Together, the companies are introducing a groundbreaking, building-specific, sensor-based parametric earthquake (re)insurance product for clients worldwide. Building on a successful pilot program in Mexico City, which deployed the sensor-based solution across 23 strategic locations to ensure rapid and precise payouts to policyholders, LM Re and Safehub are now expanding their collaboration globally. Safehub’s seismic sensor technology provides real-time, building-specific data at the policyholder’s location, activating parametric (re)insurance policies. These customised policies offer coverage ..read more

Tokio Marine HCC, a world-renowned specialty insurer that underwrites more than 100 classes of specialty insurance in over 180 countries, will leverage Akur8’s Core Platform solution to drive innovation and optimize its pricing models. Akur8’s Core Platform enables high-performing pricing models and delivers easy-to-use analytics and reporting for in-depth insights. The platform also promotes knowledge sharing across entities within the organization. By integrating Akur8’s proprietary machine-learning technology, Tokio Marine HCC aims to enhance its pricing processes and improve data-driven un ..read more

The pre-seed round was led by Honors Fund by CEAS Investments, with participation from MetaProp, Dorm Room Fund, Responsibly Ventures, and a group of angel investors. The funding will enable Faura to expand its operations and further its mission of transforming the property insurance landscape. In addition, Faura has been accepted into the MetaProp Accelerator program, where it will join six other startups in the proptech space for the 2024 program. Valkyrie Holmes, CEO and co-founder of Faura, said in a statement on Linkedin: “I wanted to thank everyone who has been here with us and along for ..read more

The funding was led by ManchestorStory and included participation from Insurtech Gateway, Bridge Investments, Seaplane Ventures, and several insurance and reinsurance executives. Based in Columbia, SC, Rainwalk is dedicated to revolutionizing market penetration in the pet insurance industry. The company aims to invest in new, alternative, and tech-driven distribution channels that have been traditionally overlooked by industry incumbents. Rainwalk offers its partners a white-label solution, enabling them to provide insurance coverage to their customers. Additionally, the startup directly sells ..read more

Established in 2022, Estaly currently operates in France and Belgium, offering product protection through merchants for a wide variety of goods. The startup is working with over 300 merchants and plans to expand its operations to Spain and Italy next year. Additionally, CDG Invest, through its 212Founders program, contributed $1.9 million dirhams to Estaly’s funding round, alongside OneRagtime and business angels, totalling $10.6 million. This initial funding will enable Estaly to strengthen its position within the insurance ecosystem and establish itself as a leader in insurance and service ..read more

The improvement spans various types of insurance fraud, including motor and home claims, application fraud, and the rise of ghost brokers selling fake insurance policies. However, fraudsters are constantly adapting their tactics to pursue new scams, such as an increase in moped crash-for-cash fraud and the use of shallow fakes. Fraud cases involving apps that manipulate real-life images, videos, and documents have increased by 300% from 2022 to 2023, indicating a growing challenge for the insurance industry. In one case, an individual’s van photo, posted on social media, was manipulated by fra ..read more

The news follows on from reports earlier this year, of Gallagher’s acquisition of Forest Insurance Facilities by its US wholesale brokerage, binding authority, and programmes division, Risk Placement Services, Inc. (RPS). Prasidium Credit Insurance, headquartered in North Sydney, is a specialist broker focusing on trade credit insurance and serving clients across Australia. Key team members, including Mark Smith, Stuart Prendergast, Mark Browning, and Paul Daniele, will integrate into Gallagher offices throughout Australia. The integration will be overseen by Sarah Lyons, head of retail ..read more

GlobalData, a research and analysis company, uses its Technology Foresights model to predict the disruption level of emerging technologies across various sectors. The model assesses companies’ innovation portfolios to offer both quantitative and qualitative insights. According to GlobalData’s Technology Foresight model, the most significant AI disruptions in the insurance sector include underwriting AI technology, user behavior analytics, and automated premium discounting. The rise in funding signals a shift in the insurance sector’s engagement with AI. While insurance companies already use AI ..read more

The heavy downpour on April 15-16th, the most intense since records began in 1949, caused widespread flooding that significantly disrupted travel and damaged property, particularly in Dubai. S&P Global Ratings predicts that motor and property damage claims will account for the majority of losses for local insurers. While substantial motor claims are anticipated, the insurance industry is expected to handle the insured losses due to their distribution across many insurers, the prevalence of third-party insurance for damaged cars, and reinsurance policies that could absorb accumulated claims ..read more

The collaboration will enable Bank Australia to offer its clients Bank Australia-branded home, contents, and motor insurance. Honey Insurance operates a digital sales and service platform for home and motor insurance across the country. By leveraging information from third-party sources, the insurtech minimises the number of questions asked of potential customers, streamlining the insurance process. Recently, the insurtech hit the headlines by securing a funding round of US$108 million. The company provides customers with smart sensors that can detect and alert users to fire, flood, and theft ..read more