Insurance Covered: Recent Episodes
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry in a short and easy to follow format. Each week we explore an insurance related topic with the help of expert guests from across the market.
Whether you’re an industry veteran or new to the insurance world we've got you covered. This podcast is a survivor's guide on what's going on in the market. A quick and easy way to keep up with the latest trends and learn more about different insurance related topics, from MGA's and micro insurance to upcoming trends and developments like ESG exposures. We also take you back in time to explore the rich history of the insurance market.
We hope you enjoy the podcast and if you did, please subscribe!
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield explores the roots of insurance, guided by Anne's deep expertise in Babylonian economics. They unravel the origins of risk management in ancient Mesopotamia, examining legal texts like Hammurabi’s Law 103, often cited as the earliest form of proto-insurance.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Wendy Houser, President of US Wholesale and Specialty at Markel, shares insights into the world of excess and surplus insurance, its regulation, and its significance in the evolving insurance landscape. Discover how E&S fills gaps in coverage, the differences between admitted and non-admitted insurers, and the future of this dynamic market.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Helen Hopper shares expert advice on how to work well under pressure, manage stress, and build resilience. Discover practical strategies, psychological insights, and the importance of relationship skills in handling pressure effectively.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode Peter is joined by Simon Twitchett, Head of the Management Liability portfolio at Hiscox, and they discuss EPL insurance, what it covers and the evolving EPL claims landscape.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode Peter is joined by Steve Dukes, CEO of Confused.com, and in this episode they discuss his journey into insurance, Confused.com and the rise of price comparison websites.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode Peter is joined by Danilo Raponi, Group Head of Innovation at Generali, and they answer the question 'is insurance failing in its social mission?'. They explore how technology is transforming the insurance industry to better serve the underserved. By leveraging AI, machine learning, and mobile microinsurance, new models are emerging that make insurance both profitable and socially impactful.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter is joined by Ben Phillips of Euclid Financial & Professional risks, who shares his expertise on insurance for financial institutions, covering a broad spectrum of topics including FI insurance types, hot topics like private credit and vehicle finance scandals, and future trends in the industry.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode we are joined by Brandon Nuttall, Chief Digital and AI Officer at Xceedance, as he unpacks how AI is transforming fraud, from simple exaggerations to sophisticated social engineering, allowing fraudsters to operate like high-tech marketing agencies. Brandon breaks down how traditional detection methods rule-based systems, network pooling, and expert judgment are being challenged by AI's ability to fabricate, disguise, and automate at scale.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode we explore all things equestrian and insurance with guest Alycia Port, Equine Underwriter at Convex.
Alycia explains how equine insurance works and the importance of having it, sharing her experience as both an event rider and equine underwriter.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this April fools special we explore the quirky world of alien abduction insurance through the lens of journalist Zach Ewell, and Simon Burgess, who according to reports had sold numerous alien abduction policies.
Zach Ewell shares insights into the time he interviewed Mike St. Lawrence, the man who first established the alien abduction policy. While Simon Burgess shares stories off his 'spoof' policies which included immaculate conception and alien abduction.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Dr. Victoria Bateman explore the development of social insurance, its historical context, and its evolution into the welfare state. They discuss the differences between social insurance and private insurance, the role of key figures like Priscilla Wakefield and Maggie Lena Walker in promoting financial empowerment, and the impact of the Beveridge Report on post-war Britain. The conversation also touches on the global state of social insurance today and the challenges it faces in addressing poverty and economic inequality.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Dr. Hansi Singh delve into the intricate relationship between weather risks and the insurance industry. They explore the scientific principles behind weather phenomena, the impact of climate change on weather patterns, and the advancements in forecasting technology, particularly through the use of AI. The discussion highlights the importance of understanding weather for insurers, especially in light of increasing extreme weather events and their associated costs. Dr. Singh shares insights from her work at Planet AI, emphasizing the need for long-range weather predictions to aid decision-making in various sectors, including insurance.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Lewis Davies, a Senior Development Underwriter specialising in medical malpractice insurance. They explore the intricacies of medical malpractice, including its definition, types of claims, and the roles of various healthcare professionals. The conversation delves into who purchases medical malpractice insurance, the coverage provided, and the implications of claims on both patients and medical professionals. They also discuss the NHS's role in the UK healthcare system, the impact of social inflation on claims, and future trends in the industry, particularly regarding AI and its potential implications for malpractice insurance.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Jane Eade discuss the emerging threat of Silent AI in the insurance industry. They explore how AI-related exposures are often not explicitly covered in existing policies, leading to ambiguity and potential claims across various classes. Jane emphasizes the need for clarity in policy wordings to address these risks, comparing Silent AI to the previous Silent Cyber issue. The discussion also highlights the importance of defining AI in insurance terms and the necessity of adapting existing policies to accommodate new AI-related risks while maintaining proper oversight and control. In this conversation, Peter Mansfield and Jayne Eade discuss the implications of artificial intelligence (AI) in the insurance industry, particularly focusing on the concept of 'silent AI'—AI systems that operate without clear oversight or understanding. They explore the risks associated with AI, the need for careful policy wording, and the evolving regulatory landscape. The discussion emphasizes the importance of clarity in insurance contracts and the challenges insurers face in adapting to the rapid integration of AI into various sectors.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield speaks with Harriet Hughes, an actuary with extensive experience in the insurance industry. They delve into the role of actuaries, exploring how they quantify future uncertainties and assess risks across various sectors, including property and legal entities. Harriet shares her journey from studying mathematics to becoming a reserving lead at Liberty Mutual Insurance, emphasizing the importance of actuarial work in predicting the ultimate value of claims and ensuring insurers maintain profitability. The conversation also touches on the challenges actuaries face, such as estimating incurred but not reported claims (IBNR) and the need for expert judgment in a volatile environment.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In our first episode of 2026 Peter is joined by two guests, Belinda Schofield, Chief Executive of The Association of Lloyd's Members (ALM) and Kate Tongue, Executive Director at Argenta Private Capital Limited. In this episode they discuss what a Lloyd's member is, what the benefits are and how to become one.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Argenta Private Capital Limited is authorised and regulated by the Financial Conduct Authority (No. 204845). Underwriting at Lloyd’s carries significant risk, including potential underwriting losses. Participants remain liable until all syndicate liabilities have been reinsured to close, subject to no reinsurance failure. Past performance does not guarantee future results.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Professor Sir David Spiegelhalter explore the intricate relationship between insurance and uncertainty. They discuss the nature of uncertainty, the role of statistics, and the importance of effective communication in risk assessment. The conversation delves into the types of uncertainty relevant to insurance, the significance of models in decision-making, and the challenges of causation in claims. They also touch on the distinction between risk and uncertainty, the need for trust in expertise, and practical considerations for making decisions in an uncertain world.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Caroline Wagstaff discuss the concept of captive insurance, its benefits, and the current efforts to establish a captive insurance market in London. Caroline shares insights on the regulatory landscape, the historical context of captives, and the potential for growth in the UK market. They also touch on government support and the importance of creating a competitive environment for captives in London.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Joshila Sharma, a specialist in Fine Art and Specie Insurance. They explore the broad definitions of fine art and specie, the unique items covered under these insurance policies, and the intersection with cargo insurance. Joshila shares her experiences in the industry, including the most expensive items she has insured and the challenges posed by natural disasters. She also discusses her motivation for starting Amalthea Underwriting and her passion for marine conservation.