IAG Firemark Ventures, Jerusalem Venture Partners (JVP), and Margalit Startup City (MSC) New York have announced a groundbreaking joint collaboration in ClimateTech Insurance.
"The partnership is aimed at discovering, nurturing, and developing emerging cutting-edge technologies and startups to measure and mitigate risks stemming from the impact of climate change," a statement read following the announcement. IAG Firemark Ventures is the corporate venture capital entity of Australia and New Zealand's largest general insurer.
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"As the global climate crisis continues to evolve, the need to combine AI predictions and analytics becomes paramount with climate change introducing new risks and uncertainties that directly impact the insurance industry – both for individual consumers and insurance providers," it continued, stressing that the world cannot ignore the potential impact on business from "extreme weather events like hurricanes, floods, wildfires, and droughts", which have become "more frequent and severe,"
With the increase in extreme weather events and their impact on the insurance industry, the need for AI predictions and analytics becomes crucial, they stressed.
IAG Firemark Ventures, JVP, and Margalit Startup City NYC said they will use this new effort to foster collaboration with corporations, startups, and emerging businesses in order to help "support and scale climate technological solutions" that would be of use to insurers through a novel approach "whereby mainstream technologies join forces with the worlds of Insur-tech, Fintech, cyber, Foodtech and AgriTech, to tackle the climate crisis in the most innovative manner possible."
Founder and Chairman of JVP and Margalit Startup City Erel Margalit, noted, "As extreme weather conditions and climate change are increasingly impacting the livelihood of individuals worldwide, insurance companies are actively searching for new technologies, including AI predictions and analytics, with the aim of providing secure coverage for challenging climate conditions. We are delighted to have IAG Firemark Ventures as our partner, along with MINI and other partners, as we explore new technologies globally in the US, Israel, and Australia. These advancements can bring innovative solutions and frameworks to meet the evolving demands of climate change."
General Partner of IAG Firemark Ventures Scott Gunther: said "As an insurer, we see first-hand the impact climate change is having on our customers, communities, business, and our industry. For this reason, IAG Firemark Ventures has ClimateTech as a key startup investment focus area for the future, and why we have entered into this important partnership. We look forward to working with the International ClimateTech Centre to help ClimateTech startups scale to help deliver on our climate and environmental goals."
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