According to reports from Company Business News, InRisk Labs announced on Wednesday it has raised $27 million in a Series A funding round. The Ahmedabad-based climate-tech and reinsurance startup will use the fresh capital to build better technology and hire experts to improve how it assesses and prices insurance risks. The investment round was co-led by venture capital firm Bessemer Venture Partners and Northpoint Capital. As reported by Company Business News, the funds will be deployed to strengthen underwriting, actuarial, catastrophe-modelling, and AI capabilities. The capital will also support expansion across natural catastrophe (NatCat) and climate risk segments, alongside other non-life lines such as marine cargo and motor.
As reported by Company Business News, the company will use the funding to deepen its insurance capabilities across multiple segments including NAT CAT (natural catastrophe) and climate risk, as well as other non-life segments such as marine cargo and motor. The startup will also accelerate the development of parametric and structured reinsurance products and utilize the funding to scale the operations of its subsidiary EarthRe. According to the company, InRisk Labs has evolved from a technology-led insuretech platform into an integrated reinsurance group with licensed risk-bearing capacity. The funding will also be used to meet the regulatory capital requirements needed to scale EarthRe's operations in India's $10-billion reinsurance market.
As reported by Company Business News, the company's subsidiary, EarthRe Insurance IFSC Limited, has secured a license from the International Financial Services Centres Authority (IFSCA) to operate as a reinsurer. According to the company, EarthRe is the first incorporated reinsurer to emerge from the International Financial Services Centre at GIFT City. The group operates two separate businesses - InRisk Labs builds technology, AI models and data systems for insurance risk assessment, while EarthRe uses these tools to run a reinsurance business providing insurance to insurance companies.
According to Company Business News, the company plans to focus on India and other developing markets, offering reinsurance for natural disasters such as floods and cyclones, climate-related risks, property, crop insurance and other specialized lines. Malay Kumar Poddar, chief executive officer of EarthRe, stated that India will be the most consequential insurance market over the next two decades and emphasized building indigenous capacity and tailored solutions built by India, for India. "Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity," Poddar said. "IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here."
As reported by Company Business News, EarthRe is being built as a technology-led non-life reinsurer with capabilities across natural catastrophe (NAT CAT) and climate risk, as well as property, crop and other specialty lines. Its technology platform is designed to integrate disparate datasets that includes climate, geospatial, satellite, exposure and claims data to improve risk selection, pricing, portfolio construction and capital allocation. The company combines domain-led underwriting with catastrophe modelling, climate-risk analytics and advanced structured reinsurance solutions, positioning itself to serve the growing insurance needs of India and the Global South. According to the company, EarthRe is a technology-led non-life reinsurer with a focus on natural catastrophe (NatCat) and climate risk, along with property, crop and other specialty segments.