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Mark Wheeler, co-CEO of Mosaic Insurance, discussing his journey from underwriter to CEO, the challenges and joys of leadership in the insurance industry, and the impact of geopolitical risks and technological advancements like AI and climate change on the sector. Mark emphasises the importance of curiosity, collaboration, and maintaining a strong company culture while navigating the complexities of the insurance landscape.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Sandra Lewin, Founder of 100 Women in Insurance. They discuss Sandra's journey into the insurance industry, her motivations for advocating for women, and the importance of celebrating female talent. The conversation covers statistics on women in the insurance market, the challenges they face, and the role of men in achieving gender equality. Sandra shares insights on the retention of female talent and the impact of societal structures on women's careers. The episode concludes with advice for both men and women in the industry.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Lorraine Harfitt, CEO of Asta, to explore the role of Lloyd's Managing Agents. Lorraine shares her journey in the insurance industry, the structure of Lloyd's, and the responsibilities of managing agents. The conversation delves into the differences between managing agents and members agents, the history of managing agents, and the regulatory framework governing them. Lorraine also discusses the future of Asta and the Lloyd's market, highlighting opportunities for young professionals in the insurance sector.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield dives into the intricate world of insurance-linked securities and catastrophe bonds with expert Steve Evans. They explore the convergence of insurance and capital markets, discussing how these financial instruments provide protection against major natural disasters. Steve shares insights on the growth of the ILS market, the benefits for insurers and investors, and the future potential of these innovative financial products. Whether you're new to the topic or looking to deepen your understanding, this episode offers a comprehensive overview of a niche yet rapidly expanding market. Tune in to learn how these securities are shaping the future of risk management.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield is joined by Howard Benge, Director at the Insurance Museum, and they delve into the Great Fire of London, exploring its origins, the conditions leading up to it, and its devastating impact on the city and its inhabitants. They discuss the historical context of London in 1665, the construction methods of the time, and the inadequate fire management practices that contributed to the disaster. Eyewitness accounts provide a vivid picture of the chaos and destruction, while the conversation also touches on the aftermath and the birth of fire insurance as a response to such catastrophic events. This conversation explores the historical significance of the Great Fire of London, its impact on the city, and the subsequent development of fire insurance. The discussion highlights the rapid recovery of London post-fire, the innovative contributions of Nicholas Barbon in establishing fire insurance, and the evolution of insurance companies in response to changing risks. The long-term legacy of these developments is examined, showcasing how the Great Fire shaped modern insurance practices and fire prevention methods.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
keywords
Great Fire of London, fire insurance, history, urban development, eyewitness accounts, London history, heritage consulting, insurance museum, 1666, urban fire management, Great Fire of London, fire insurance, Nicholas Barbon, rebuilding London, historical context, insurance history, fire prevention, insurance companies, legacy of insurance, London history
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this engaging conversation, Peter Mansfield and Nick Wealthall explore the intriguing parallels between poker and the insurance industry. They discuss how the skills learned in poker, such as emotional control, decision-making under pressure, and understanding human psychology, can be applied to underwriting and claims handling. Nick shares his unique journey from a professional poker player to a consultant, emphasising the importance of trust, experience, and the ability to navigate incomplete information.
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Welcome to Insurance Covered, the podcast that explores all things insurance. In this episode, Peter is joined by Alun Lucas to talk about online forms: why they often frustrate us, and more importantly, how they can be improved. We discuss why so many organisations, including insurers, rely on online forms to gather information, and how this process can be made better for both the organisation and the user. Finally, we play a round of Family Formtunes, a game highlighting the form questions most likely to make people abandon the process altogether.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode, we dive into the world of insurance innovation with Rosie Denee, Head of Lloyd's Lab. Discover how Lloyd's Lab serves as the innovation engine for the Lloyd's marketplace, supporting the development of new insurance products and de-risking innovation for the market. Rosie shares insights on the evolution of Lloyd's Lab, its award-winning accelerator program, and the significant partnerships that drive innovation in the insurance industry. Tune in to explore the challenges and opportunities in insurance innovation and how Lloyd's Lab is shaping the future of the industry.
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield and Lorcan Hall explore the critical yet often overlooked role of insurance in achieving the United Nations' Sustainable Development Goals (SDGs). They discuss the current status of the SDGs, the significant funding gap needed to meet these goals, and the reasons why insurance is frequently ignored in development agendas. They discuss the importance of integrating insurance into sustainable development strategies and provides insights from research on how the insurance industry can better articulate its value to public sector organizations.
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keywords: insurance, sustainable development, SDGs, UN 2030 Agenda, climate change, financial systems, risk management, funding gap, insurance industry, public sector, sustainable development, innovation, partnerships, SDGs, insurance, economic growth, societal impact, climate change, resilience, private sector
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this conversation, Peter Mansfield interviews Andy Creed about runoff and legacy insurance, exploring its significance in the insurance ecosystem. They discuss the evolution of the legacy market, Riverstone's role, the reasons insurers sell their books of business, and the value proposition for Riverstone. The conversation also delves into the differences between reinsurance and legacy insurance, the importance of relationships, active claims management, and the nature of legacy claims. Andy shares insights on the future of the legacy insurance sector and offers career advice for those interested in this field.
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keywords runoff insurance, legacy insurance, Riverstone Group, insurance market, claims management, reinsurance, insurance liabilities, insurance transactions, insurance career, insurance ecosystem
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield is joined by Heidi McCormack, CEO at Emerald Life, to discuss the importance of diversity and inclusion in the insurance industry, focusing on the unique challenges faced by underrepresented groups, particularly the LGBTQ+ community. Heidi shares her journey from working in Russia to co-founding Emerald Life, an insurance company dedicated to addressing the needs of diverse populations. They explore the barriers to insurance uptake, the discriminatory practices within the industry, and the innovative steps Emerald Life is taking to create inclusive products and services. The discussion also touches on the importance of feedback and continuous improvement in serving their customer base. In this conversation, Peter Mansfield and Heidi McCormack discuss the evolving landscape of community and inclusion within the insurance industry, emphasizing the importance of diversity, addressing unconscious bias, and the future of insurance products. They explore how businesses can champion equity and the necessity of compassion in customer interactions.
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keywords insurance, diversity, inclusion, LGBTQ+, underinsurance
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield speaks with Michael Keating, CEO of the Managing General Agents Association (MGAA), about the role and evolution of Managing General Agents (MGAs) in the UK insurance market. They discuss Michael's journey in the insurance industry, the definition and purpose of MGAs, the benefits they provide to insurers, and the current landscape of MGAs in the UK. The conversation also covers the regulatory environment, the importance of underwriting talent, the impact of technology, and the future outlook for MGAs. Michael emphasizes the buoyancy of the sector and the opportunities it presents for those looking to work in insurance.
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Keywords: MGAs, insurance, underwriting, regulation, claims, technology, parametric products, insurance market, MGAA, insurance careers
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Wajahat Khawaja and the topic of discussion is Takaful, an Islamic form of insurance.
This conversation explores the concept of Takaful, an Islamic form of insurance based on principles of solidarity and mutual cooperation. Wajahat Khawaja, an expert in the field, discusses the historical context, market growth, and the importance of Sharia compliance in Takaful. The discussion also delves into the ethical implications of Takaful, its appeal to non-Muslims, and the future potential for growth in various regions, including the UK. The conversation concludes with personal reflections on faith and the significance of Ramadan.
