2024 In Review
Top 12 Biggest Funding Rounds of 2024: A Monthly Breakdown
2024 was a year of significant shifts in the global economy, marked by international conflict, inflation and rising interest rates, an uncertain political future and of course, the start of the AI evolution.Â
These shifts undoubtedly influenced investment trends, shaping the landscape for both investors and businesses. As we transition into 2025, a new chapter unfolds, presenting both challenges and opportunities.
Insurtech Insights charts the top 12 funding rounds month-by-month for insurtech service providers and carriers alike. We see health service providers, telematics pioneers and employee risk and benefits organisations scoring highly, as well as climate tech innovators and cyber insurance providers.
🎉 2024-2025: Insurance deals, closures, and shifts
[Ed. Note: Good List looking back and ahead with more to come in 2025]
A quick rundown of the biggest stories, small changes, and other fun insurance stuff.
Most Popular Insurance Innovation Stories of 2024
FROM THE EDITOR
As the odd bookend holiday period ends and 2025 begins, we share the most popular Insurance Innovation Reporter stories of 2024. We had envisioned a somewhat shorter selection, but there was a lot of competition for the top spot, particularly in our very popular Commentary section, and it seemed stingy to limit any category to just one story, given the wealth of great content across a year of insurance innovation.
We wish our readers a very happy and successful year.
ANTHONY O'DONNELL Executive Editor Insurance Innovation Reporter
2025 PREDICTIONS
Big trends driving insurance in 2025
As we round the corner toward 2025, the insurance industry is facing significant change.
The disruptive events of 2023 and 2024 resulted in an environment that demands agility and innovation. Rising costs, extreme weather and an uptick in litigation all contributed to skyrocketing costs. In response, traditional insurers are tightening underwriting language, restricting coverage options, and increasing rates to manage risk.
Nearly-fixed demand creates a stable foundation for the insurance market, but despite cautious optimism, the home insurance market will require significant investment and improvement throughout 2025.
2025 Executive Outlook | Fabian Richenberger, Definity
Canada’s P&C insurance industry faces unprecedented shifts in climate-related risks and rapidly evolving customer expectations driven by technological advances. Insurers and brokers must adapt to stay resilient and relevant in a dynamic marketplace.
Climate change and extreme weather events such as droughts, storms, floods and wildfires are the biggest challenges facing the Canadian insurance industry. Insurers need comprehensive strategies to mitigate increasing risk from climate-related events, also driven by the rising value of assets and growing frequency of natural catastrophic events.
To successfully address climate risk, insurers will need to expand their risk management capabilities — including investments in geographical information systems to manage risk accumulation; advanced perils modelling to refine underwriting appetites and pricing models; and enhanced strategic partnerships with reinsurers.
News
Nine State Insurance Commissioners Call for Abolishment of Federal Insurance Office
A coalition of Insurance Commissioners from Alabama, Arkansas, Kansas, Louisiana, New Hampshire, North Carolina, Oklahoma, Tennessee, and West Virginia have issued a joint letter to the newly appointed leaders of the Trump Administration’s Department of Government Efficiency (DOGE), Elon Musk and Vivek Ramaswamy.
The letter urges DOGE to recommend the elimination of the Federal Insurance Office (FIO) as part of its mission to streamline federal operations and reduce inefficiencies.
Established under the Dodd-Frank Act, the FIO was tasked with monitoring the insurance industry, assessing systemic risk, and advancing global regulatory practices. However, the Commissioners argue that the FIO duplicates functions already performed effectively by state regulators and the National Association of Insurance Commissioners (NAIC), which has coordinated state-based regulatory efforts since 1871.
“State-based insurance regulation has successfully ensured consumer protection, market stability, and efficiency for decades,” said New Hampshire Insurance Commissioner DJ Bettencourt. “The Federal Insurance Office has consistently failed to demonstrate its necessity, and its continued operation represents an unnecessary burden on taxpayers.”
The Commissioners also urge DOGE to collaborate with newly elected Congressman Troy Downing of Montana’s Second Congressional District. As the former Montana Commissioner of Securities and Insurance, Congressman Downing has extensive knowledge of the FIO’s significant shortcomings and can provide valuable insights to support this initiative.
InsurTech/M&A/Financeđź’°/Collaboration
GlobalData Acquires Tech Advisory Firm Celent • Integrity Research
A few weeks ago, London-based data and analytics firm GlobalData Plc announced the acquisition of Celent, a research and advisory firm from Marsh McLennan’s Oliver Wyman Group, as part of its ongoing M&A strategy
Acquisition of Celent
GlobalData’s recent acquisition of Celent is expected to enhance the firm’s offerings by integrating Celent’s expertise in technology strategy for the financial services market, creating added value for existing customers and opening new opportunities. This deal is also part of GlobalData’s target of achieving £500 million in annual revenue by the end of a three-year plan.
Celent, a leading research and advisory firm, is currently part of Marsh McLennan’s Oliver Wyman Group. For over 20 years, Celent has helped Technology and Strategy leaders in the Financial Services Market make faster and more informed decisions around their technology strategies allowing them to execute at scale.
