Data4Risk at the INNN Conference in Niort: A Key Event on Insurtech and Climate Risk

On October 5th and 6th, Data4Risk had the honor of participating in the first-ever national conference dedicated to Insurtech, the INNN Conference, held in Niort. This event brought together experts, innovative startups, and decision-makers from the insurance sector to discuss the future of insurance, risk management, and digital technologies.

It was a great opportunity to connect with leaders in the field, and a pleasure to reconnect with our friends, including Nicolas Bouffard and Alexandre Arnon. A big thanks to Elisa Brossard for leading the conference « Climate Risk Across the Risk Chain, » a highlight of the event!

A Roundtable on Climate Risk: The Cost of Climatic Events

One of the key takeaways from the roundtable was the analysis of the impact of climatic events on the insurance sector. It was clear that these events are no longer rare occurrences, but recurring phenomena. Every year, we face droughts, storms, and extreme rainfall.

For Covea entities, the average cost of climate-related claims between 1999 and 2016 was 45 million euros per year. However, this cost surged dramatically between 2016 and 2021, increasing by 2.5 times, and the period from 2022 to 2023 was even more costly.

Looking ahead, the forecasts are concerning: climate-related events currently represent 40% of pure home insurance premiums, and experts predict a 60% increase in these costs by 2040-2050. This rise in costs is a direct consequence of the increasing frequency and severity of climatic events, pushing reinsurers to withdraw from frequent climate risks and pressure insurers to adjust their premiums.

Increasing Insurance Rates and Policy Adjustments

Given this context, experts agree that insurance premiums are set to rise. In addition to increased rates, we are also likely to see stricter deductibles and exclusion rules. Insurers will need to adapt by offering more segmented policies and using increasingly precise mapping tools to assess risks.

Prevention: The Key to Managing Climate Risks

Another crucial point of the conference was the need to focus on prevention. As the cost of climate-related claims rises, it is essential to raise awareness among citizens, businesses, and insurers about the importance of prevention in reducing risks and minimizing damage caused by climatic events.

INNN: The Rise of Insurtech and Digital Innovation in Insurance

The INNN Conference was not just about addressing current challenges, but also about looking toward the future. With over 80 European Insurtech companies and many players from the insurance sector, the event provided a unique opportunity to discuss the future of insurance distribution, open innovation, the relationship between startups and large corporations, and major industry trends such as embedded insurance, blockchain, and open insurance.

Insurtech: The Future of Insurance

Insurtech is more than ever at the heart of the industry’s transformation. It represents the future of insurance, offering innovative solutions for more precise, faster, and accessible risk management. Events like the INNN Conference play a crucial role in this transformation: they provide an opportunity to discover new technologies, meet experts, and discuss market evolutions.

For those eager to learn more about the technologies shaping the future of insurance, this conference has become a must-attend event. Moreover, thanks to the dedicated mobile app, participants could easily access the schedule and interact with key decision-makers in Insurtech.

Conclusion

The INNN Conference in Niort was an enriching experience for Data4Risk. It not only allowed us to expand our network but also provided a platform to engage in critical discussions about climate risk management and the future of insurance. With inspiring presentations and insightful meetings, this event reinforced our belief that innovation and prevention are essential pillars in addressing the challenges of climate risk.

We look forward to participating in more events like this and continuing to contribute to the transformation of the insurance industry with data-driven and AI-powered solutions.