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…

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…

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

London-based Fenchurch Law, which specialises in insurance disputes and works solely on the buyer side, has appointed Tom Hunter as an associate. Mr Hunter joins the claims dispute team from Reynolds Porter Chamberlain (RPC), where he was an associate in the professional and financial risks group. Mr Hunter has experience in financial lines defence work, including advising on professional indemnity,…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re Corporate Solutions (SRCS) has launched what it claims is the first ever typhoon warning insurance product for Hong Kong-based businesses. Dubbed Insure8, the parametric product pays out to policyholders when a typhoon signal number eight (T8) is issued by the Hong Kong Observatory. The policy is designed to indemnify local businesses from business interruption (BI) or loss of…

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Insurers could be liable for massive cyber losses they are unable to cover due to the loose wording of their property and casualty (P&C) policies. A senior executive at one of Japan’s biggest insurers, Sompo International, issued the warning to the Financial Times. Nigel Frudd, Sompo’s chief strategy officer, said the prolonged soft market in the P&C sector had led…

June’s catastrophe losses reach $5bn with hefty insurance bill in US

June’s catastrophe losses reach $5bn with hefty insurance bill in US

June’s catastrophe losses reach $5bn with hefty insurance bill in US

Natural catastrophes recorded global economic losses of more than $5bn in June, according to Aon Benfield’s Impact Forecasting in its latest Global Catastrophe Recap Report. Global economic losses were driven by weather events in the US where hail, tornadoes, winds and flash flooding caused a total economic bill of more than $3bn in the country and estimated insured losses of…

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

In ten years, the digital economy will probably account for 10% of African GDP, according to technology experts. Speaking at the launch of new digital services linking urban planners and developers in Senegal, Alain Taïeb, chairman of the supervisory board of Mobilitas, said: “In ten years, the digital economy will probably weigh 10% of African GDP. Digital should be an…

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Three former executives at the Fukushima Daiichi nuclear power plant have pleaded not guilty to charges of professional negligence, in the only criminal trial to have resulted from the 2011 nuclear disaster. Tsunehisa Katsumata, chairman of Tokyo Electric Power Plant at the time of the incident, issued an apology to the Tokyo court at the commencement of the trial but…

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