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keywords Takaful, Islamic insurance, Sharia compliance, mutual cooperation, insurance market growth, ethical investment, faith and insurance, re-Takaful, contributions, global Takaful
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is once again joined by podcast regular Paul Miller and the topic of discussion is the role of insurance during WWII.
In this episode, Peter Mansfield and Paul Miller explore the intricate connections between World War II and Lloyd's of London, marking the 80th anniversary of VE Day. They delve into personal stories, the operations of Lloyd's during the war, and the impact of significant events such as Dunkirk and the Battle of Britain. The conversation highlights unique insurance stories, the contributions of Lloyd's staff on the home front, and the tragic tale of the City of Benares. The episode concludes with a reflection on the commemoration of those from Lloyd's who served in the war.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Keywords: World War II, Lloyd's of London, Dunkirk, Battle of Britain, insurance history, VE Day, military history, insurance stories, home front, maritime losses
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is once again joined by Crum & Forster CEO, Marc Adee and they discuss the fall and rise of an American insurer and Marc's book; 'The Once and Future C&F'.
In this conversation, Peter Mansfield and Mark Adee discuss the history of Crum and Forster, an American insurer, focusing on its rise, fall, and eventual resurgence. They explore the origins of the company, its innovative business model, the challenges it faced during the 1960s and 70s, and the lessons learned from its eventual sale in 1982. The discussion highlights the complexities of the insurance industry and the importance of understanding market cycles and financial discipline. In this conversation, Marc Adee discusses his experiences and insights from his time in the insurance industry, particularly focusing on his tenure at Crum & Forster and the challenges faced by Xerox in the insurance sector. He emphasises the importance of corporate culture, the need for stewardship in business, and the lessons learned from navigating market challenges. Adee also reflects on the evolution of Crum & Forster and the significance of understanding the insurance business deeply.
You can download a free copy of the book here.
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keywords Crum and Forster, insurance history, American insurer, Marc Adee, Peter Mansfield, Fairfax Group, insurance industry, corporate structure, market cycles, financial discipline, Xerox, insurance, Crum & Forster, corporate culture, leadership, business strategy, financial services, market challenges, stewardship, insurance industry
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode, Peter Mansfield interviews Natalie Graham, the global head of claims at Mosaic Insurance, to discuss the intricacies of Directors and Officers (D&O) Insurance. They explore the definition, scope, and liabilities associated with D&O insurance, including the types of claims that can arise against directors and officers. Natalie shares insights on unusual claims, securities claims, and the global perspective on D&O insurance. The conversation also delves into who purchases D&O insurance, conflicts of interest, coverage and exclusions, and the scale of losses in the D&O insurance market. Finally, they discuss current issues and future claims in the D&O space, as well as advice for aspiring claims professionals.
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keywords Directors and Officers Insurance, D&O Insurance, Liability, Claims, Securities Claims, Insurance Policies, Corporate Governance, Risk Management, Insurance Market
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Welcome to Insurance Covered, the podcast that covers everything insurance.
In this episode Peter is joined finance and accounting expert Stephen Brookson, In this episode we delve into the intricacies of insurance finance, exploring how insurers assess profitability through premiums, claims, and financial metrics. They discuss the unique challenges of estimating costs in the insurance industry, the significance of claims as a major expense, and the complexities of accounting for reserves and loss ratios. The conversation highlights the importance of understanding revenue recognition and the operational costs associated with acquiring business in the insurance sector. This conversation delves into the intricacies of insurance finance, focusing on key metrics such as loss ratios, combined ratios, and the impact of reinsurance. The discussion also covers the recent changes brought about by IFRS 17, investment strategies employed by insurers, and the evolution of accounting practices in the insurance industry. The speakers emphasize the importance of understanding these concepts for better financial decision-making in insurance.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ben Rose, Co Founder of Supercede. In this episode they delve into the world of reinsurance, exploring its fundamental concepts, terminology, and the necessity for insurers to engage in reinsurance. They discuss the differences between facultative and treaty reinsurance, as well as proportional and non-proportional reinsurance structures.
The conversation highlights the complexities of reinsurance deals and the importance of understanding these concepts for effective risk management in the insurance industry. This conversation delves into the complexities of reinsurance, exploring how risk is managed through various layers and types of coverage.
They also discuss the impact of significant events like wildfires on claims, the challenges insurers face in determining their reinsurance needs, and the current state of the reinsurance market amidst changing conditions. The importance of data quality and proactive communication between insurers and reinsurers is emphasized, along with the strategic nature of reinsurance as a field.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Dr Eliza Filby, and in this episode the discuss the multi generational workplace and the challenges that come with it.
In this episode we cover:
- Generational dynamics are crucial for understanding workplace interactions.
- Communication styles differ significantly across generations.
- Intergenerational conflict often stems from differing experiences.
- Each generation has unique characteristics that influence their work style and expectations.
- Baby Boomers redefining retirement and old age.
- The extent to which Gen X are overlooked, and the role they play in the workforce.
- AI's impact on the workplace.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Chris Moore, head of Apollo ibott 1971, and in this episode they discuss the underwriting of new AI risks.
In this episode we cover:
- The work Chris and Apollo ibott 1971 do.
- New technology leads to new risks which leads to new insurance.
- Insurance must adapt to new risks generated by AI.
- The insurance industry needs to embrace innovation and change.
- The role insurtechs play in this evolution of insurance.
- What the future of insurance will look like.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Kelly Thomson, Partner is RPC's employment team and they discuss the top three employment issues for insurers in 2025
In this episode we cover:
- The right to disconnect.
- Nuances between different countries implementation of the right to disconnect.
- The evolving DEI landscape.
- The workplace as a safe haven for vulnerable employees.
- The gender balance and equality landscape.
- Changes the new Employee Rights Bill will have in the UK.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by John Lane, and they discuss the Piper Alpha disaster of 1988.
In this episode we cover:
- What Piper Alpha was.
- What happened in 1988.
- The impact the disaster had on society.
- The role insurance played in the aftermath.
- The impact the Piper Alpha disaster had on safety regulation on this type of platform.
- How this disaster shaped the future of insurance.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In the first episode of season 6, Peter is joined by Crispin Halsall, and in this episode they discuss all things forever chemicals and PFAS.
In this episode we cover:
- What is meant by the term Forever Chemicals and PFAS.
- Why PFAS are called forever chemicals
- The extent of PFAS contamination. (Every human has trace amounts of PFAS in their body).
- What regulators can do to tackle this problem.
- Expected PFAs claims volumes are set to increase.
- What the future of PFAs looks like
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this special Christmas episode Peter is joined by an ensemble cast of insurance experts to discuss the insurance of the core elements of Christmas, from the tree and the presents under it, to the turkey and wine enjoyed at the dinner table.
The guests include:
- Gordon Steward - the insurance of Christmas trees.
- Angus Withington KC - the insurance of presents.
- Toby Behrmann - the insurance of wine.
- Camilla Curry - the insurance of turkeys.
- Alex Nott - the insurance of vegetables.
- Jonathan Kelly - the insurance of cheese.
- Alexandra Richards - the insurance of Whiskey.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Tom Wilde, CEO of Indico Data and in this episode they discuss the importance of having high quality data.
In this episode we cover:
- The importance of good data for making informed decisions in insurance.
- The role of AI in revolutionising data processing and making data more useable and accessible.
- The need for insurers to leverage better data for competitive advantage.
- The importance of having a data strategy in place.
- How good data can positively impact insurance (underwriting decisions, reserving).
