InsTech News: Container Shipping Risks and Cyber Predictions

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Insight

This week, insights from IHS Markit on how data and technology are reducing the risks involved in shipping goods around the globe. Details of new partnerships for RMS, Vave, Arturo and Wakam, and CyberCube shares its expectations for the cyber insurance market in 2022.

Click on the headlines for more information. 

Revealing the risks: inside shipping and containers - Podcast 169

Matthew talks to George Devereese and Turloch Mooney from IHS Markit about the risks involved in container shipping and the data available for insurers to assess them. They discuss how technology is helping to create a real-time understanding of a ship’s location and cargo, and the analytics IHS Markit is providing to support underwriting and claims. 

FCA insurance regulations: complying with ‘price walking’

With new insurance pricing rules taking effect in the UK on 1 January, Earnix examines what insurers need to do to respond to the regulations and how they might impact customer behaviour. 

Investor Anthemis raises $700m of new funding

The new funding brings the total assets under management at Anthemis, whose portfolio includes fellow InsTech member Eigen Technologies, to $1.2 billion. We spoke to Partner Ruth Foxe Blader about how and why Anthemis invests in insurance on Podcast 76. 

Canopius to adopt RMS Climate Models

The RMS models will be integrated by Canopius to enhance its climate change risk analysis work, with a focus on North Atlantic hurricane winds and storm surges, and to respond to emerging regulatory reporting requirements including the Bank of England Climate Biennial Exploratory Scenario (CBES). 

Cyber insurance performance gap to widen in 2022 

CyberCube expects the gap between the best and worst-performing cyber insurers to grow next year, with insurers that have increased the use of data-driven underwriting tools seeing the benefits of that approach. Download CyberCube’s 2022 predictions report below. 

Vave to use Arturo location intelligence data 

Algorithmic underwriting MGA Vave is to add property analytics from Arturo to its ratings algorithms. The additional aerial and satellite data will be used to articulate confidence levels around property characteristics of buildings in Vave’s portfolio. 

Wakam enters mobile device insurance partnership

The new insurance product from refurbished electronics marketplace Back Market has been created in collaboration with Wakam and i-surance (part of bolttech). Policyholders can cover refurbished mobile devices for risks including breakages and liquid damage and will receive a Back Market voucher if the device is unrepairable. 

A New Year’s resolution for insurance technology

Robin rounds off 2021 with a plea to remove superlatives and hyperbole from insurance technology descriptions. More details on the words and phrases that made his list below.

And finally… The Matrix and the Reality of Insurance

On the day The Matrix Resurrections finally hits cinema screens, RPC Partner Peter Mansfield states his case as to why the 1999 original movie is actually all about insurance.