Analysis

Briefing: The Silicon Valley Bank collapse – a case for an insurtech backstop?

By 2023-03-30T13:22:00

Money net catch

With the insurtech sector struggling in the current economic climate, are the twin blows of Tech Nation and the Silicon Valley Bank too much?

The day Silicon Valley Bank (SVB) collapsed was the day that many insurtechs who had investment tied up at said bank found the rug pulled out from beneath them.

But the crisis was soon averted by a speedy move from the UK government saw HSBC swoop in with a rescue deal to buy SVB’s UK arm for just £1.

Now there is chatter in the market about whether the insurtech should have a central fund or backstop similar to the one the UK government has implemented for terrorism.

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