Thursday, December 14, 2017

Major insurers join blockchain insurance initiative

Twenty-three insurance groups have joined the Blockchain Insurance Industry Initiative (B3i) as its newest members, sending the total membership of the blockchain initiative to more than three dozen insurers and reinsurers.

Alphabetically, the new entrants are AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai and Willis Re.

The companies join just as B3i prepares to begin testing a jointly developed platform focused on catastrophic insurance contracts, a process scheduled to begin later this month.

Paul Meeusen of B3i said the new entrants will take part in marketing testing and will learn from each other’s expertise and experience.

Since its launch in October 2016, the B3i initiative has attracted global interest from Asia, Africa, Australia, Europe, the Americas, the Middle East, and the Caribbean.

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