Trends in corporate venturing in insurance. Startup nabs largest non-health insurance deal.
Over the past few months, we’ve had quite a few requests to provide updated figures on just how active (re)insurers have been investing in private tech companies. And so, we’ve put together six charts on how investments have trended over the past five years. Check out the new research here.
One interesting chart is how tech investments by (re)insurers break down by stage. Nearly a quarter of deals have come at the seed-stage since last year. That’s a higher share than tracked overall in our recent Global Corporate Venture Capital Report.
The chart below highlights how standalone cyber coverage fared in 2015. Note the considerable variance in direct loss ratios by individual underwriter.
Last week, Cyence, which is building an economic risk modeling platform around cyber events for the insurance industry, announced a $40M investment from NEA and IVP. The round was the largest insurance tech investment in 2016 YTD, apart from financings to health insurance firms Oscar, Clover and Bright.
More on Cyence and what’s happening in the cyberinsurance space to come.
At the bottom of each newsletter, we highlight a longer mix of what’s happening in insurance tech, but in case you don’t have time to scroll through, here are a couple of items that caught our eye.
After an earlier partnership with Slice Labs, Munich Re announced this week it plans to start an underwriting relationship with a second startup through its new Digital Partners program: on-demand personal item insurance app Trov.
Per-mile insurance MGA Metromile plans to acquire carrier Mosaic Insurance to replace its current underwriting partner National General, according to an SNL report.
There were also some announcements by insurers looking to ‘build.’ Liberty Mutual-incubated home services app All Set launched this week in Boston, while MassMutual’s online life insurance brand Haven Life added its 43rd state, New York. More to come on both initiatives.
See below for more on new hires, product launches, splits and settlements.