Allianz, Generali, others place reinsurance contracts on B3i blockchain

B3i, the enterprise blockchain company owned by numerous insurers, … risk transfer using distributed ledger technology – whether by investing and …

B3i, the enterprise blockchain company owned by numerous insurers, processed 30 reinsurance contracts for January renewals. However, this wasn’t a switch over to the new platform. Instead, in a softly-softly approach, the automated placement process ran in parallel or as a recreation.

Nine insurers, four brokerage firms and eight reinsurers were involved in the placement of the Catastrophe Excess of Loss (XoL) reinsurance treaties.

“B3i’s platform shows what’s possible for greatly easing the placement process for all parties involved, and it’s very promising,” said Allianz Re’s Silvio Tschudi.

XoL was the first solution planned from the start, but the company is now developing other types of reinsurance, software modules for accounting and claims, as well as commercial insurance. However, B3i intends to be a platform, much like the iOS or Android of the insurance industry, with others building applications on top. It has competition from the RiskStream Alliance, which has similar aims.

While B3i as a company is two years old, the project first started as a consortium back in October 2016. In June of 2018 the technology was switched from Hyperledger Fabric to R3’s Corda.

At incorporation, the 13 founding insurers and reinsurers contributed $6.8 million. Last year saw another funding round in excess of $20 million and another three insurers joined, Mapfre Re, Deutsche Rück and VIG R.

2019 was a busy year for B3i. In addition to the $20 million raised, four additional investors joined, Japan’s SBI, China Pacific Insurance (CPIC), IRB Brasil Re and Africa Re. John Carolin took over as CEO, and the XoL product and the network went live in preparation for the year-end renewals.

B3i is planning another funding round this year.

“We invite all participants in the insurance industry to work with B3i to improve risk transfer using distributed ledger technology – whether by investing and joining our governance, by using the platform for transactions, or by partnering to develop new solutions,” said John Carolin, CEO of B3i.

Current B3i shareholders: Achmea, Aegon, Africa Re, Ageas, Allianz, AXA, China Pacific Insurance, Deutsche Rück, Generali, Hannover Re, IRB Brasil Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, VIG Re, and Zurich Insurance Group.


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Blockchain Insurance Market 2019 Global Industry Growth Analysis, Segmentation, Size, Share …

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InsurTech is Advancing at an Ever-Increasing Pace: Fear of disruption was pervasive early in the “InsurTech” era, stemming from indications that major …

CAT-i Bulletin: Hurricane Dorian: Hurricane Dorian was a long-lived and historic storm that rendered impacts from the Caribbean to Atlantic Canada between August 24 and September 7. It is evident from media reports that the most severe impacts occurred in the northwestern Bahamas where complete destruction of property and infrastructure was reported in Grand Bahama and Abaco Islands. The full scope and severity of impacts still has yet to clarify, but it is apparent that conditions on the Islands will be very difficult for some time.

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Looking Beyond the Clouds: A Cyber Insurance Industry Catastrophe Loss Study: Because it is essential to develop a deep understanding of the characteristics of cyber catastrophe events and the financial impact they could have on the standalone cyber insurance market as it exists today, CyberCube Analytics and Guy Carpenter collaborated to help (re)insurers quantify cyber risk by pooling data resources and analytics capabilities to cultivate a view of the potential U.S. cyber industry loss from a range of different cyber catastrophe scenarios.

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IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge: International Financial Reporting Standard (IFRS) 17, issued by the International Accounting Standards Board, is the new financial reporting standard for insurance contracts that will replace the current rules of IFRS 4 and will become effective on January 1, 2022. IFRS 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting. Key aspects of strategic and operational management may be affected. The new rules for reinsurance may have numerous unintended consequences and some traditional reinsurance products may require modification in order to remain highly effective as capital and volatility management tools.

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InsurTech is Advancing at an Ever-Increasing Pace: Fear of disruption was pervasive early in the “InsurTech” era, stemming from indications that major technology companies were entering the sector, such as “Googlezilla” in 2014; Apple’s telematics focused patent activity; and more recently; Amazon’s exploration of insurance aggregator opportunities in the United Kingdom. More current and pressing challenges to incumbency stem from new entrants such as Metromile’s usage-based telematics insurance platform; Lemonade’s big-data powered digital experience for homeowners and renters coverages; and an innovative personal auto telematics-enabled underwriting process at Root Insurance.

Read the article >>

Structured Capital Partnerships; An Evolution of the P&C Reinsurance Business Model: Over the past two decades, alternative capital has grown to represent almost a quarter of the total reinsurance industry capital. Insurance-linked securities (ILS), sidecars and collateralized reinsurance continue to provide valuable capacity to (re)insurers, corporates, and public sector entities to efficiently manage capital and risk alongside traditional market solutions.

Read the article >>

And, you may have missed ….

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Global Pet Dog Insurance Market Survey 2019 Competitive Analysis, Recent Study, Growth Factors …

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Global Personal Lines Insurance Market 2019 – Competitive Landscape, Industry Shares with …

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