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Caroline Bell, Head of Wordings at QBE. In this episode they discuss all things policy wordings.
In this episode we cover:
- The drafting of insurance policies.
- The importance of avoiding ambiguity.
- The structure of traditional insurance policies.
- The differences with parametric insurance policies.
- Potential skill shortages in the wordings market.
- The extent to which AI can help with policy drafting.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Joe Dutton, Energy Innovation Lead, at AXIS and in this episode they discuss a recent report Joe co-wrote, Navigating Risk in the Energy Transition.
In this episode we cover:
- The key findings of the report.
- Climate change as a driver of change and a source of risk.
- Whether the deployment of renewables is accelerating despite challenges.
- How insurance can play a strategic role in energy transition.
You can read the full report here
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Trevor Maynard, Senior Insurance Advisor at Insurtech Sotera and Vice Chair and Executive Director at Cambridge Centre for Risk Studies. In this episode they discuss systemic risks.
In this episode we cover:
- What systemic risk actually is.
- Recent examples of systemic risks in todays society.
- How the definition of systemic risk has changed over the years.
- The 4 reports written by the Cambridge Centre for Risk Studies and Lloyds of London on: volcanoes, economic stagnation, climate and cyber.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by
In this episode we cover:
- The work Value.Space is involved in.
- The monitoring and risk assessment of assets from space.
- How insurers can use Value.Space.
- The future for satellite-based assistance for insurers
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rachel Delhaise, Head of Sustainability at Convex Insurance. In this episode they discuss her role as Head of Sustainability and what that means for insurance.
In this episode we cover:
- What is meant by sustainability in the context of an insurance company.
- What Rachel's role entails.
- The different ways sustainability can be measured.
- How sustainability goals have changed over the years.
- What is meant by the protection gap and how that impacts sustainability.
- The Convex Seascape survey.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Martin Boreham, Head of Liability at Africa Specialty Risks, and in this episode they discuss the development of insurance in Africa.
In this episode we cover:
- .How much of Africa Martin covers in his role.
- What kind of insurance policy they typically issue.
- What the protection gap is.
- How we can prevent underinsured nations in Africa
- How common parametric insurance is in Africa and how it could be used more.
- The future of insurance in Africa
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Selim Cavanagh, Director at Mind Foundry, an organisation that advises insurers on how to make the most out of AI, which is the topic they discuss.
In this episode we cover:
- Who Mind Foundry are and what they aim to do.
- The types of AI that insurers can benefit from using.
- The practical uses of AI for insurers (pricing, fraud and governance).
- Examples of how AI is currently being used to the benefit of insurers and insureds alike.
- The potential challenges faced when implementing AI and using the data effectively.
- How Selim sees the future of AI in insurance and what that might look like in the coming years.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Meredith Brasher, and in this episode they discuss Cuthbert Heath, an influential name in the history of insurance.
In this episode we cover:
- Who Cuthbert Heath was.
- Why he is considered highly influential in the development of insurance as we know it.
- A look at the insurance lines he created.
- His influence on the self-regulation of insurance.
- Some stories of his work within insurance.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Larry Nisenson, Chief Growth Officer at Assured Allies. In this episode they discuss how insurance can help with an ageing population
In this episode we cover:
- What an ageing population is and why it's a problem.
- The retirement crisis in the US and beyond.
- How insurance can help people with ageing.
- If insurance can slow down the ageing process
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Jonathan Wood, President of the Chartered Institute of Arbitrators and fellow RPC lawyer. In this episode they discuss arbitration with a particular focus on insurance disputes.
In this episode we cover:
- What arbitration is and why it is used
- Arbitration vs litigation
- What types of dispute lend themselves to arbitration
- The benefits of choosing arbitration for a) The insurer and b) the insured
- Developments in arbitration in the coming years
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Lord Peter Hain, former Secretary of State for Northern Ireland and member of Tony Blair and Gordon Brown's Government. In this episode they discuss Peter's involvement in the Good Friday agreement where a peaceful end to hostilities in Northern Ireland was successfully negotiated.
In this episode we cover:
- A brief overview of the history behind the tension and conflict in Northern Ireland.
- Peter's involvement in the Good Friday Agreement which ended the trouble.
- Peter's role as Secretary of State for Northern Ireland.
- How peace was achieved.
- The lessons we can learn from this, and for future political negotiations.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Samantha Ridgewell, Founder of Empower Development, and in this episode they discuss the 5 things every insurance professional should do at the start of their career.
In this episode we cover:
- How Sam got started in the insurance world
- the 5 things insurance professionals should aim to do at the start of their career:
- Get comfortable being uncomfortable
- Build a foundation of knowledge
- Create a strategic network
- Get curious
- Focus on building you
- How this differs from what Chat GPT suggests
- Sam's top tips on thriving in insurance
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by James Kench, Head of insurance at Kita, an MGA that specialises in carbon insurance, which is what they discuss.
In this episode we cover:
- What carbon credits are and the carbon credit market
- The distinction between net zero and carbon neutral
- What is meant by carbon offsetting
- Examples of where carbon credits are used
- Kita's role in the insurance of carbon credits
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this 2 part series, Peter is joined by Marc Adee, CEO and Chairman of Crum & Forster to discuss social inflation the causes, challenges and consequences of it and the steps that can be taken to mitigate the challenges.
In part 2 we cover:
- The potential solutions to social inflation
- How AI can have a positive impact on overcoming social inflation
- How social inflation is likely to develop in the future
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In the first of a 2 part series, Peter is joined by Marc Adee, CEO and Chairman of Crum & Forster to discuss social inflation the causes, challenges and consequences of it and the steps that can be taken to mitigate the challenges.
In part 1 we cover:
- What is meant by the term social inflation
- Why it is primarily as US issue
- The consequences of social inflation for insurers
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode we are doing something a little different, Peter is joined by an ensemble cast of experts to answer the question, in the Star Wars universe, could the Death Star be insured, and if so, what policies would cover it.
Peter is joined by:
- Bruce Carman, CUO at Hive Underwriters
- Calum Lamont KC, Barrister at Keating Chambers
- Neil Fleming, Space Risk Analyst at Ascot Group
- Paul Miller, Compliance Recruiter at HFG
In this episode we cover:
- What exactly is a Death Star
- If an aviation war insurer would consider insuring the Death Star and what the concerns of underwriting the Death Star would be
- Whether there would be a claim resulting from the inherent design flaws that resulted in it's destruction
- If any kind of space insurance would cover the Death Star in a similar way in which it would insure satellites
- The answer to the question: Is the Death Star insurable.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rowan Douglas, CEO of Climate Risk and Resilience at Howden. In this episode they discuss the role insurance has to play in building resilience in the face of climate change.
In this episode we cover:
- Insurance as a force for good
- Rowan's talk at COP28
- How insurance can help in humanity's goal to transition to net zero
- How in the short term insurance can help us bounce back from the impact of the climate crisis
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Dr. Franziska Arnold Dwyer. In this episode they discuss her new book, Insurance, Climate Change and the Law, which among other things looks at insurance as the great enabler for change.
In this episode we cover:
- Why Franziska made the leap from private practice to academia
- Why she decided to focus on insurance and climate change in her book
- Why Franziska believes insurers should actively adopt a role that forces positive change
- Three concepts 'insuring green', 'not insuring brown' and 'greening insurance' .
- The challenges insurers will likely face as they become the enablers.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Avril le Pitre, Founder and CEO of Adverse Selection, a brand new MGA that offers protection for politicians.
