London Climate Action Week
It was London Climate Action Week and the city was buzzing with chat focused on finding global solutions to climate change.
Insurtech Gateway’s contribution to the schedule of over 300 events, was to hold space to bring insurtech, insurance, investment and climate people together. These casual networking drinks – held at The Old Library at Lloyd’s of London – brought a burst of blue sky thinking into the mahogany lined belly of insurance.
It wasn’t until the last guests left and I emerged back out into the lobby of steel and glass, that I realised how far we had come and that we were no longer alone.
The event was fascinating on many levels, the eclectic mix of people in the room, the undercurrent of real passion behind every conversation, the founders from our portfolio that spoke about the impressive progress they had made so far. It felt like a milestone. On my long Lime bike ride home, I reflected on what had changed.
Five years ago, we took our first step towards having a more positive impact – because it felt right. Today, five of our founders spoke about the real progress they had made using insurance for good – because it was right. We are playing a long game. But moments like tonight, when everyone comes together and everything comes into focus, confirm we are on the right path.
Our impact journey
Like all good stories, it began with a glass of rosé.
Stephen – my boss and Co-Founder of Insurtech Gateway – and I were enjoying an alfresco afternoon meeting. One of the things I love most about working for a small company is the close relationships we have built in the team and the frank, open discussions we can have. That day, the topic drifted from the practical, into the philosophical. What were the moral imperatives of working in Venture Capital, and more specifically insurtech?
This conversation began our journey of exploration.
We consulted with experts. We took a deep dive into the UN Sustainable Development Goals and unpacked impact metrics with our existing founders. Then we shaped our own theory of change and refined our mission.
Open minded and curious, we began seeking radical ways to fast track the adoption of cleantech, build trust in new markets, unlock investment for climate ventures and design out risk by reducing exposure and taking rapid action. On this journey we connected with non-insurance founders, domain experts with deep technical knowledge. They helped us think big – bigger than we ever had before.
Leading climate insurtech venture builder
Today, we are a leading early stage climate insurtech venture builder. Quite a brag, but I’ll put my hands up and admit, I am no expert. I have still only scratched the surface, but I am so excited by the potential impact insurtech can have in the climate space. Our credentials come from the brillant founders that we have backed so far and I am so proud of the incredible progress that has already been made by EHAB, FloodFlash, IBISA, Kita and Renew Risk.
“Renew Risk is at the forefront of addressing the growing impacts of natural disasters like earthquakes and hurricanes through innovative risk modelling and analytics. We facilitate the safer and more efficient deployment of investment, which is vital for the growth of the offshore wind sectors. We have successfully integrated our advanced risk models into the operations of leading insurers. Our risk models will be the go-to resource for (re)insurers and renewable energy developers worldwide. Ultimately, we aspire to play a pivotal role in the global transition to sustainable energy, ensuring that every renewable project is underpinned by robust risk management and unparalleled support.”
Ashima Gupta, Co-Founder of Renew Risk
“FloodFlash brings confidence to people in high flood risk areas. People who previously had no choice but to self-insure will know that if a disaster hits, FloodFlash pays claims within days which enables them to start rebuilding right away. 80% of global flood losses are uninsured, equivalent to $58bn. FloodFlash helps close this insurance gap by offering rapid-payout parametric insurance to some of the most at-risk businesses in the UK, US and around the world.”
Ciana Kenny, Senior Distribution Manager at FloodFlash
“IBISA aims to create a safety net for the most climate-exposed populations and businesses. We focus on agriculture – where farmers are highly vulnerable, and women labourers – who are often underinsured and more susceptible to climate risks. By leveraging cutting-edge technology, we provide affordable and efficient insurance solutions to these groups, as well as other segments such as those lacking access to finance and energy. Our goal is to enhance climate and financial resilience, ensuring that the most vulnerable communities can thrive despite environmental challenges. So far we have protected more than 500k people in Asia and Africa.”
Maria Mateo, Co-Founder of IBISA.
“Kita’s mission is to unlock institutional investment in the carbon markets by providing insurance. The world needs to remove billions of tonnes of CO2 from the atmosphere every year to avoid the worst impacts and highest costs of climate change. The amount of capital required won’t be delivered without risk transfer solutions like ours. Recently, Kita has released two new insurance products to complement its existing delivery risk product. First, Buffer Depletion Protection which dramatically increases confidence in carbon credit standards organisations by safeguarding their buffer programmes. Second, Kita has released political risk cover that is critical for enabling investment in carbon programmes in countries with a more uncertain investment environment.”
Tom Merriman, Co-Founder of Kita
“The gap between resilient and exposed is growing rapidly in a vast number of industries. None more so than the built environment and construction. This year EHAB has established enterprise clients and huge partnerships with essential global software providers in this space. The future we are building is one where data driven decisions are the norm and climate risk is manageable.”
Josh Graham, Co-Founder at EHAB
Five climate insurtechs starting to make a difference, laying down the foundations for the net zero transition and financial protection for those on the front lines of climate change.
We know there are many more potential founders out there – those who see how insurance can unlock critical risk spaces – we just need to find them. It is easy to talk, you could accuse me of doing that right now! But it is far more challenging to take action, to make progress. That is why Insurtech Gateway exists, to help people start, to help progress happen faster. If you’d like to learn how we do this, check out this blog written by Maria, our brilliant COO.
Get in touch
If you have an epic idea for a climate insurtech and are ready to make the world a better place, we can give you 1:1 support to get your business ready for Venture Capital investment. Check out our incubator and venture fund or get in touch.