Solstice Innovations

Dear LinkedIn friends, It is my pleasure to share with you the third of the 2024 series Gallagher Re InsurTech reports. We continue to focus on Artificial Intelligence (AI), and its role in the (re)insurance industry, with Q3 taking a look at AI's role in central business operations. Included in the report, as always, are InsurTech companies and individuals of relevance to the theme - in this case those companies who are bringing AI in risk to life in our industry, and those experts who have a view on how and what is developing. Some Q3 data highlights; * InsurTech saw USD1.38 billion in global funding during the third quarter of 2024, the highest level since Q1 2023 * Of that USD1.38 billion, 55.5% of global InsurTech funding went to USD100 million+ mega-round deals (5 deals total) * InsurTech saw 77 deals in Q3’24 — a nearly 4-year low * 63.4% of Q3 2024 InsurTech deals went to AI-centered InsurTechs * 54.5% of Q3’24 InsurTech deals went to InsurTechs focusing on central business operations * The majority of tech investments from (re)insurers were mid-stage funding rounds To understand what is driving these numbers and view our insights on AI, please access the complete report. Full report available for download at the bottom of the link https://lnkd.in/epqJ5fkQ This report would not be possible without the following companies and people featured; AKUR8 (Samuel Falmagne, Heide Sacher), Appian (Mike Streb, Andrew Kearns), Centana Growth Partners (Jack Babbush), Cowbell (Jack Kudale, Andrea Collins), Majesco (Denise Garth), Denodo (Nancy Schuetz), ELEMENT Insurance AG (Fabian Fischer, Ana Feijoo), Elixirr (Lara Kottsieper, Steve Steinberg, Ben Gower) Gallagher Re (Gina Butterworth, Paolo Cuomo), Gradient AI (Stan Smith, Alan Sherman), Coherent (Douglas Loots), Insurity, Beazley (James Wright), ProNavigator (Joseph D'Souza), Solstice Innovations (Travis Pine, Jon Umstead), TransRe (James Whitelaw) #InsurTech #Gallagherre

Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset values in high-risk areas, these flood losses are likely to keep rising, said Swiss Re in a report titled “Resilience or rebuild? The costs and benefits of climate adaptation measures for flood.” https://lnkd.in/gNxMdMVX

As with computer models that help predict risk from hurricane winds, insurers now have more than one model to use when gauging flood damage in storm-soaked Florida. https://lnkd.in/gtUtmRYy

Dear LinkedIn friends, It is my pleasure to share with you the third of the 2024 series Gallagher Re InsurTech reports. We continue to focus on Artificial Intelligence (AI), and its role in the (re)insurance industry, with Q3 taking a look at AI's role in central business operations. Included in the report, as always, are InsurTech companies and individuals of relevance to the theme - in this case those companies who are bringing AI in risk to life in our industry, and those experts who have a view on how and what is developing. Some Q3 data highlights; * InsurTech saw USD1.38 billion in global funding during the third quarter of 2024, the highest level since Q1 2023 * Of that USD1.38 billion, 55.5% of global InsurTech funding went to USD100 million+ mega-round deals (5 deals total) * InsurTech saw 77 deals in Q3’24 — a nearly 4-year low * 63.4% of Q3 2024 InsurTech deals went to AI-centered InsurTechs * 54.5% of Q3’24 InsurTech deals went to InsurTechs focusing on central business operations * The majority of tech investments from (re)insurers were mid-stage funding rounds To understand what is driving these numbers and view our insights on AI, please access the complete report. Full report available for download at the bottom of the link https://lnkd.in/epqJ5fkQ This report would not be possible without the following companies and people featured; AKUR8 (Samuel Falmagne, Heide Sacher), Appian (Mike Streb, Andrew Kearns), Centana Growth Partners (Jack Babbush), Cowbell (Jack Kudale, Andrea Collins), Majesco (Denise Garth), Denodo (Nancy Schuetz), ELEMENT Insurance AG (Fabian Fischer, Ana Feijoo), Elixirr (Lara Kottsieper, Steve Steinberg, Ben Gower) Gallagher Re (Gina Butterworth, Paolo Cuomo), Gradient AI (Stan Smith, Alan Sherman), Coherent (Douglas Loots), Insurity, Beazley (James Wright), ProNavigator (Joseph D'Souza), Solstice Innovations (Travis Pine, Jon Umstead), TransRe (James Whitelaw) #InsurTech #Gallagherre