurance industry’s entire ecosystem. wefox launched a global affinity business. Broker Insights upgraded its platform as it gains more than 20% share of the UK commercial insurance broker market. IQUW announced it was partnering with Zywave for D&O and Cyber business, omni-us has automated Marine insurance claims for MS Amlin NV, and Whitespace adopted Morning Data Contract Checker technology. WTW announced the global launch of Neuron, a sophisticated digital insurance platform-it uses cutting-edge technology to help underwriters and brokers connect and trade more easily, improving the speed and cost of doing business through digitisation, automation and better use of data-the broker also announced Data Science Consultancy unit to help insurers unlock untapped value from their data.
BMS Group continued its expansion into Australia with the acquisition of GARD Insurance Pty Ltd, which includes ALE underwriting. Financial reports included those from AIG, Allstate, The Hanover, and Prudential; Everest Re, Hiscox, Munich Re, RenaissanceRe, SiriusPoint, and Swiss Re; and Aon. There was a senior appointment at SiriusPoint.


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