Latest News

Monday, 10 August 2020

Following the COVID-19-induced slowdown in global InsurTech investment during the first months of 2020, USD 1.56 billion was raised by InsurTech firms in Q2. The total, up 71% over Q1, was driven in part by later-stage investments, including four ‘mega-rounds’ in excess of USUSD 100 million, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. 

At 74, deal count was down 23% from Q1, but many individual rounds were larger as investors continued to turn away from Seed and Angel deals in favour of support for more mature ventures. P&C sector investments predominated, accounting for 68% of funding, but...

Monday, 10 August 2020

Direct premiums written in the US cyber insurance market grew by 11% year over year in 2019 to USD 2.25 billion; however, according to a new report from ICMIF Supporting Member AM Best, the rate of growth slowed from the previous year, marking the fourth year in a row of this trend. In the recent Best's Market Segment Report, Cyber Insurance: Profitability Less Certain as New Risks Emerge, AM Best notes that growth has slowed significantly from 2016-2017 when direct premiums written grew by more than 30% annually, as the cyber threat landscape has expanded and the awareness of the risks has increased.

According to the report,...

Friday, 07 August 2020

Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer and one of ICMIF’s Supporting Members, today announced that it has won the “Asian Reinsurer of the Year” award at the Asian Banking and Finance Insurance Asia Awards 2020. 

The award honours Peak Re’s unique approach of contributing to the sustainable development of the insurance industry and helping society prosper by providing protection to people under the umbrella of insurance. Since its foundation in 2012, Peak Re has built a leading reinsurance platform from its base in Asia with a geographical reach encompassing close to 600 clients in over...

Thursday, 06 August 2020

ICMIF member CoopSeguros (Dominican Republic) has this week signed an agreement to collaborate with the National Confederation of Agricultural Producers (Confederación Nacional de Productores Agropecuarios, Confenagro) which aims to provide insurance products that will directly benefit those working in the agriculture sector – both producers and workers.

The agreement between the cooperative insurer and the National Confederation of Agricultural Producers will deliver a mutual work plan which will include an extensive educational programme on the benefits of insurance aimed at agricultural workers and producers. CoopSeguros will...

Wednesday, 05 August 2020

Just over 530,000 households from low-income communities are now covered with mutual microinsurance thanks to ICMIF’s 5-5-5 DHAN Foundation (DHAN) project in India. This equates to 2.65 million people being protected when averaging five people per household.

This milestone has been achieved amid the COVID-19 pandemic with DHAN battling to help mitigate the negative impacts of COVID-19 on the low-income communities that they serve.  The DHAN project is currently supported by 20 ICMIF member organisations either through financial or technical assistance and the cost of insuring each person through the project stands at USD 0.62...

Wednesday, 05 August 2020

German ICMIF member DEVK successfully implemented FRISS Fraud Detection at Claims earlier this year in order to have a future-proof, AI-powered SaaS solution to fight insurance fraud and serve honest customers in the best possible way.

At the time of the implementation (May 2020), more than 400 claims people at DEVK were screening about 160.000 motor claims each month. Each claim handler is responsible for the complete processing of a claim, from first notification of loss to investigation. They are now able to work with FRISS and receive the claim insights in real-time via a seamless integration with DEVK’s SAP core claims...

Tuesday, 04 August 2020

Argentinian ICMIF member San Cristóbal Seguros has launched a new type of insurance cover for tenants and property owners.  The new Guaranteed Rental product offers guaranteed rental income for landlords and property owners on behalf of the people who want to rent a property but who do not have the guarantees normally required by real estate agencies and/or the property owner.

"We are expanding our product portfolio and seeking to provide specific solutions for the real estate sector. This policy is easy to take out for the tenant, and for the owner it represents extra peace of mind," explains Germán Godoy, Product Manager,...

Tuesday, 04 August 2020

One year after launching its Express Service for compulsory insurance policyholders, Cooperativa de Seguros Múltiples de Puerto Rico is now extending the Service to its 460,000 motor policyholders who currently have traditional policies.

"We continue to be the only insurance company that arrives at the scene of the accident to start the processing of the claim on the spot, thus simplifying the life of our policyholders who greatly value this unique service, as the satisfaction surveys show," says Edwin A. Lugo, Vice President of Sales and Marketing of Seguros Múltiples.

Through the Express Service, the claim process start...

Thursday, 30 July 2020

As a mutual society, funeral service and insurance provider, ICMIF member AVBOB (South Africa) says it is intrinsically involved in the communities it serves. Therefore, as part of this year’s Mandela Month commemorations, the group has joined the fight against Gender-based Violence (GBV) by donating to several non-government organisations (NGOs) across the country. During the first week of the COVID-19 lockdown, over 87,000 cases of GBV were reported to police in South Africa. Since then, there have been many reports that indicate that there has been a surge in GBV cases. As such, AVBOB says it has seen it as...

Wednesday, 29 July 2020

ICMIF Supporting Member AM Best has announced that it will host its annual reinsurance market briefing as a virtual event on 13 September 2020, 10:15 a.m.–11:45 a.m. (CEST). This follows the cancellation of the 2020 Rendez-Vous de Septembre. This event, which will be presented as a complimentary webinar, will mirror AM Best's popular and well-attended reinsurance market briefings normally held at the Rendez-Vous de Septembre in Monte Carlo. Hosted at the exact same time as previous in-person events, it provides a unique opportunity to hear reinsurance market insight and opinion from a panel of senior executives and analytical leaders of...

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