Climate/Resilience/Sustainability
Solera | Audatex: Tracking Emissions, Building Trust From: Audatex A Solera Company
Solera | Audatex is dedicated to helping insurers understand and address Scope 3 emissions in the automotive claims management journey. From data-driven insights, to mitigation strategies and carbon offsetting, Solera|Audatex can help throughout the claims journey to provide better understanding of environmental impacts.
“Seventy-five percent of drivers would stay with or switch to insurers that can prove their sustainability practices,” said Bill Brower, SVP of Global Industry Relations and NA Claims. “Solera’s commitment to sustainability and investment in innovations have built the foundations for a solution to help track CO2e emissions of the claims journey for a healthier planet.”
[COMPLETE ARTICLE}(https://www.collisionrepairmag.com/buyers-guide/miscellaneous/product/15743075/audatex-a-solera-company-solera-audatex-tracking-emissions-building-trust)
InsurTech/M&A/Finance💰/Collaboration
Are Insurtechs Still Considered a Threat? | Insurance Thought Leadership
Insurtech startups show signs of recovery despite past legal troubles, prompting traditional insurers to reconsider their competitive stance.
Insurtech startups have sprung up like mushrooms since the Great Recession — a period when public confidence in the traditional financial sector hit rock bottom. Full-stack upstarts were seen as existential threats to their established insurance player counterparts struggling to adapt to the digital age.
Nearly a decade after the insurtech rush in the first half of the 2010s, investor interest in these challenger brands has waned. Many of these startups have had their fair share of legal troubles, revealing the cracks in their business models. Given the growth and decline of insurtechs, should they still keep traditional insurance companies up at night?
Jack Shaw serves as the editor of Modded.
AI in Insurance
UVeye lands multimillion-dollar deal with Hertz to automate US fleet inspections | Ctech
The Israeli AI firm’s technology will enhance manual vehicle checks at major airports.
Hertz has partnered with Israeli startup UVeye to deploy AI-powered vehicle inspection systems across major U.S. locations. The move marks one of the largest rollouts of automated inspection technology in the car rental industry to date. The partnership, which has already begun at Atlanta’s Hartsfield-Jackson International Airport, will extend to multiple U.S. airports by the end of the year. According to market estimates, the deal is expected to generate tens of millions of dollars annually for UVeye.
1Fort Raises $7.5 Million to Expand AI Insurance Platform | Insurance Innovation Reporter
The New York-based InsurTech will use the funding to improve automation for brokers and grow carrier partnerships.
1Fort (New York), a VC-backed InsurTech leveraging cutting-edge AI technology to automate business insurance for brokers has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures (Los Angeles), bringing its total capital raised to $10 million. The round also included Draper Associates, Karim Atiyeh (founder of Ramp), and existing investors Village Global, Operator Partners, 8-Bit Capital, Character VC, and Company Ventures.
1Fort provides an AI-powered platform designed to automate commercial insurance workflows for brokers. The software streamlines application processing, retrieves and compares quotes from carriers, and integrates payment and financing tools. According to the company, brokers using 1Fort save up to two hours per submission and increase bind rates by as much as 20 percent.
“Insurance brokers remain critical to business coverage, but their workflows haven’t kept pace with today’s risks,” comments Anthony Marshi, co-founder and CEO, 1Fort. “This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships.”
Research
U.S. P/C Industry Combined Ratio Headed Back Up to 100: S&P Ratings
While the U.S. property/casualty combined ratio sat at the lowest level in five years during 2024, the industry’s key metric is headed up to the 98-100 range for 2025, analysts from S&P Global Ratings predict.
During a webinar in late March, the rating agency provided earnings updates for the U.S. P/C and global reinsurance sectors, and discussed the stable credit rating outlooks for both, which are supported by robust capital levels.
The webinar took place before President Trump’s April 2 announcement of multiple tariffs on dozens of countries and subsequent pauses, prompting the rating agency to publish a series of reports assessing the capital strength of insurers and reinsurers under stressed equity market scenarios last week. (See “Trade Wars Begin” section below)
During the webinar, Saurabh Khasnis, director and lead analyst P/C insurance, gave the early forecast of full-year 2025 combined ratios, blaming shrinking loss reserve cushions and the impact of catastrophe losses—notably the January wildfires in California—for the likely deterioration ahead.
Tariffs/Insurance
As Trump Considers Auto Tariffs Pause, Parts Exemptions Could Be Key for US Industry
President Donald Trump hinted that he might temporarily relieve the auto industry from “permanent” tariffs he previously imposed on the business. The president didn’t specify how long the potential pause would be or what it would entail, but the auto sector is awaiting how rules might change on 25% tariffs based on U.S. parts, if duties remain on assembled vehicles.
Experts have said short pauses aren’t likely to give carmakers enough of an opportunity to adjust their vast global supply chains, though parts exemptions would certainly bolster the industry amid Trump’s trade war whiplash.
Trump's tariffs projected to raise prices for car insurance and auto repairs
Auto repairs and car insurance prices are projected to rise as Trump’s import taxes hit the industry.
Consumers have been racing to snatch up cars in recent weeks before President Donald Trump’s auto tariffs trigger widely expected price hikes. But even drivers who aren’t buying vehicles can expect to pay more for repairs and insurance.
That’s because Trump’s 25% tariffs on imported vehicles are set to be extended to foreign-made auto parts no later than May 3. While Trump indicated this week that he may offer some leniency or perhaps “a little bit of time” for the industry to adjust, experts say the steeper trade barriers remain on track to hit consumers’ wallets eventually.
{CONTINUE](https://www.nbcnews.com/data-graphics/trump-tariffs-car-insurance-bill-price-auto-repair-cost-rcna201392)
Travelers CEO sees tariff impact on company as ‘manageable’ - Business Insurance
Increases in automobile and property insurance loss costs should be manageable if the Trump administration’s tariffs remain in place, Travelers Cos. Inc.’s top executive said Wednesday as the insurer reported catastrophe-hit first-quarter results.
However, Travelers Chairman and CEO Alan Schnitzer, said it’s too early to tell how the economic uncertainty will affect the insurer’s policyholders.
In addition, the company’s chief financial officer said recent financial market volatility will not appear in Travelers’ results until the second quarter.
Travelers is traditionally the first major commercial insurer to report quarterly results – often seen as a bellwether for the industry – and is the first to hold a results call with analysts since President Trump announced various tariff increases. While the level of tariffs has fluctuated, several industry observers have said they will likely increase insurers’ loss costs, particularly related to imported auto parts.
The impact of the tariffs will be “pretty manageable for us,” Mr. Schnitzer said.
Los Angeles Wildfires
LA wildfires drive Q1'25 insured losses above $53bn: Aon - Reinsurance News
According to Aon's Q1 Global Catastrophe Recap, insured losses in the opening quarter exceeded $53 billion, well above the 21st-century Q1 average of $17billion, second highest on record after 2011