Third-party platforms will remain the core source of business for the online operations of insurers, says Fitch Ratings in a new report.
Online life insurance business maintained steady growth in 2020, with a total of CNY211.08bn ($32.6bn) in premiums, a year-on-year increase of 13.6% compared to 2019, according to data released by the Insurance Association of China (IAC) that are based on 2020 Internet life insurance business information submitted by life insurance companies with online operations. The pace of growth was almost double the 6.9% increase in premiums produced by life insurers from all channels.
Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .
Symbo Platform Holdings, a Singapore-based InsurTech platform, has completed a $9.4m funding round led by CreditEase FinTech Investment Fund. The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
Three specialist firms in the insurance industry will create a secure InsurTech platform that will support cryptocurrency investors in insuring crypto risk.
Climate change will increase the frequency of flash droughts in India, which will have a negative impact on country's agriculture and irrigation according to a new study by Indian Institute of Technology (IIT) Gandhinagar.
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.
Insurance brokers should recognise the reputational risks they face and tackle these issues head-on, according to the latest report of the Society of Insurance Broking (SIB).
Aviva has announced its plan to become a net zero carbon emissions company by 2040. This is the most demanding target of any major insurance company in the world today.
The COVID-19 pandemic has brought back the focus on innovative insurance solutions in the Indian market and companies are today scaling up their digital initiatives and increasingly using AI and automation to drive business and serve their customers, said speakers during a webinar organised last week by the National Insurance Academy (NIA) in association with Swiss Re.