IAG Firemark Ventures delivers on commitment to climate change resilience

IAG Firemark Ventures delivers on commitment to climate change resilience | Insurance Business Australia

Environmental

IAG Firemark Ventures delivers on commitment to climate change resilience

Partnership aims to discover and develop emerging tech to mitigate climate change risks

Environmental

By
Roxanne Libatique

IAG Firemark Ventures, the corporate venture capital arm of insurance giant IAG, has announced a new climate technology-insurance joint venture with Jerusalem Venture Partners (JVP) and Margalit Startup City (MSC).

JVP is an international venture capital firm that specialises in investing in startups, focusing on digital media, enterprise software, semiconductors, data storage, and cybersecurity. MSC is an innovation centre that collaborates with investors, municipalities, universities, and others to change the future of cities.

The partnership aims to discover and develop emerging technologies and startups to measure and mitigate risks resulting from the impacts of climate change.

Fighting climate change together

The collaboration will see IAG Firemark Ventures, JVP, and MSC encourage collaboration with corporations, startups, and emerging businesses through the International ClimateTech Center – supporting and scaling climate technological solutions to help insurance companies achieve their global energy, environmental, and sustainability goals.

“As an insurer, we see first-hand the impact climate change is having on our customers, communities, businesses, and our industry,” said Scot Gunther, general partner at IAG Firemark Ventures. “For this reason, IAG Firemark Ventures has ClimateTech as a key startup investment focus area for the future and why we have entered this important partnership. We look forward to working with the International ClimateTech Centre to help ClimateTech start-ups’ scale to help deliver on our climate and environmental goals.”

Erel Margalit, founder and chairman of JVP and MSC, noted that insurers have been searching for new technologies as the impacts of extreme weather events and climate change worsen.

“As extreme weather conditions and climate change are increasingly impacting the livelihood of individuals worldwide, insurance companies are actively searching for new technologies, including AI predictions and analytics, with the aim of providing secure coverage for challenging climate conditions,” Maraglit said. “We are delighted to have IAG Firemark Ventures as our partner, along with MINI and other partners, as we explore new technologies globally in the US, Israel, and Australia. These advancements can bring innovative solutions and frameworks to meet the evolving demands of climate change.”