In this episode we cover:
- How Avril identified this need for politicians insurance
- What the policies cover and how many politicians are purchasing this insurance
- Jurisdictions that they currently cover and possible expansions
- New products Avril is looking to launch in the future
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sarah Howell, Claims Manager at Liberty Specialty Markets, and the topic for discussion is the 5 secrets to handling large claims.
In this episode we cover:
- Sarah's career in insurance
- What makes a 'large claim'
- Sarah's 5 secrets on how to effectively manage large claims
- Which of the 5 secrets is the most important
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by two guests, Charles Boorman, CEO and James Sterling, Head of Claims, at Kayzen Specialty a new MGA, and in this episode we discuss the story of how Kayzen was formed.
In this episode we discuss:
- A recap on what an MGA actually is and what role they play.
- How MGA's differ from insurers.
- Who Kayzen are and what lines of business they write.
- Why Charles decided to start an MGA.
- Why Kayzen decided to both underwrite and manage the claims.
- The plans for Kayzen's future.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Hannah Gurga, Director General of the ABI, and they will be discussing Hannah's role at the ABI.
In this episode we cover:
- An overview of the ABI
- What the role of Director General entails and if it differs to that of a CEO
- How the governance of the ABI is organised
- The ABI's current 3 year strategy, the aims of it and what progress has been made
- The issues Hannah has on her radar for the insurance industry
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Charlie Hanbury, CEO of Samphire MGA, and in this episode they will be discussing all things K&R, that's kidnap and ransom insurance.
In this episode we cover:
- What kidnap and ransom insurance covers
- How common kidnap is around the world
- Who buys this kind of cover and why?
- How kidnap and ransom insurance has developed in the last century and how it may develop in the future
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Robert Hartwig, Associate Professor of Finance at the University of South Carolina. I this episode they discuss the concept of moral hazard in insurance.
In this episode we cover:
- What is meant by the term moral hazard.
- The two forms of moral hazard.
- How insurers protect themselves against moral hazard.
- The other side of moral hazard, can it actually be a good thing as well?
- Insurance as an enabler, providing a financial safety net for when risk goes wrong.
- Links between moral hazard and the climate crisis.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sarah Conway who is a Director in WTW’s Disaster Risk, Finance & Parametrics team, leading the Ecosystem Resilience practice. In this episode we discuss insurance of coral reefs and climate finance.
In this episode we cover:
- Why coral reefs need insurance.
- The importance of coral reefs.
- How this insurance product works and how the parametric policy is triggered.
- How the issue of insurable interest is resolved.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this special episode Peter is joined by Bruce Carnegie-Brown and they discuss his role as the Chairman of Lloyd's.
In this episode we cover:
- How Bruce came to be the Chairman of Lloyd's
- The role Lloyd's plays in the UK and global insurance market.
- Bruce's involvement in CUVVA, an app that allows users to purchase short term motor insurance.
- The future of Lloyd's of London and how they can remain relevant in the coming decades
- The current challenges facing the insurance market.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by David Altmaier, former Commissioner of Insurance for Florida State and now Consultant for the Southern Group-Florida. In this episode they will discuss the Florida insurance market and David's time as Insurance Commissioner.
In this episode we cover:
- David's time at the Florida Office of Insurance Regulation.
- How David became Insurance Commissioner and what the role of commissioner entails.
- How the impact of hurricanes has affected the Florida insurance market both for insurers and insureds.
- To what extent Florida is the first State dealing with the consequences of climate change.
- How David as Insurance Commissioner responded to the insurance crisis in Florida.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Hannah Farber, Assistant Professor of History at Columbia University in New York. In this episode they look at the American revolution and the role insurance played in the foundation of the United States.
In this episode we cover:
- An overview of the events that led to the American revolution (c.1750-1812).
- The role of marine insurance played during this time period.
- The story of merchant insurer, Robert Morris.
- The rise of domestic US insurance and its post war impact.
- Answer to the question: To what extent did insurance genuinely shape the foundation of America?
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by George Barker, Assistant Underwriter at Aspen Insurance and they discuss why he has chosen a career in insurance.
In this episode we cover:
- Why George chose insurance as a career.
- His experience applying for a graduate scheme.
- Why George chose to apply for the Aspen graduate scheme.
- The training involved as part of the graduate scheme.
- His role as a crisis management underwriter.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this special episode on recruitment Peter explores the world of insurance recruitment through conversations with 4 guests:
Ben Bolton - Managing Director at Gracechurch consulting
Samantha Ridgewell - Managing Director of Empower Development
Caroline Wagstaff - CEO at London Market Group (LMG)
William Gallimore - UK Managing Director at HFG Insurance Recruitment
In this episode we cover:
- Is insurance successful in attracting top talent
- Analysis of the current market
- Is there currently a recruitment crisis?
- The main issues facing the insurance market hindering recruitment
- What we can do to minimize the impact of these challenges
- What guests think the workforce will look like in 10 years time
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Martin Shaw, Head of Policy at the Association of Financial Mutuals, and in this episode they are discussing friendly societies.
In this episode we cover:
- What a friendly society is
- The merger between the Association of Friendly Societies and the Association of Financial Mutuals
- The history of friendly societies
- Why people set up friendly societies
- The role they play in the modern world
- How they are regulated
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sam White, Founder of Stella Insurance, and amongst other things they will be discussing motor insurance.
In this episode we cover:
- How and why Sam founded Stella
- The reasons Sam felt so passionate about setting up an insurance brand to represent women.
- Sam's analysis of the UK motor insurance market
- The leadership qualities we should be seeking in our future leaders
- What should come first in the corporate world profit or people
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ivan Haigh, Professor of Coastal Oceanography at the University of Southampton. In this episode we discuss the future of flooding.
In this episode we cover:
- What is happening at the with sea levels and the causes in the change.
- What impact this is likely to have on society.
- What the future hold for rising sea levels and flooding.
- Ivan's article "Will London soon be underwater".
- How insurers can use data to prepare for such changes.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part eight we look at:
- the future of insurance
- the rise of morality within insurance
- insurance and ESG
- insurance as a moral system?
- The social purpose of insurance
- Insurance and climate change
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part seven we look at:
- The philosophical thinking behind insurance
- the framework for understanding why insurance is such a potent force in society
- The five F words that help us understand the philosophy behind insurance: Fragility, Fear, Future, Faith and Freedom
- insurance as a mirror to our own insecurities
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part six we look at:
- How insurance developed into the global industry it is today
- How insurance came to be 'everywhere'
- How technology and enhanced trade encouraged the growth of insurance
- The impact war in the 1900s had on dismantling the insurance network centred around Britain and the development of more national insurance industries
- The development of specialist reinsurers
- The use of microinsurance in developing countries
- The welfare system making insurance available to everyone
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Hosted on Acast. See acast.com/privacy for more information.
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part five we look at:
- How insurers calculate future risk
- How insurance seeks to identify 'monsters in the fog'
- The opening of the worlds first life assurance fund in 1744
- The use of mortality rates to calculate risk of death
- Early applications of probability theory
- The change on life assurance policies that required purchasers to have an insurable interest in the individual.
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Hosted on Acast. See acast.com/privacy for more information.
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part four we look at:
- The psychology of insurance
- Why we buy insurance
- The impact insurance has on 'moral hazard'
- The paradox of insurance - 'It changes nothing but changes everything'
- The impact of insurance in 3 historically important events; the industrial revoloution in Britain, the war of independence in America & the North Atlantic trade in enslaved Africans.
