The German Federal Financial Supervisory Authority (
BaFin) recently published its stringent new requirements
1 for InsuranceTechs seeking authorization from the German regulator.
2 The news comes after a tumultuous year for InsuranceTechs in Germany and indeed worldwide, with investment plummeting in Q1 of 2020
3 before reaching a record high of US$7.1 billion by the end of the year.
4 Meanwhile, the European Insurance and Occupational Pensions Authority (
EIOPA) published a consultation paper on open insurance from a pan-European perspective.
5 This consultation gives hope there could be an innovation-friendly European InsuranceTech regulation in the near future.
InsurTech is a term used to describe “young and tech-savvy companies”