Munich Re backed parametric insurance for Hawaii’s coral reefs | Tesla Insurance Launches in Minnesota | Israel: High-tech job openings fall and more.

Munich Re backed parametric insurance launched for Hawaii’s coral reefs

WTW has launched parametric coral reef insurance in collaboration with The Nature Conservancy, which aims to protect coral reefs from storm damage through a policy provided by global reinsurance giant Munich Re. The coverage includes payouts of up to $2 million which will take effect at 50 knots of winds in a situation where the tropical cyclone occurs close enough to reefs. The payouts are available to fund repairs, emergency care, and restoration work after storm damage.

Coral reef insurance was first introduced in Mexico and expanded to include the Mesoamerican Reef system. In times of a natural disaster caused by climate change, such as a hurricane, the insurance policy can allow for the rapid deployment of resources to preserve ecosystems and restore services.

The collaboration in securing this insurance to help restore the reefs and fisheries is a significant step forward in coral reef conservation to provide critical funding to repair reefs at critical times.

Congratulations to the team for making this a reality!

Credits and read to learn more at Artemis.

Tesla Insurance Launches in Minnesota, Increases Rates for Some

Tesla is now widely accessible in Minnesota, making it the 12th state in the United States to support Tesla's insurance initiative.

Rate Increase for Some. Even though Tesla Insurance typically has lower premiums, two states will experience price hikes. Tesla General Insurance, the carmaker's subsidiary insurance carrier, is asking for a 30% rate increase in Maryland and a 24.5% rate increase in Oregon, according to Coverager. The reasons for the increases are the inflation rate and competitive pricing.

Florida. The announcement comes as plans to introduce Tesla insurance to Florida remain on hold. Tesla owners received information that the company's insurance would be accessible on October 20, 2022. Tesla recently updated its telematics model for some states, including Florida.?

Tesla has managed to keep its rates low by tracking the driver's safety score.?Even with the increases, Tesla will remain the most budget-friendly provider.

Taking into consideration, Tesla has the data to support accurate UW, would the rest of the competitors be able to offer competitive prices?

Credits and read to learn more at not a tesla app.

Global Insurance Report 2023: Reimagining life insurance

During the course of the last ten years, the life and retirement business has been subjected to rising levels of unpredictability. Over the course of the next decade, the sector will continue to be significantly influenced by four primary influences.

1. Personal risk awareness is rising, and the availability of benefits provided by social programs is uncertain.
2. In the near term, nominal interest rates will stay high as central banks try to manage inflation.
3. Customer expectations for quality of service are rising, as is the need to combine digital technologies with traditional products.
4. The rise of middle-class economies with geopolitical risks.

Four ‘unbundled’ business models to drive value creation. Today, the industry is evaluating this value chain strategy in two significant ways: product bundling and functional unbundling.

Retirement, wealth, and asset management services, as well as group and retail sales, are combining, driving insurers into new terrain. If there is a need from their consumers, some insurers may even go into the health and protection ecosystems.

This altering market structure will provide new opportunities for life insurers to create value, increasing the sector's relevance to customers and appeal to investors.?

Credits and read to learn more at Mckinsey.

Is European tech having a dotcom moment?

The economic crisis has been hammering tech businesses for months.

The world's largest cryptocurrency exchange, FTX, went bankrupt; global IT behemoths Meta and Amazon lay off 20,000 tech employees together; and in Europe, fintech Wayflyer and Juni laid off 40% and 30% of their personnel, respectively. Hopin, an events business, laid off its third batch of employees this year.

Silicon Valley corporations suffered most from the 2000 dotcom bubble burst - but now Europe is more exposed.

Investors who saw the 2000 bubble burst may feel déjà vu.

Today's circumstance is worse than 2008's protected financial services crisis or 2000's protected technology disaster.

Increasing interest rates, people running out of money, the oil problem, and geopolitical issues a worldwide disaster.

No 2024 recovery. When economies recover and stability returns, foundational technology stocks will rebound.?

The difference between 2022 and 2000 is that technology is now prominent across all businesses and is influenced by the macroeconomic cycle. This time, tech businesses are genuinely fixing real societal challenges.

Credits and read to learn more at sifted.

Israel: High-tech job openings in Israel fall by 30% over eight months

Data from CBS shows that the high-tech-related information and communication businesses saw a decrease in job openings from 8.74% in February to 6.03% in October.

Since the conclusion of the epidemic, a substantial fall was noted for the first time in the employment figures released last week. The employment rate declined slightly from 60.9% in September to 60.2% in October, excluding those on unpaid leave.

In October, the unemployment rate climbed from 3.9% to 4.3% against expectations that it would continue to decline.

Credits and more figures at calcalistech.

Dear Insurtech and Innovation Friends,

After a rainy week, the sun is back to TLV. The Israelis, who love soccer,? are watching the Mondial with excitement (you can hear there was a goal even without watching TV) ??

Best, Dikla ??