The German firm has announced that it has raised fresh funding from huge financial backers. Wefox, an insurtech company from Germany, has announced that it recently raised $110 million in new funding from big-name backers that included Barclays and JPMorgan. This reveals a notable confidence boost in the rapidly growing insurance technology sector. The insurtech company is based in Berlin and has a primary focus on personal insurance products such as auto, home, and personal liability policies. Instead of underwriting claims, the firm links users with brokers and partner insurers…
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Cost of hurricanes to insurance industry will break $100 billion, JPMorgan
Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…
Read MoreHurricane Harvey damage to be among “top 10 most costly” for insurers, JPMorgan
The financial services company told its clients that the costs could be between $10 billion and $20 billion. JPMorgan informed its clients that the Hurricane Harvey damage left behind in Texas could be as high as $10 billion to $20 billion. This would place it among the “10 most costly” hurricanes to make landfall in the United States, said the company. The storm first struck Texas last weekend and was a Category 4 at the time, before being downgraded. Gradually, it wound itself down to tropical storm status, though it…
Read MoreHurricane Matthew insurance losses may not be as bad as expected
Early predictions estimated that insured costs could reach $25 billion to $30 billion from the storm. Early industry estimates had suggested that Hurricane Matthew insurance losses may be the second highest the country has ever seen. This storm represented the first direct hit the United States has experienced from a hurricane in over ten years. It is still too early to know the total cost of the damage it caused. Estimates had said it could be as high as $25 billion to $30 billion. This would make the storm the…
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