Munich Re's HSB New Division | Where Cyber Insurance Heading | Insurance Prevention Than Claims? | What Gen Z CEOs Looking For | Israel's Tech Status
Dikla Wagner
On Israel's top 12 Fintech influencers ??Keynote speaker / MunichRe ????, Head of Tech Scouting ????
Munich Re's HSB Creates a New Commercial Division
Munich Re-owned specialty insurer HSB (UK & Ireland) has announced the formation of its new Commercial Division. The division will deliver a more collaborative and seamless customer experience for brokers, insurers, and MGAs.
In Israel, we are excited to support HSB in the scout for cyber insurance and cyber services. We are currently looking for solutions and services for SMEs and individuals. If you are a startup with a ready product, please contact us.
Cyber Insurance - Where Are We Heading?
The cyber insurance market has changed drastically since the COVID-19 pandemic began, unsurprisingly leading to growing awareness and concerns about cyber risks.
S&P Global Ratings published research on the "rocky road to a mature cyber insurance industry." According to the survey, an increasing number of (re)insurers are hesitant to underwrite greater risks, while others have reduced their risk appetite due to the rising frequency and severity of cyberattacks".
The research also highlighted the findings of Munich Re's 2022 survey of top executives, which revealed that 38% of so-called C-level managers are "very worried" about cyber dangers, up from 30% in the previous poll.
According to Munich Re, cyber insurance premiums will exceed $9 billion in 2021. According to S&P Global Ratings, that sum is expected to rise at a 25 percent annual rate to almost $22.5 billion by 2025.
“The big challenge for (re)insurers in developing this wording lies in the need for continual reassessment of shifting risk exposures, which necessitates dynamic contract conditions and coverage concepts – both of which are likely to be enduring characteristics of the cyber insurance industry,” the report said.
Rethinking Insurance: Prevention Is Better Than Claims?
Technology is assisting insurers in reducing or eliminating risks. Would less claims mean less business for insurers?
Growing Bill
Insurers employ prevention as a critical strategy to deal with the rising cost of hazards such as the obesity epidemic, cyber attacks, and harsh weather. The cyber insurance industry is becoming more of a hybrid of protection and coverage. Providers plug gaps in digital defenses, implement additional security measures and provide emergency assistance.
Smarter Tech
To combat one of the most prevalent causes of home insurance claims, insurers around the world are investing in leak detection devices. Water leaks are a key cause of house insurance claims, and both large insurers and start-ups are capitalizing on leak detection and prevention technology.
Some companies provide them alongside other smart instruments, such as networked motion sensors and smoke alarms, to battle other major hazards.
Data Harvesting
In order to avoid claims, motor insurtechs have created a variety of improvements. Real-time data is used in underwriting models.
Life and health insurance may hold the most promise for such a proactive approach to risk, thanks to the increasing use of wearables and increasingly sophisticated real-time underwriting algorithms.
Death of Coverage
There is potentially a self-defeating logic to prevention from the industry's perspective. Claims are the lifeblood of insurance companies, Does cutting claims mean reducing future revenues?
Reduced risk of serious diseases can help to avoid or decrease claims, while longer-living life insurance clients entail higher insurance premiums on a typical policy.
The industry is shifting away from risk transfer and toward risk mitigation. Does this imply that the sector should develop new products or services in response to the promise of a reduction in future claims?
领英推荐
Startups - What Gen Z CEOs Looking for VCs
Members of Generation Z — those born after 1996 in general — are self-aware, persistent, and inventive; they're digital natives who care passionately about their own and the planet's well-being, and they're more culturally varied and socioeconomically susceptible than prior generations. But how does this influence the relationship between Gen Z founders and VCs?
While money is still an important aspect of the connection between entrepreneurs and investors, Gen Z founders are more likely than prior generations to identify value in investors that go beyond money. According to Connectd, a platform that links entrepreneurs with investors and advisers, 80% of Gen Z founders appreciate an investor's network and contacts, compared to 63% of founders over 25.
Gen Z values the networks and relationships of investors more than previous generations.
Gen Z is infamous for oversharing and being online 24 hours a day, seven days a week. But there is a silver lining. "Gen Z entrepreneurs believe the playing field has leveled slightly in terms of their grasp of the VC process, what are good deal terms, and what kinds of terms they should be accepting."
While founders aged 25 and above recognized that VCs tended to spend their attention and resources on the best-performing portfolio firms.
As a result, for Gen Z entrepreneurs, seeking fair terms and treatment is an important part of the VC process, and many are ready to walk away from a deal if that is not the case.
The Real Deal on Israel's High Techs
New investment in Israeli startup firms fell to $9.8 billion in the first half of the year. The Bank of Israel forecasted earlier this month that the Israeli economy will expand by 5% this year.?
A worldwide high-tech slowdown, much less something like the dot-com bubble crash of 2000, would be exceptionally damaging to Israel.?
However, everyone in the business agrees that the last half of 2021 saw massive and unsustainable sums of cash pour into Israeli and global firms. According to Israel Venture Capital Research, new investment in Israeli startup firms fell to $9.8 billion in the first half of the year, a drop of about 30% from its high in the second half of 2021.
"If it is, it could be the start of a real downturn for Israeli high-tech," says Uri Gabai, CEO of Start-Up Nation Central's Start-Up Nation Policy Institute. High-tech accounts for just over half of Israel's exports of goods and services. High-tech salaries are 2.2 times the national average, but their contribution to consumer spending and government tax revenues is much greater.
Israeli technology exports have also declined slightly. "There's no indication right now that that's where we're heading," says Israel's Finance Minister, Moshe Gabai. Job openings have decreased across the Israeli economy, with technology vacancies leading the way. Startups that are shrinking back have no genuine business or value to offer investors.
NEWS BITS FOR:
Dear Insurtech and Innovation Friends,
A friendly reminder on your vacation with the summer heat ??
Hit Like and Subscribe.
Disclaimer: Personal thoughts and views are my own and do not reflect the interest of any companies and institutions.
Best, Dikla ??
Co-founder, CEO @ Wizermed | Migraine Forecasting
2 年Thank you , lady D’ for an interesting Newsletter!!!! BTW , regarding loss prevention: its worth to note the scenario where aerial imagery + AI are used to identify property risks and sending a prevnetive action advice to the insured to mitigate the risk. For example: “protect your roof by trimming your tree branches before the storm…”
On Israel's top 12 Fintech influencers ??Keynote speaker / MunichRe ????, Head of Tech Scouting ????
2 年Follow me on Twitter at twitter.com/DiklaWagner and on Instagram at www.instagram.com/diklawagner/