Sector Updates

InsurTech Raincoat, which develops parametric embedded climate insurance products, has raised $4.5m in a seed funding round led by Anthemis.

Kenya-based InsurTech startup Lami Technologies has collected $3.7m in its seed extension round as it looks to expand across Africa.

Rhino, a real estate technology company and “pioneer of security deposit insurance”, has partnered with AmTrust Financial to provide an additional $60m in premium-writing capacity for its core product offering.

Obie, an InsurTech startup that offers insurance risk management for real estate investors, has partnered with real estate FinTech Backflip to increase transparency for real estate investors.

Cover Genius, an embedded insurance InsurTech, has acquired Booking Protect, an embedded ticket protection provider.

Liberty Mutual Insurance has acquired Malaysian insurer AmGeneral Insurance Berhad (AmGeneral).

Shortly after its acquisition of car insurer Metromile, Lemonade reportedly laid off about 20% of the Metromile staff.

InsurTech bolt has partnered with global insurance benefits and assistance company International Medical Group (IMG).

Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.

Georgia Farm Bureau Mutual Insurance Company (GFBMIC), domestic property & casualty insurer in the state of Georgia, has selected One Inc ClaimsPay digital payments platform to modernise claim payments.