Global investment in the insurance technology sector hit $15.8 billion in 2021, an all-time high, a new report has shown.
The sector attracted more capital inflow last year than in 2020 and 2019 combined, the report compiled by reinsurance broker Gallagher Re showed. The sector also registered a record 564 InsurTech deals last year, the report said.
“An incredible upwards trajectory of global InsurTech funding has occurred during the past nine years after we started tracking it in 2012, culminating in the record-breaking $15.8bn total for 2021,” said Andrew Johnston, global head of InsurTech at Gallagher Re.
“Since the first quarter of 2012 to the end of 2021, $41.65bn had been invested globally into InsurTechs across 2,249 deals in 63 countries.”
Current consumer adoption of InsurTech in the Middle East and North Africa region stands at 8 per cent. However, planned use of the sector's services in the future stands at 48 per cent, data compiled by India-based research company Redseer showed.
The global InsurTech market size is expected to reach $152.43bn by 2030, registering a compound annual growth rate of 51.7 per cent from 2022 to 2030, said a report by Research and Markets.
The rising awareness about the benefits of InsurTech solutions in simplifying the claim process, improving communication, and applying automation is expected to drive market growth, the report added.
About $9.4bn was invested into property and casualty InsurTechs last year, with the remaining $6.4bn directed into life and health companies, said Gallagher Re.
The rise in funding in the final quarter of last year was driven by 13 “mega-round” deals, which accounted for 71 per cent of the $5.3bn invested during that period, the report said.
“InsurTech investment growth over the past decade has been incredibly impressive and there’s no slowing down for the time being, with the first quarter of 2022 recording $2.2bn worldwide,” Mr Johnston said.
“While [accounting for] only 43 per cent of the total global investment recorded when compared with the prior quarter, Q1 2022 saw parity between quarters in terms of total deal flow, with 143 deals recorded.”
Although there were only five mega-rounds in the first quarter of 2022, it recorded the highest participation of early-stage investment, with $660 million invested into InsurTechs globally at their earliest stages, Gallagher Re said.
While the US dominated with a 47 per cent share of 67 global InsurTech deals, 31 countries participated in global InsurTech investment.
There were five mega rounds this quarter. Total mega round-related investment totalled $664m, representing 30 per cent of all capital invested in the first quarter of 2022, according to Gallagher Re.
At the end of last year, the US had more InsurTech investment — both in terms of cash and deal count — than 60 countries combined, said the report.
“In absolute terms, the $15.8bn invested in 2021 is a big number, but if you look at it as a share of global venture funding, the sector is underinvested relative to its share of gross domestic product,” Jonathan Hendrickson, vice president and head of InsurTech development at Gallagher, said.
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Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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