Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Investment in insurtech rose to almost $1bn in the second quarter of 2017, an increase of 248% on the previous quarter, thanks to a record number of deals. In total there were 64 transactions, the most experienced in any quarter to date and almost double the 38 that took place in the previous quarter. The figures were produced by global…

AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

Catastrophe modelling firm AIR Worldwide has released what it claims is the first severe thunderstorm model for Australia to capture all three sub-perils – hail, tornado and straight-line wind. The model produces daily simulations based on statistical modelling combined with historical data provided by Australia’s Bureau of Meteorology, along with local and seasonal weather patterns. This approach is designed to…

Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Asia’s corporate market is significantly underprotected against liability risks, according to a recent study by QBE Insurance that revealed roughly half of Asian companies have no business liability insurance at all. The report, Risk in Regret, shows that the vast majority of Asian businesses have some form of insurance, most notably property and casualty, but less than half have invested…

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Global reinsurer Munich Re has released the highest-yet estimate of the losses from Cyclone Debbie, putting the insured loss at $1.4bn and the economic impact, or uninsured losses, at $2.7bn. Meanwhile, its figures for the global losses from natural catastrophes, both insured and uninsured, were well below the ten-year average, suggesting that this may further increase the pressure on reinsurance…

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured losses from natural catastrophes totalled $22bn in the first half of 2017, according to Aon Benfield’s Impact Forecasting, with numbers matching Munich Re’s figure of $21.5bn. According to Aon Benfield, insured losses covered 42% of $53bn total economic losses in the first half of 2017. This is above the average of 32%. Most losses during the period were recorded…

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

Chubb launches Ignite online platform for SME, middle-market companies

Chubb launches Ignite online platform for SME, middle-market companies

Chubb launches Ignite online platform for SME, middle-market companies

Chubb has unveiled Chubb Ignite, an online platform for brokers’ small and medium-sized commercial clients in South Africa. Chubb said the system “is quick and easy to use and allows brokers to quote specialist insurance online and be bound by Chubb within minutes, with instant documentation available online or via email”. The insurer added: “The tool is backed up by…

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley is converting its existing Dublin-based reinsurance company into an insurance operation after receiving regulatory approval from Irish regulator, the Central Bank of Ireland. Beazley said under the renamed Beazley Insurance dac it will underwrite non-life insurance throughout the EU in addition to its Lloyd’s operations, which will continue to write EU business through Lloyd’s’ proposed insurance company in Brussels,…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

AGCS set to boost London engineering business

AGCS set to boost London engineering business

AGCS set to boost London engineering business

Allianz Global Corporate & Specialty (AGCS), Allianz Group’s dedicated carrier for corporate and specialty insurance business, has appointed Paul Smith as head of engineering in its London regional unit. He will report regionally to Carsten Scheffel, AGCS board member, and locally to Brian Kirwan, UK CEO, AGCS. In his new role, Mr Smith will be responsible for the engineering portfolio…

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