Skyrocketing loss ratios in insurance 01 Dec 2022
By: Eliza Victorio
Newsletter
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InsurTech NY News: What Skyrocketing Loss Ratios Means for Collaboration in Insurance?

In this issue of the InsurTech NY Newsletter (What Skyrocketing Loss Ratios Means for Collaboration in Insurance):

  • How can you combat the macro trend of losses for your business?
  • Read our Spotlight on the CEO and Presidents Panel at InsurTech Spring
  • See upcoming InsurTech Community Events and Programs
  • Follow the latest InsurTech East Coast Deals
  • See open roles in the industry

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What Skyrocketing Loss Ratios Means for Collaboration in Insurance?

S&P Global projects 2022 P&C loss ratios to be over 100 with combined ratios to be near 110.

Extrapolating the average, this means some carriers could lose as much as 30 cents on every premium dollar which could result in:

  • Brokers and MGAs will not be getting their bonuses.
  • 2023 could be an austere year for carriers
  • Reinsurers will be bumping premiums (we have heard 40%+ in LatAm)

How can you combat the macro trend for your business?

Collaboration

The biggest challenge for our industry is to get the entire value chain to work as one cohesive unit. That means commercial accounts bringing process reengineering from reinsurer best practices through carrier loss control to policyholders, delivered by brokers (outside or renewal time). It also means brokers and carriers must educate consumers about the risks of construction that marginally meets code, especially in cat exposed areas.

InsurTech NY is here to make collaboration across the value chain easy. We are hosting a two day conference to discuss this topic between reinsurers, carriers, brokers, and InsurTechs.

Learn more and register before 12/12 for the early bird special (20% off): www.insurtechny.com/insurtech-spring-conference/

Spotlight: Resilience and Claims (Palo Alto on Dec 8)

It might not feel like it, but Ian is projected to be in the top 10 most damaging storms in U.S. history. It is part of a string of storms in the past three years that have made landfall at 150 MPH or more – Ian (2022), Ida (2021), and Laura (2020).

However, in all the devastation, there was a glimmer of hope in Babcock Ranch, FL., America’s first solar powered town. The town essentially survived unscathed through hurricane-force winds.

Insurers must face the reality that risk transfer is not enough in an environment of a changing climate. Insurers must work with their policyholders to harden property and process claims faster to expedite the repair process.

We have decided to discuss the topic of resilience in another Cat exposed state, California. Join us in Palo Alto on Dec 8th to discuss Resilience and Claims.

Learn more and register: https://resilienceclaims.eventbrite.com

Upcoming InsurTech Community Events and Programs

Resilience and Claims (InsurTech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Speakers include leaders from: Tokio Marine, Avanta Ventures, and Gigaforce

InsurTech Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.

InsurTech Spring Conference: Competing on Collaboration (Early bird tickets available)
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our sponsors of our Resilience and Claims event in SF and InsurTech Spring Conference in NY.

Dec ITNY Sponsors

 

If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

LuckyTruck ($2.4M, Candid Ins. Investors): Commercial Trucking: End-to-end digital platform for the trucking industry providing distribution and management of commercial coverage.

Fursure ($3M, Andreessen Horowitz): Pet Coverage: Online pet coverage, savings, budgeting and education platform to help pet owners plan and prepare for pet care needs.

Cover Genius ($70M, Dawn Capital): E-Commerce: Embedded platform covering e-commerce warranties, purchase protection, and liability across multiple online industry and transaction types.

Surround Insurance ($2.5M, MM Catalyst Fund): P&C: Digital platform marketed to young, urban professionals for shared vehicles, freelancing, rental, and urban travel methods.

Partner Events and Programs

InsurTech Trends (Dec 8) – InsurTech Hartford – Hartford CT – A look at recent InsurTech trends and discuss how they will impact the industry in the year ahead.

2023 Living to 100 Symposium (Jan 15-18) – Society of Actuaries

What the Future of AI-enable Insurance Industry Looks Like – Wisedocs

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Employers Ins – Senior Product Manager

Ethos Life – Director, Actuarial & Product Actuary

Ethos Life – Product Performance Actuary & Associate Actuary

Nationwide Ventures – Sr Investment Professional (Venture Capital)

Starr – Internal Management Consultant

Transverse – Program Manager

Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Looking for Life & Health Carrier Speakers

We have several open spots for insurance carriers to speak on our Life & Health panels. Some of the topics include: Making Embedded and Affinity Relationships work in Life Insurance, Leveraging Third Party Data to Improve Health and Wellness, and Path to 100% Underwriting without Doctor Visits.

If you have an interest in speaking on a panel reach out at contact@insurtechny.com.