A summer’s evening, full of optimism
On Wednesday 3rd July, while most of London spilled into sunlit parks and pub gardens, a different kind of energy filled the Old Library at Lloyd’s of London. An eclectic group of founders, (re)insurers, investors and scientists gathered to talk about one thing: how insurance can accelerate climate action.
Insurtech Gateway’s Climate Evening was a chance to celebrate the people building practical, scalable solutions to climate risk—and to challenge ourselves to think differently about what insurance could be.
This wasn’t just a networking event. It was a snapshot of a fast-forming movement, with people across industries coming together to reimagine risk.
Watch the full recording of the event here or read our summary below.
Insurance that has impact
Stephen Brittain, Co-Founder of Insurtech Gateway, opened the evening with a provocation:
“Insurance isn’t just about managing risk. What if it could incentivise healthier systems? What if it could fund proactive protection? Reward climate-positive action?”
It was a moment of quiet clarity in the room. And a reminder that the real opportunity in climate-insurtech isn’t just to protect what we have—but to unlock what we need next.
Stephen spoke of founders designing systems, not just products. Of insurers shifting from payouts to prevention. And of the collective responsibility we all hold—to use this trillion-dollar industry as a lever for progress.
“These aren’t just startups,” he said. “They’re systems interventions. They’re small now, but they’re changing the rules.”
Non-dilutive funding
Next up, Ana Raposo from the European Space Agency (ESA) shared how climate-insurtechs can access up to €2.5 million in non-dilutive funding to bring space-enabled solutions to market.
“We don’t take equity. We don’t want your IP. We just want your projects to succeed.”
ESA is backing ventures that use space data, navigation or communications in real-world applications—from flood modelling to crop insurance. The goal is to fast-track innovation that supports economic growth and climate resilience across Europe.
Ana shared simple but powerful guidance:
- Focus on the problem you’re solving, not just the tech.
- Make your business case clear—who benefits, why now and how will you scale.
- Start a conversation early. The door is always open.
The forms might be long and complicated, but ESA offers hands-on guidance through the whole process. Several founders in our portfolio are already moving through the ESA pipeline, and we hope others will follow suit.
Transitioning from build to revenue generation
Next, our CEO Richard Chattock welcomed a panel of climate-insurtech leaders navigating the shift from early build mode to commercial traction:
- Ashima Gupta, Co-Founder at Renew Risk
- Natalia Dorfman, Co-Founder at Kita
- Stephanie Hendries, Marketing Manager at Previsico
Together, they pulled back the curtain on what it really takes to scale deeply technical businesses in emerging markets.
Building a new category
Kita, a Lloyd’s coverholder insuring carbon credit delivery risk, began by trying to educate a market that barely existed.
“When we first started, no one knew what we were talking about,” said Natalia. “It felt like people were curious—but nowhere near ready to buy.”
That initial optimism gave way to the reality of long sales cycles, legal hurdles, and the need for cultural change inside clients’ organisations.
“Trust is everything in insurance. You can’t just say ‘trust us’—you have to act in a way that earns it, every day.”
Kita now has its first renewals under its belt, serious inbound traction, and a growing network of capacity providers backing its long-term underwriting strategy.
Starting with insurance, but thinking bigger
Renew Risk, which provides advanced modelling for offshore renewable energy assets, started with insurers but has a much broader roadmap.
“We started with insurance because the demand was clear and there were no direct competitors,” Ashima said. “But our long-term vision includes asset owners and investors.”
Her approach? Identify the innovators, co-create solutions, and move fast.
“Enterprise sales cycles are long. You need to show up, educate, and build real partnerships.”
That means landing early-stage pilots, validating models in live environments, and then expanding from there. It’s strategic, rigorous and built for scale.
Turning technical into tangible
Previsico, a live flood forecasting platform spun out of Loughborough University, has partnered with Zurich and Liberty to bring real-time alerts to housing associations and local authorities.
“Flood is something everyone knows, but few truly understand,” said Steph. “Our job is to make the science simple—without dumbing it down.”
Marketing, she explained, has been instrumental in unlocking growth.
“Start with the problem. Talk to the pain points. Then show how your product helps.”
In one case study, a community that once flooded every Boxing Day has stayed dry for three years straight since installing Previsico’s system and following their proactive prevention and response plan.
Can you create trust before claims?
One question from the audience hit home: how do you prove value before you’ve paid a claim?
Natalia offered an honest answer:
“We focus on transparency, scenario testing and being clear about what we can’t do. Sometimes, the most important trust-builder is saying no.”
Ashima added that their models are co-developed with clients and validated independently.
“The science matters. But the relationship matters more.”
Who is the buyer?
Another thoughtful audience question: how do you know if the person asking about your product is actually the one who’ll buy it?
Natalia smiled knowingly:
“At first, you don’t. You speak to developers, project teams, trading desks. But over time, you start to recognise the patterns. These days, people come to us with deal terms ready. That’s a shift.”
That shift—from interest to action—is a sign that climate-insurtech is growing up.
First Movers, Lasting Impact
Being first isn’t always easy—but (sometimes) it matters.
For many of the founders in our climate cohort, the early days were spent explaining entirely new concepts to insurers, regulators and investors. There was no playbook. No market precedent. Just conviction, grit and a well-articulated “why.”
“It wasn’t that we wanted to be first,” said Natalia. “It’s that no one else was doing it—and it needed to be done. For us, there wasn’t an advantage in being first, but we are glad we did it.”
First-mover advantage doesn’t materialise for everyone—but for some, it’s become a clear edge. Renew Risk has had the time to build trust, validate their models, and shape how a new risk category is understood.
“We saw the gap, and we ran at it,” said Ashima. “Now, we’re not just building a product—we’re helping define the market. The challenge now is staying ahead and keeping that first-mover advantage.”
Being early doesn’t guarantee success. And in climate-insurtech—where long-tail risks, novel perils and new data are the norm—it often means shouldering a heavy education burden.
But the reward? You don’t just follow the market. You shape it.
And when that market begins to tip—when insurers start leaning in, when customers start asking better questions, when capital starts flowing—the first movers are ready. Ready with experience, with evidence, and with products that were built for this moment.
One year on: What’s changed?
Last year, I cycled home from our Climate Evening reflecting on how far we’d come—and how far we still had to go. It felt like the beginning of something.
Back then, many of our founders were still defining their categories, persuading insurers to pay attention, and building trust in markets that didn’t yet exist. There was momentum, but it felt fragile.
One year on, the tone has shifted.
The buzz in the room wasn’t just about ideas—it was about execution. We’re seeing real traction: pilots leveling up to longer contracts, first renewals and long-term partnerships. Founders are no longer asking “Is there a market?”—they’re focused on “How do we scale responsibly?”
(Re)insurers are no longer cautiously observing—they’re engaging, co-developing, and underwriting. That matters.
At Gateway, we’ve seen how one good story can unlock ten more. And this year, we’re meeting more early-stage climate-insurtech founders than ever before. That’s exciting.
If you’re working to understand, mitigate or manage climate risk—or if you’re a (re)insurer ready to support the next wave of innovation—we’d love to hear from you.