Future Insurer is BACK with more to report in 2025, it’s going to be an exciting year for #InsurTech! Did you miss the predictions for this year? You can check them out in the last edition.
First up, our thoughts are with those affected by the wildfires in LA. No doubt its effects will be felt by the insurance industry around the world.
If you’re new here, welcome! 👋 This fortnightly newsletter highlights the most intriguing #insurtech and #insurance developments from the past two weeks. Be sure to hit subscribe to stay updated!
Now, let’s dive into this edition’s top picks…
In this edition’s news:
🌱 Life InsurTech receives funding from PayPal Ventures
We don’t see as many life InsurTechs but they certainly exist. LatAm InsurTech Ole Life has just raised $13M with the help of PayPal Ventures in a Series B funding round. Ole says it is the first fully digital life insurance product in Latin America and will utilise the funding to expand its operations. Exciting stuff!
♻️ Carbon Insurance gets some air-time
The transition to Net Zero featured in my predictions in December lat year, and we have already had multiple announcements in this space this month. In collaboration with Apollo, Hiscox & facilitated by Guy Carpenter, Oka has launched carbon insurance for the compliance markets, protecting the risk associated with voluntary carbon credits entering compliance markets. Furthermore, mandatory climate reporting regulations have commenced in Australia.
🌐WTW launches cyber insurance facility in Asia
Willis Towers Watson has launched a new cyber facility, designed specifically for the evolving needs of businesses based in Hong Kong and Singapore. The product addresses regional cyber threats for businesses with revenues in excess of USD 200m.
📈High hopes for Insurance M&A in 2025
Oliver Wyman expects insurance M&A in Europe to be strong into 2025, following a strong finish to 2024. The prediction coincides with WTW’s view that global mergers and acquisitions (M&A) achieved a significant rise in completed deals in 2024, led by a resurgence in large transactions and is driving momentum into 2025. According to WTW, Asia Pacific acquirers closed 163 deals in 2024, 5% more than the 155 transactions completed the previous year. Deal numbers were also up by 32% in Europe and 14% in North America.
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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.
