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.
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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.
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.
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.
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).
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.
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.
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.
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.
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.