Insurance to provide US$5 billion boost to countries in climate pain

Insurance Business Magazine | September 24, 2019

Insurance to provide US$5 billion boost to countries in climate pain
Insurers are partnering with the United Nations and other public groups to help the poorest countries bounce back from natural disasters that may become a more regular occurrence. As part of the program, as much as US$5 billion in insurance capacity will be offered to 20 developing countries that are vulnerable to shifts in the climate and willing to work with the groups to increase their resilience, according to a statement Sunday from the Insurance Development Forum, the UN Development Program, the German Federal Ministry for Economic Cooperation and Development and the UK Department for International Development.

Spotlight

Travel insurance with Trip Cancellation coverage can help you avoid losing money if you have to cancel for a covered reason. This video explains the basics of Trip Cancellation insurance coverage and why you might want it for your next trip.

Related News

INSURANCE TECHNOLOGY

B2B Insurtech Platform Boost Raises $20M in Series B to Make the Insurance Market More Accessible for All Companies

Boost | May 21, 2021

Boost Insurance, the leading B2B digital insurance platform, today announced that it's completed a $20 million Series B financing round to fuel the growth of its platform, new development, and partner marketing. The round was led by RRE Ventures and included new investors Fin VC, Gaingels, Hack VC, and a worldwide publicly traded reinsurance company alongside existing investors Greycroft, Coatue, and Conversion Capital. Boost's funding since inception totals $37 million. Founded in 2017, Boost's integrated insurance-as-a-service platform unlocks the $700 billion property and casualty insurance market, allowing innovative companies from any industry to create, embed, and manage insurance programs for his or her customers. Its simple API integration packages the required operational, compliance, and capital components to permit companies to deliver highly configurable insurance products to consumers through an embedded experience within their front-end environments. Boost powers dozens of digital distribution clients across all industries and stages, including notable insurtechs Hippo, Aon's CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments. Companies that leverage Boost's infrastructure reduce the value of building and managing their insurance businesses by over 90%, with integrations taking as little as a fortnight . in comparison to the 12-48 months typically required to create a managing general agency (MGA), Boost's platform dramatically reduces the barriers to entry for both new entrants and high-growth emerging players in what has historically been a slow-moving and analog insurance industry. Mordor Intelligence1 estimates that venture and growth investment within the insurtech segment is predicted to grow at a compound annual rate of growth of 48.8% from 2021 to 2028, reaching USD 60.9 billion by 2028, as tech-enabled companies across industries search for embedded insurance and financial products to diversify revenues and enhance their customer experience. Boost follows within the footsteps of companies like Plaid (banking-as-a-service) and Affirm (point-of-sale financing) in offering cost-effective, efficient digital solutions for insurance-as-a-service across commercial lines products (business owners policy and startup D&O insurance), personal lines products (renters insurance, pet insurance, and crypto wallet theft protection), and an e-commerce bundle (warranties, shipping, and package theft). Since its launch, Boost has insured over $5 billion useful across a good range of proprietary commercial and private lines insurance products. Boost plans to double its team over subsequent 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The corporate also expects to roll out a variety of additional insurance products in 2021 together with its partners within the insurtech and broader technology industries. About Boost Insurance Boost enables companies across all segments to create, embed and manage digital insurance products, and deliver them through an embedded experience within their front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the value of building and managing an insurance firm by packaging the required operational, compliance, and capital components and making them accessible through easy API integration. Through its managing, general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to supply any sort of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its dedicated reinsurance facility backed by global reinsurers.

Read More

Texas Farm Bureau Insurance to refund over $20 million to auto insurance customers

Texas Farm Bureau Insurance | April 29, 2020

Texas Farm Bureau Insurance (TFBI) is refunding more than $20 million to it auto insurance customers, in response to the decrease in accidents following COVID-19 social distancing rules. A release explained that the company’s auto insurance policyholders will be credited and/or refunded 15% of their insurance premiums for two months. Those credits/payments will begin May 15, 2020. Policyholders will not need to take any action to claim their credit refund, TFBI said. For those who have a payment schedule, they will receive a credit on their future billing statement. Those who have paid their policies in full will receive a refund check through the mail. “Texas’s streets have been quieter than usual as everyone joins forces to do the important work of flattening the curve,” said TFBI executive vice-president Mike Gerik. “With fewer drivers on the road resulting in fewer accidents, we are pleased to be able to make this premium refund to our policyholders.

Read More

CORE INSURANCE

Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

Bamboo Insurance | June 18, 2021

Bamboo Insurance, an insurance company, focused on transparency, customer advocacy, and a frictionless experience, has purchased certain assets from parent company First American Financial Corporation, a leading provider of title insurance, settlement services, and risk solutions for real estate transactions. In October 2020, First American announced its intention to quit the property and casualty business and focus on its core business. Over $22 million in premium was purchased in personal and commercial policies underwritten by prominent third-party carriers. As part of the Bamboo team, FAPCIA's staff will continue to deliver exceptional service to policyholders. Bamboo Insurance has long provided flexible and transparent insurance alternatives in California, including homeowners, dwelling fire, and auxiliary products. Beginning today, Bamboo's new agency business will be able to satisfy the requirements of its clients across the country by offering auto, renters, condominium, commercial lines, and a variety of other insurance coverages in addition to its existing products. With the addition of an agency of this caliber, Bamboo Insurance will grow faster and further in the insurance value chain. About Bamboo Insurance Bamboo Insurance, founded by insurance industry veterans, is a fast-growing insurtech firm that offers commercial and personal line products.

Read More

Spotlight

Travel insurance with Trip Cancellation coverage can help you avoid losing money if you have to cancel for a covered reason. This video explains the basics of Trip Cancellation insurance coverage and why you might want it for your next trip.