- Insurance as the great 'Unmoved Mover'
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Hosted on Acast. See acast.com/privacy for more information.
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part three we look at:
- The first evidence of a modern insurance policy.
- The merchant-insurer trade in 14th century Italy.
- The opening of the first insurance companies.
- How Antwerp became the first major insurance hub.
- How London became the insurance capital.
- The opening of Edward Lloyd's coffee shop.
- The rise of fire insurance, a response to the 1666, Great Fire of London.
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Hosted on Acast. See acast.com/privacy for more information.
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part two we look at:
- How the concept of insurance developed in the era of the Babylonians.
- The link between religious faith and insurance.
- Bottomry and Respondentia as a early form of proto-insurance.
- Why the Amish do not use insurance.
- The prerequisites to the modern premium based insurance we know today.
We hope you enjoy our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.
Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.
In part one we look at:
- What are the social and developmental pre-requisites for insurance?
- What are the things that need to be in place before one even contemplates the concept of insurance?
- what are the problems that insurance seeks to solve?
- The first steps towards what we know as the modern form of insurance.
We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.
Regular episodes will resume in September
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rebecca Reidy, Head of Compliance, UK & Rest of World at Beazley Insurance. They will be discussing her role and the wider world of insurance compliance.
In this episode we cover:
- The main responsibilities for an insurance compliance team.
- How Rebecca describes her role
- The different regulators that are involved in insurance compliance
- An overview of the FCA's new Consumer Duty (published in July 2022 and now in the implementation phase)
- How ESG has impacted developments in compliance obligations
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Alan Sheppard, senior advisor at the PRA, specialising in insurance regulation, which is what we will be discussing today.
In this episode we cover:
- The role of the PRA.
- The distinction between the role the FCA and PRA have in regulating insurers.
- The day to day role of the PRA supervising insurers.
- The powers the PRA has in enforcing compliance.
- An overview of Solvency II.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by James Platt, former Global Chief Operating Officer and Chief Digital Officer and now an Advisor at Aon. They will be discussing the 4 questions every organisation should be able to answer before considering changing and deploying digital technology.
In this episode we cover:
- What is meant by the 'digital revolution'.
- Why it is important for insurers to be transitioning to digital.
- What is meant by 'digital disruption' in the market.
- The 4 questions James believes should be considered by insurers before embarking on a digital change journey:
1) is the desired outcome clear?
2) Is the technology potential understood?
3) Is there real commitment to change?
4) Is the deployment capability in place?
- Which of these questions James believes is the most important
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by ChatGPT, an AI chatbot developed by open AI, and they will be exploring ChatGPT's views on insurance.
In this episode we cover:
- How ChatGPT defines insurance
- The role it sees insurance play in society
- The issues ChatGPT identifies as the biggest concerns for the insurance industry
- The role insurance can play in achieving net zero
- Whether ChatGPT thinks insurance could be entirely automated
- How ChatGPT sees the future of insurance panning out.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
With thanks to Lauren Butler, Trainee at RPC, for voicing ChatGPT's answers in this discussion
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by
In this episode we cover:
- What the Smyrna Catastrophe is
- The events that occurred that led to the catastrophe.
- The impact it had on the marine insurance market
- How the Catastrophe shaped the marine market as we know it.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Bruce Carman, Founder and CUO of HIVE Underwriters. They will be discussing aviation war insurance.
In this episode we cover:
- Why Bruce set up HIVE.
- How war insurance (risks) became separate from 'all risk' policies.
- How plane hijacking played a huge role in the war risks market.
- The impact the 9/11 attacks had on war insurance.
- What can be covered by the term 'war' (cyber attacks, political meddling, spying, other malicious acts).
- Typical exclusions and limitations from war risk policies.
- How war and terrorism risks are rated and the research that goes into these decisions.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Mary O'Connor, CEO of Howden Capital Advisory (Howden CAP), and they will be discussing the Insurance of long term capital risks.
In this episode we cover:
- What long term capital risks are and who needs this kind of cover.
- What policies can be offered as solutions to this kind of risk.
- What risks are uninsurable in this market.
- What is meant by 'structured credit solutions'.
- What the 'CAP' in Howden CAP stands for.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by James Benham, CEO and co-founder of three insurtechs; SmartCompliance, Terra and JB Knowledge. He is also the co-host of the Insuretech Geek Podcast. In this episode they discuss the rise of artificial intelligence and the impact on the insurance industry.
In this episode we cover:
- An overview of technological advancements that changed the insurance industry in the last 50 years.
- What Artificial intelligence (AI) and Robot Process Automation (RPA) are.
- The current state of AI and its uses in the insurance industry.
- Current limitations of AI
- How AI and big data could impact insurance distribution, underwriting and claims management.
- Will an insurance robot take my job?
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Robin Pearson, Professor of Economic History at the University of Hull and they will be discussing insurance during the time of the Industrial Revolution.
In this episode we cover:
- A background on the industrial revolution and the key developments that took place in the 18th and 19th centuries.
- The extent to which insurance and particularly fire insurance shaped developments in the industrial revolution.
- The relationship between Britain's economic growth and the growth of insurance.
- Who the big insurers were during this time period.
- The success of valuing and insuring commercial assets during the industrial revolution.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Martin Lawson, Director and Head of Contingency at Dale Underwriting.
In this episode we cover:
- What contingency insurance covers.
- What kind of events usually get contingency cover.
- What prize indemnity is.
- What would usually be excluded from a contingency policy.
- How Covid-19 impacted the contingency market.
- What the future of contingency insurance might look like.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ruth Gordon, Livestock Underwriter at Markel Insurance.
In this episode we discuss:
- What livestock insurance is.
- The difference between livestock and bloodstock insurance.
- What a standard livestock policy covers.
- Livestock insurance market trends and appetite.
- Current challenges facing the market
- The role livestock insurance plays in conservation efforts.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Darren Sharp, Chief Information Officer (CIO) at Tokio Marine Kiln, and we will be discussing what his role entails.
In this episode we cover:
- What a CIO does.
- How the role has changed in the last 20 years.
- The extent to which it's an internal / external facing role.
- The role of AI and data analysis in insurance.
- The future of the role of CIO in the insurance industry
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Michael Brunero, Head of Tech, Media and IP at CFC Underwriting and in this episode we will be venturing into the Metaverse to discuss the applications of insurance.
In this episode we discuss:
- What the Metaverse is.
- Current uses of the Metaverse.
- Where insurance comes into the Metaverse currently and how that might change in the future.
- The opportunities for insurers in the Metaverse.
- Metaverse - utopia or dystopia?
- The future of the Metaverse.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Nik Yeo, Barrister at Fountain Court Chambers. Nik has a particular speciality in tech disputes, including disputes involving cryptocurrencies which is the topic of this discussion.
In this episode we cover:
- What cryptocurrency actually is.
- What is meant by a decentralised system.
- The cryptocurrency ecosystem.
- Is cryptocurrency actually money?
- The uses of cryptocurrency.
- How you protect your cryptocurrency and how to prove ownership.
- The main problem with cryptocurrency.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Peter Bosshard, Director of The Sunrise Project and Global co-ordinator of Insure Our Future. In this episode they discuss climate activism in the insurance industry.
In this episode we discuss:
- Who Insure Our Future are and what their objectives are.
- Climate change targets for net zero and how far along the journey we are in achieving this.