Telematics, Driving & Insurance
"Telematics is overrated in trucking": Why this trucking CEO bets on cameras over data
"During COVID, truckers made a lot of money – well, but the last year and a half has been different"
"Telematics is overrated in trucking": Why this trucking CEO bets on cameras over data
The commercial auto insurance market was valued at approximately $40.45 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.38%, potentially reaching $90.41 billion by 2033, according to Spherical Insights.
And the global 2024 cargo transportation insurance segment is projected to grow from $54.72 billion in 2023 to $57.06 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.3%.
Navigating this complex landscape requires a delicate balance of strategy, partnerships, and foresight – and a dash of innovation. Harish Kapur (pictured), CEO of Across America Insurance Services has been at the forefront of tackling this challenge – especially in a market strained by soaring costs and regulatory intricacies.
Chris Davis
Claims
Claims Innovation in the High-Net-Worth Market | Guidewire
With more than 100,000 members in the United States and Canada, and an annual average growth rate of 15% or more in each year since it was founded in 2006, PURE (Privilege Underwriters Reciprocal Exchange) Insurance provides customizable coverage for high-value homes, automobiles, jewelry, art, watercraft, and more.Â
PURE Senior Vice President and Chief Claims Officer Derek Zahn shares strategies for delivering optimal claims outcomes in the high value sector.
With more than 25 years of experience at multinational carriers such as Zurich, AIG, and others, Zahn leads claims operations and innovation initiatives for this specialty insurer catering exclusively to high-net-worth individuals. Without a doubt, it's a choice segment representing more than $40 billion in premium opportunity in North America, and as much as $113 billion globally. Not that this market is free of challenges.
Claims/Payments
Real-Time Payments APIs Expand Instant Payments Reach
What if high-value payments could move as seamlessly as everyday purchases?
That future is closer than ever. With The Clearing House’s RTP® network set to increase its transaction limit to $10 million in February, real-time payments are poised to revolutionize industries like real estate, supply chain logistics and cross-border trade. This tenfold jump from the previous $1 million cap reflects the growing demand for fast, reliable financial solutions that cater to high-value transactions.
But the transformation doesn’t stop there. The payments landscape is becoming a hub of innovation, where traditional systems meet cutting-edge technologies. Take Cybrid’s newly launched instant payments application programming interface (API), for instance. By integrating cryptocurrency technologies like stablecoins and Bitcoin Lightning with established systems such as the FedNow® Service and the RTP network, this solution simplifies both domestic and international payments. Businesses seeking faster cross-border transactions now have tools to overcome the inefficiencies of traditional rails. This signals a new era of global financial connectivity.
People
RIMS announces 2025 officers, board members
Kristen Peed, RIMS-CRMP, ACI, AIC, ARM-E, CPCU, CRM, RPLU; Head of Corporate Risk, Sequoia
RIMS announced on Wednesday that Kristen Peed, head of corporate risk at Sequoia, will serve as the society’s president for the 2025 term. Peed holds more than 20 years of experience in the insurance industry, on both the broker and client sides.
At Sequoia, Peed is responsible for the placement of the company’s corporate insurance programs as well as claims management and the implementation of risk mitigation strategies.
In 2024, she was named to Captive Review’s “Top 20 Captive Owners” and received a nomination to join the International Center for Captive Insurance Education’s board of directors.
Peed joined the RIMS global Board of Directors in 2018 and has held several officer positions on its executive committee — most recently as vice president in 2024.
In addition to Peed, the RIMS 2025 Board of Directors officers are:
- Vice President: Manuel Padilla, VP, risk management and insurance at MacAndrews & Forbes Incorporated
- Treasurer: Christy Kaufman, CP, P&C risk and compliance at USAA
- Secretary: Penni Chambers, CP, risk management at Hillwood, a Perot Company. SEE ALL BOARD MEMBERS
Events
ClimateTech Connect April 15-16, 2025
ANNOUNCEMENT. We are thrilled to welcome Plug and Play Tech Center as a new partner to ClimateTech Connect, and can't wait to see their brilliant start-ups join the program. The sustainability team is doing great things! LINK
ClimaTech Connect, April 15-16, 2025 Ronald Reagan Building and International Trade Center, Washington, DC
ClimateTech Connect is the premier global conference and tradeshow for leaders advancing innovation in climate adaptation, resilience, and profitable sustainability through technology.
ClimateTech Connect brings together thought leaders, innovators, policymakers, and leading industry experts to explore the intersection of climate resilience strategies and technology.
We are expecting 1500 attendees from the following industry sectors:
- Insurance and Financial Services
- Corporates
- Investors
- Government
- Start-ups and Scale-Ups
Join us for two days of inspiring keynotes, panel discussions, workshops, an electrifying expo hall + demo stage, and networking as we delve into the latest advancements and solutions in climate resilience.
Together, we will shape a more sustainable future.
InsurTech Consulting and our 'Connected’ newsletter are proud media partners of ClimateTech Connect with a special 20% discount for our subscribers”. Use code:Connected20, register HERE