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Insurers, reinsurance companies must work with insurtech on cyber risk



Fixed insurance companies and reinsurance companies must be open to work with insurtech companies if they should better price cyber risk, according to a report from Willis Towers Watson PLC Monday.

The call to collaborate on cyber risk came as brokers reported 63 insurtech deals published worldwide in the fourth quarter of 2018 with a total value of $ 1.59 billion.

The number of contracts increased from 57 in the third quarter, but still down from the first and second quarters, while financing increased significantly, the broker said in his quarterly insurance policy.

Compared to the fourth quarter of 2017, the bill increased in the fourth quarter by 24% while the financing volume was 1

55%, the broker said in the report.

"The last few quarters have shown a steady increase in insurance funding, and Q4 2018 is no different," says Willis Towers Watson in the report.

To $ 1.59 billion, fourth quarter insurtech funding volume, including all-increment The estates in housing and health and medical care activities were at the second highest level since the $ 1.86 billion registered in the second quarter of 2015, the broker said in the report.

A total of 11 insurance sectors invested $ 218 million

For At present, there are 31 strategic partnerships between global reinsurance companies / insurance companies and technology companies, the highest ever recorded, the broker said in the fourth quarter, an increase of 230% from the third quarter.

There were 41 business / accident insurance transactions in the fourth quarter , from 40 in the third quarter of 2018, but by 52% compared to fj the fourth quarter of 2017, the report reported.

Out of the 41st quarter, 46% were in the insurance sector, while 51% were in the industry and only 3% in the distribution area, the report said.

The quarterly report also included a report on insurtechs focusing on mana cyber risk.

Cyber ​​is a multi-faceted risk that requires a multi-faceted industry approach, Andrew Johnston, global insurance company at Willis Re, says in a company's statement.

"Insurtechs offer our industry a huge opportunity through strategic commercial partnering to allow existing insurance companies to become part of a broader, more resilient puzzle," Johnston said in the statement.

                    


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