- Why Peter chose to work within the insurance industry in the battle against climate change.
- Insure Our Future's 6 demands for the insurance industry.
- The 'Insurance, Fossil Fuels and the Climate Emergency' scorecard Insure our Future produce and the trends they have seen from producing this.
- Peter's message to the insurance industry
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to season 4 of Insurance Covered! The podcast that covers everything insurance. We are kicking off this year looking at the 1906 San Francisco Earthquake, with guest Meredith Brasher, host of the Insurance vs history podcast.
In this episode we look at:
- Background on the earthquake, the scale and level of damage caused.
- Why it is such an important part of insurance history.
- Insurers facing huge claims and trying to identify fraudulent claims.
- The consequences of the earthquake to the insurance world.
- How this disaster shaped future insurance policies
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to the final episode of Season 3 of Insurance Covered. As season 3 comes to a close we look to end on a high note. Peter is joined by returning guest Ed Gaze, CEO and founder of IRL, a platform to help launch new InsurTech's. The topic however is nothing to do with that. Instead they will be deep diving into the confusing world of insurance jargon. Throughout the episode Pete and Ed tackle the most confusing terminology in a fun and light-hearted way.
For any new comers to the insurance industry this is a must listen!
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Caroline Wagstaff CEO of the London Market Group, which is the topic they will be discussing.
In this episode we discuss:
- Who the London Market Group (LMG) are.
- How Caroline defines the 'London Market'.
- The challenges the LMG and insurance market more generally face.
- The three core areas of focus for the LMG (government, talent and promotion).
- How the LMG are encouraging young people to pursue a career in insurance.
- Caroline's vision for the future of the LMG.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Janthana Kaenprakhamroy, CEO of Tapoly, an award winning insurtech that provides commerical insurance to small businesses operating in the gig economy, which is what they discuss today.
In this episode we discuss:
- How Janthana became involved in the insurance world.
- How and why she created Tapoly.
- What is meant by the gig economy and how large it is.
- The difference between the gig economy and the sharing economy.
- The challenges Tapoly have faced since their launch.
- What the future holds for Tapoly.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Angus Marshall, Head of Transaction Liability at CFC Underwriting, and they will be discussing the work he does, or more specifically looking at warranty and indemnity insurance.
In this episode we discuss:
- What warranty and indemnity (W&I) insurance covers.
- How long W&I insurance has been around.
- How W&I insurance works; who buys the insurance and what policy exclusions are common.
- Whether W&I insurance fits alongside tax liability insurance.
- CFC's product for small transactions.
- Developments we could see in W&I insurance in the future.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sara Ager, CEO at GreenKite, a company that provides consultancy services to the insurance world, which is what they discuss.
In this episode we discuss:
- Sara's background in insurance and how GreenKite came to be formed.
- What the role of a consultant is.
- The different areas GreenKite consult on (Delegated authority, Operational resilience, Data & digital, outsourced service, services for technology suppliers).
- How they measure the value added to businesses.
- How the role of a consultant in the insurance industry may change over the next 10 years.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Chris McGill, Head of Cargo at Ascot Group and Active Underwriter for Parsyl Syndicate 1796. They will be discussing cargo insurance and some of the recent work Chris has been involved in.
In this episode we discuss:
- What cargo insurance is and what the purpose of this kind of policy is.
- What can and can't be insured under a cargo policy.
- How cargo insurance often links to marine insurance.
- A cargo insurance facility led by Chris and Ascot Group that was designed to get grain shipments out of The Ukraine.
- Another cargo policy used during the pandemic to help with the circulation of the Covid vaccine.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to Insurance Covered, the podcast that covers everything insurance. This is the second of our two part series looking at Carter v Boehm and the duty of utmost good faith. For this episode Peter is joined by Professor Robert Merkin.
In this episode we discuss:
- A recap of the last episode, and the story of Carter v Boehm.
- An overview of another key case, Bates v Hewitt
- Insight into the key individuals involved in the case, Edward Bates, and an insurance underwriter 'Hewitt'
- How the decision in Bates v Hewitt defined the way in which duty of good faith was interpreted in the future.
We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release
Welcome to Insurance Covered, the podcast that covers everything insurance. In the first of a two part series Peter is joined by fellow RPC Partner Iain Anderson, and they discuss the origins of the Duty of Utmost Good Faith and the case of Carter v Boehm.
In this episode we discuss:
- What is meant by the duty of utmost good faith.
- An overview of Carter v Boehm and the events and geography that surrounded it.
- The key individuals that were part of the case, Roger Carter, Charles Boehm & Lord Mansfield
- The key events involved in the case
We hope you enjoyed this episode, if you did please subscribe to be notified of when part 2 is released
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Klisman Murati, Founder & CEO -of Pareto Economics, we discuss the benefits of long term thinking on a global scale.
Klisman poses the question "how will the world be changed and challenged in the future, and how should we respond."
In this episode we discuss:
- What a futurologist is and whether Klisman would describe himself as one
- What is meant by long term thinking in this context
- The key challenges Klisman believes to be on the horizon
- Why long term thinking is key to insurers
- Whether insurers need to be more proactive rather than reactive to risk
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by actor, singer, musician, playwright, author, filmmaker and director, Giles Terera. They will be discussing the play he co-directed and and performed in, 'The meaning of Zong' which looks back at one one of the most infamous insurance stories, the Zong Massacre.
In this episode we discuss:
- Why Giles decided to write a play about the Zong Massacre.
- The research he did while planning out the play
- Giles's take on the story and what stood out to him
- The character Olaudah Equiano, that Giles plays.
- Other highlights from Giles's career including his time performing as Aaron Burr in Hamilton.
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this special episode Peter is joined by 2 guests, Paul Miller of HFG Recruitment for his third appearance on the podcast and Joe Powell, Insurance Covered super fan and title insurance underwriter based in Alabama. In this episode they will be going on a walking insurance tour of London.
In this episode we discuss:
- The significance of Lombard street to insurance history
- Edward Lloyd's coffee house and the origins of Lloyd's
- Historical landmarks in EC3 and why they are so important to history.
- The modern architecture in EC3 and which insurers are based there
- The Lloyd's building, past and present.
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Richard Clapham, CEO of DUAL, and together they discuss the role of the modern MGA.
In this episode we discuss:
- How the role of an MGA has changed in recent years
- The difference between MGAs, MGUs, coverholders & delegated authority
- The relationship between an insurer and an MGA
- How the DUAL model differs to other MGAs
- How MGAs can adapt to survive and thrive in the current market.
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined for the third time by Reg Brown, who is giving an update on the insurance museum initiative.
In this episode we discuss:
- A recap on the insurance museum initiative
- Why we need an insurance focused museum
- Current updates on the museum initiative
- How Covid impacted the museum
- What they hope to achieve by having a museum in London
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Neta Rozy, CTO of Parametrix, and they will be discussing the creation of a new class of insurance.
In this episode we discuss:
- Background on Parametrix, who they are and what they do
- What downtime insurance is and why it would be needed
- How the idea of downtime insurance was developed
- How they turned the concept into a reality
- The challenges faced taking it to market
- An overview of where they are today
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Karen Clark, Co-Founder of Karen Clark & Company and they will be discussing catastrophe risk modelling.
