16 May 2023
InsurTech NY News: The X-Date is Coming
In this issue of the InsurTech NY Newsletter:
- Understand why June 1 matters for insurance & adjacent industries
- See upcoming InsurTech Community Events and Programs
- Follow the latest InsurTech East Coast Deals
- See open roles in the industry
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The X-Date is Coming: Why it Matters for Insurance & Adjacent Industries
Why June 1 Matters.
Every year the US Government spends more money than it takes in. To fund all of that spending, the government borrows money. Only Congress has the power to limit how much debt is taken on. Right now that limit is $31.4 Trillion. To spend more money, Congress must raise or suspend the debt limit.
Flashback to 2011, a political standoff on the debt limit brought the government within days of defaulting on its debt, resulting in a credit downgrade. At the time, the date of default was nebulous.
That year, a policy researcher at the Bipartisan Policy Center, Shai Akabas, coined the X-Date. The X-Date is the last day the US Government can meet its obligations. The day after it will default.
This time, the X-Date is projected to be June 1 by the Treasury. And, the bond market shows signs of worry. 1 Month T- Bills are trading 100 basis points higher than a week ago.
A government default could have a serious impact on insurers, which hold around 3% of the domestic debt holdings.
This situation demonstrates that the insurance industry does not exist in a bubble. We must be regularly vigilant about other adjacent industries like public service, health care, and real estate. To help you stay informed, we are hosting our next event on InsurTech Adjacencies in Palo Alto on May 16th.
Learn more and register: InsurTech Adjacencies
Upcoming InsurTech Community Events and Programs
Investing in InsurTech Adjacencies (Bay Area – Palo Alto) – May 16 | 5:30pm – 8:30pm
– Panels Include: Health & Wellness Investment Trends, Spotting PropTech opportunity in a declining market
More info and Join Registration
The Art of Distribution (NYC) – June 8 | 4:30pm – 8:00pm
– Event Highlights: Art Exhibition, Zen & the Art of Insurance, How to Distribute to Underserved Markets (proceeds go to non-profit orgs)
More Info and Join Registration
InsurTech Trails 2023 (Aspen) – June 20-21
-Founder and Investor Event – 2 days of outdoor activities, Programming and Startup Pitches
More Info and Join Registration
InsurTech NY Sponsors
Thank you to our 2023 event sponsors.
If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.
InsurTech East Coast Deals, Partner Events, and Open Roles
Discover a curated mix of April and May InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
The Guarantors ($35M, CIBC Innovation Banking): P&C: Rental coverage for personal and commercial lease guarantees and security deposits.
Marble ($4.2M, Distributed Ventures): Distribution: Policy management and distribution platform integrating loyalty program with a digital wallet and policy comparison.
Novidea ($50M, Battery Ventures): AMS: End to end agency management system using cloud-native, data-driven technology to manage customer and policy data.
Partner Events and Programs
Israeli Wine Tasting and InsurTech (June 6)
Insurtech Insights (June 7-8)
OnRamp Insurance Conference (June 21-22)
Surplus Lines Insurance for InsurTechs Webinar (June 28)
Reuters Future of Insurance USA (June 27-28)
InsurTech Leaders Summit (Sept 20-21)
DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.
See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences
Jobs In Carrier/Broker Innovation and Venture Teams
Enterprise Ireland – Senior Market Advisor
TIAA – Director, FW Solutions
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
Looking to become an MGA?
We open applications for our MGA Lab, a program to help startups become MGAs, in about 2 months. If you want to find out if the program is a fit for you, please reach out to contact@insurtechny.com.