Future Insurer #24

Welcome back to another edition of Future Insurer! If you're in the northern hemisphere, hope you are enjoying the summer. If you're in Australia like I am, hope you're copying with the cold! Since the last edition of Future Insurer, the Olympics have started...(go Aussies!).

If you are taking a break from watching the Olympics coverage, there's clearly nothing better to do than to take a look at what's been happening in InsurTech land ??

If you are new here, a special welcome! ?? It's sometimes hard to see the forest from the trees with so much InsurTech News. In this fortnightly newsletter, I'll be picking out some of the most interesting #insurtech and #insurance developments from the past fortnight.

Make sure to hit subscribe if you want to receive this each fortnight. Now onto this edition's top picks...

In this edition's news:

??Zurich launches Tesla Insurance in Australia + where are the cows?

A few major announcements from Zurich!

Australia is still lagging behind in EV take up, but signs are that this is changing. Zurich has launched 'InsureMyTesla ' in Australia, available directly through the Tesla app. Auto news website DRIVE has published some more news about the product following its launch.

In the US, adaptive cyber InsurTech Cowbell has received a $60m investment from Zurich Insurance Group. The investment is on trend with the cyber SME market receiving significant attention at the moment.

? Enstar to be acquired for $5.1bn

Big news for Enstar - it will be acquired by investment firm Sixth Street following the inking of a $5.1bn deal. The deal has been approved by the Board of Directors and recommended to its shareholders, and is expected to close mid 2025 subject to relevant approvals.

?? Travel Insurance popular with InsurTechs

There's been quite a bit of interest from InsurTechs in Travel Insurance now that traveller numbers are back at pre-pandemic levels. A recent announcement that caught my attention was Cover Genius' partnership with travel booking platform Priceline . Under the partnership, Cover Genius will be responsible for travel insurance sold on the platform. Embedded insurance is still going strong, particularly in the travel insurance space.

??Financial Accountability Regime (FAR) Rules released for insurance

Ahead of the launch of the FAR in March 2025, the Australian Prudential Regulation Authority has released the Regulator Rules applicable to insurance entities. The rules list the key functions of an insurer and capture 16 areas including product origination and scam management. See the full rules . No doubt insurers are getting ready for the FAR now that there is some more concrete guidance!

?? Flood Inquiry reaches final hearings

The Federal Government's Flood Inquiry will hold its final hearings this week. The Inquiry has heard from claimants, insurers, reinsurers and other interested groups and is due to hand down its report in October. The Inquiry has been looking into the handling of the 2022 major flood claims, touching on issues including coverage, affordability and claim management.

Thanks for reading! Now time to get back to the Olympics ...

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Tim Chan is an insurance & insurtech lawyer at global law firm Norton Rose Fulbright and Founder of The InsurTech Lawyer blog.?He regularly advises insurers and startups on emerging legal issues affecting the industry. Follow Tim on Twitter: @timinsydney

Disclaimer: This newsletter provides general information only and does not constitute legal, financial or other professional advice. It does not address the circumstances of any particular individual or entity. You should seek your own professional advice.