Insurtech Koala, which isn’t backed by some large insurance broker or carrier, has so far gathered a capital pool of about $450,000 for its Koala Flex product which allows travelers to cancel their trip at the click of a button and get their money back. To do this requires the capacity to provide a lot of refunds if necessary, explained Koala Insurance CEO Ugo Weyl, adding that risk-averse insurance and reinsurance firms tend to shy away from this type of innovation.
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