InsTech News: Satellite insights and cyber stress tests

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This week, ICEYE and MIS explain how satellite data becomes actionable flood insights and CPP Group expands its travel insurance portfolio. Read on for more on new partnerships for CoreLogic and Addresscloud, and how CyberCube is helping Lloyd’s syndicates stress test cyber perils.

Click on the headlines for more information. 

Insurer, start-up, writer, coach, influencer - one life, many roles - Podcast 173

Matthew talks to author, coach, and speaker Bryan Falchuk on this week’s podcast about the future of insurance, innovation challenges for insurers and start-ups, where the opportunities lie in claims, and much more.

Predictions for insurance in 2022 - crowdsourced from the frontline

We assembled a panel of innovation experts to give us their 2022 predictions for insurance on Podcast 172. Those predictions are now available as a written article on our website, covering everything from investment and acquisitions to climate change and cryptocurrency.

A Case Study in Collecting Actionable Data in the Era of Extreme Floods

ICEYE increased the number of synthetic aperture radar (SAR) satellites in its constellation to 16 last week. To find out how the satellite data becomes insights on global flood events, download our Live Chat report featuring ICEYE and McKenzie Intelligence Services.

Accelerant announces $190m funding round

Accelerant has raised $190 million in its latest funding round, led by investment firm Eldridge. The company’s data platform helps underwriters supporting complex or niche business lines to access capacity, and understand and exchange risks through a network of partners.

CyberCube launches cyber scenarios for Lloyd’s market

The cyber scenarios have been designed for use as part of the Lloyd’s Realistic Disaster Scenarios (RDS) exercise. Covering a cloud outage event, cyber power outage and widespread malware event, the scenarios will allow Lloyd’s managing agents and syndicates to stress test their portfolios against the three perils.

CoreLogic to support AXA Climate on parametric hail protection 

Data captured by CoreLogic on the maximum size of hailstones that fall in an event will be used by AXA Climate to determine whether a parametric policy has been triggered. Seven out of the 18 billion-dollar climate and weather-related disasters that hit the US in 2021 included episodes of severe hail.

Addresscloud to build property data service for Flood Re

The Property Data Hub (PDH) will enable insurers to quickly and accurately assess flood risks to properties under the UK government-backed Flood Re scheme. The service will be available via a portal and a live API for integration with existing systems.

CPP Group acquires Alpha Underwriting

CPP has expanded its portfolio with the acquisition of travel insurance and scheme specialist business Alpha Underwriting. The deal includes Alpha’s broker network and broker portal, with CPP’s parametric flight and lost luggage delay cover being made available on the portal later in the year.

Reports worth reading: Munich Re on 2021 natural disaster losses

2021 was the second-costliest year ever for natural disasters losses, with overall economic losses totalling $280 billion. Munich Re reviews the most relevant loss numbers, the highest proportion of which came from the US, and examines how 2021 compares to other years.