News Summary

• Driven by the rapid rise of AI, the Internet of Things (IoT) and smart devices such as water leak detectors and surge protectors, ‘InsurTech’ is transforming the insurance sector.
• Future of insurance should be less ‘something went wrong, here is a cheque’ and more about ‘technology helped stop it going wrong in the first place’ The InsurTech market is currently worth around $1.34 trillion (£1.01 trillion) and is set to increase to $2.44 trillion £1.85 trillion by 2031.