IAG Firemark Ventures, the corporate venture capital arm of Australia and New Zealand’s largest general insurer IAG, together with Jerusalem Venture Partners (JVP), and Margalit Startup City New York, on Monday, announced a ground-breaking Climate Tech insurance partnership aimed at discovering, nurturing, and developing emerging cutting-edge technologies and startups to measure and mitigate risks stemming from the impact of climate change.
“IAG Firemark Ventures, JVP, and Margalit Startup City NYC will be encouraging collaboration with corporations, startups, and emerging businesses to support and scale climate technological solutions to help insurers achieve their global energy, environmental and sustainability goals,” The three partner companies’ press release announced, and stressed the need to combine AI predictions and analytics as climate change is introducing new risks and uncertainties that directly impact the insurance industry for individual consumers and insurance providers.
“Extreme weather events like hurricanes, floods, wildfires, and droughts have become more frequent and severe, leading to increased property damage, crop losses, and business disruptions. Consequently, insurance companies face higher claims payouts and increased financial risks,” they stressed.
“The International ClimateTech Center takes an entirely new approach to Climate Tech, 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,” according to the announcement.
The Center works to help scale sustainable, technological solutions to climate change in urban landscapes, with an accelerator program that has so far attracted more than 500 startups from the US, Europe, and Israel.