Insuretech startup InRisk Labs raises $27M in Series A

Ahmedabad headquartered insuretech startup InRisk Labs has raised $27 million in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital.

InRisk Labs will use this funding to deepen the group’s underwriting, actuarial, catastrophe-modelling and AI capabilities; expand its coverage across NAT CAT (natural catastrophe) and climate risk, as well as other non-life segments such as marine cargo and motor; accelerate the development of parametric and structured reinsurance products. It will also utilise this funding to scale the operations of its subsidiary - EarthRe.

According to the startup, EarthRe Insurance IFSC Limited has received a licence from the International Financial Services Centres Authority (IFSCA) for its reinsurance business.

InRisk Labs said it has evolved from a technology-led insuretech platform into an integrated reinsurance group with licensed risk-bearing capacity. InRisk Labs builds the group’s technology, data and risk-intelligence infrastructure, EarthRe deploys that capability through a regulated reinsurance balance sheet focused on India and the broader Global South.

"India will be the most consequential insurance market over the next two decades. To drive sustainable growth, we must build indigenous capacity and tailored solutions built by India, for India." said Malay Kumar Poddar, Chief Executive Officer, EarthRe.

A statement said EarthRe is being built as a technology-first non-life reinsurer with capabilities across natural catastrophe (NAT CAT) and climate risk, as well as property, crop and other specialty lines. It combines domain-led underwriting with catastrophe modelling, climate-risk analytics and advanced structured reinsurance solutions. 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.