In this episode we discuss:
- What a catastrophe risk model is and how it can be used
- Primary uses of these models for insurers - with a focus on hurricanes
- The importance of Hurricane Andrew in 1992 to catastrophe risk modelling
- The most costly event ever modelled
- The impact climate change is having on catastrophe risk modelling
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ben Bolton for his second appearance on the podcast. In this episode we discuss the growing importance of brand in commercial insurance.
In this episode we discuss:
- Ben's new venture Insurindex - which looks at brand power and brand awareness in the insurance industry
- What makes a 'power brand' and a 'challenger brand'
- A general view of how strong brands are within the insurance world
- How a strong brand can be created and maintained
- Why brand is becoming increasingly important to consumers
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Martin Ellis, Executive Director at Howden and our topic of discussion is Lawyers professional indemnity insurance.
In this episode we discuss:
- Martins career in broking
- The current state of the lawyers PI market
- The factors that causing the 'hard market'
- The consequences of the hard market
- The impact of Covid-19 and cyber attacks on solicitors PI
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Richard Matsui, Co-founder of kWh Analytics, and they will be discussing the insurance of renewable energy sources with a particular focus on solar power.
In this episode we discuss:
- Who kWh Analytics are, and what kind of data they monitor
- How kWh became involved with insurance
- how data can drive innovative insurance products
- how those innovative insurance products can positively aid the transition away from fossil fuels
We hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes.
Welcome to a special episode of Insurance Covered, celebrating our 50th episode. In this episode Peter interviews Sir Bernard Rix discussing his career as a barrister and a judge, focusing on the judgements he made that impacted the insurance industry.
In this episode we discuss:
- Sir Bernard's early career as a barrister and his journey to becoming a judge.
- How Sir Bernard became known as an insurance specialist.
- The key insurance judgements made by Sir Bernard.
- Sir Bernard's favorite cases he passed judgement on
Thank you for your continued support of the podcast, we hope you enjoyed this episode, if you did please subscribe to stay up to date with future episodes
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Stephen Weinstein, Chair of the Bermuda Business Development Agency (BDA). The topic for discussion is the Bermuda Insurance Market and why it has become a global insurance hub.
In this episode we cover:
- Who the Bermuda Business Development Agency are and what they focus on
- An overview of the Bermuda insurance market today
- A look at how and why Bermuda became a hub for insurance and the key stages in its development
- Current pressures facing the Bermuda market
- The future development of the Bermuda Insurance market
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes
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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Tom Beckett who a broker with CityNet Insurance Brokers and in this episode, we discuss why Tom chose to start his career in insurance and why others should consider doing the same.
In this episode we discuss:
- What led Tom into the insurance world
- What his first impressions of insurance were
- What roles he has held so far
- How the pandemic impacted him as a young person in the insurance industry
- What insurance training / qualifications he has done
- Why gen-z should consider a career in insurance
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Seth Williams of the Association of British Insurers (ABI) which is also their topic for discussion.
In this episode we discuss:
- Who the ABI are and why they were formed
- What their role in the insurance market is
- The work they are doing in the area of climate change
- The role the ABI and the insurance industry can play in relieving climate change pressure
- How they work with similar organisations across the world
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by returning guest Tom Johansmeyer, Head of Porperty Claims services at Verisk. In this episode they discuss and try to answer the following question: 'Is cyber insurance in crisis?'.
In this episode we discuss:
- What is typically covered in a cyber policy
- The three main categories of loss in a cyber policy
- Why Tom sees 2017 as a critical year for cyber insurance
- Expected growth of the cyber insurance market over the next five years
- Reasons why cyber insurance may be considered to be in crisis
- What can be done to rectify the issues currently affecting the cyber market
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Julian Richardson, CEO of Parhelion Underwriting and our topic for this episode is sustainable insurance.
In this episode we discuss:
- Who Parhelion are
- Why they decided to launch the worlds first fully sustainable insurer and how they plan to do it
- ESG as a driving force for change
- Insurance as a 'great enabler' for sustainable change
- The impact Parhelion hope to have over the next 20 years
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes
Welcome to Season 3 of Insurance Covered, the podcast that covers everything insurance. In our first episode of the year Peter is joined by Carl Carter, UK Country CEO at CPP Group UK and our topic for this episode is parametric insurance and its applications in travel insurance.
In this episode we discuss:
- What parametric insurance is
- Why it parametric cover pairs so well with travel
- How travel insurance has become a form of embedded insurance in some package holidays
- Current themes in the travel insurance market
- How travel insurance has evolved over the last 20 years
- Expected developments in parametric travel insurance in the future
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Andy Bord, CEO of Flood Re, a specialist UK reinsurer of flood risks. In this episode we will be discussing all things Flood Re, including:
- Why Flood Re was formed
- What is the goal of Flood Re
- Does it achieve what it sets out to
- Examples of how Flood Re works in practice
- Climate change and ESG, how that impacts Flood Re and their operation
- Why Flood Re is set to close in 2039
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Craig Turnbull, Senior Technical Specialist at the Bank of England, and our topic is the birth of modern life assurance. Craig has a long background in the actuarial space and has even written a book called A History of British Actuarial Thought in which he discusses, amongst other things, the development that led to the creation of Equitable Life and the birth of modern life assurance, which is what we discuss on this episode.
In this episode we discuss:
- What life assurance looked like in the 1700s compared to what we know it as in the present.
- How statistics and probability theory helped develop modern life assurance
- The role James Dodson and the idea of a lifetime policy played in modern life assurance
- How Equitable Life was founded using Dodson's ideas in 1762
- How life assurance has developed in the years since
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Will Bloomer, Chief Corporate & Legal Affairs Officer at Howden Group and we will be discussing the role of an in-house lawyer in the insurance market.
In this episode we discuss:
- What an in-house legal role entails
- Key differences between a private practice lawyer and in-house counsel.
- Will's current role at Howden Group
We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes.
Welcome to Insurance Covered. In this episode Peter is joined by Sarah Kocianski, Strategic Insight Lead at Founders Factory, an accelerator that invests in FinTech and InsurTech start ups. In this episode Sarah gives us an introduction to InsurTech and its different uses in the market.
In this episode we look at:
- What is meant by the term InsurTech, jargon terms and what it means
- Uses of InsurTech (e.g. pricing risks contract creation & process improvement)
- Embedded insurance & parametric insurance
- How InsurTech has changed insurance
- The current InsurTech market and what comes next
We hope you enjoy this episode, if you did please subscribe to keep up to date with future episodes.
Welcome to Insurance Covered. In this episode our guest is Paul Miller, Senior Consultant at HFG Insurance Recruitment, and we will be discussing the sinking of the Titanic from an insurance perspective.
In this episode we look at:
· A historical background to the Titanic
· Insurance claims coming from the construction of the Titanic
· Insurance claims and pay-out resulting from the sinking
· The impact the sinking had on the insurance industry
We hope you enjoy this episode, if you did please subscribe to keep up to date with future episodes.
Welcome to Insurance Covered. In this episode our guest is Karen Graves, Chief Operating Officer at Inigo Insurance and we will be discussing what goes into creating an insurer.
In this episode we look at:
- Who Inigo are, what they do and the overall structure of their operation.
- Karen's role as COO.
- The stages of setting up Inigo, from initial concept to open for business.
- The story behind the name 'Inigo'.
- How the COVID-19 pandemic affected Inigo.
- Plans for the future.
We hope you enjoy this episode, if you did please subscribe to keep up to date with future episodes.
Welcome to Insurance Covered. In this episode we discuss Slipcase a curator of insurance focused news and insights. Our guest is Alex Hearn, Managing Director at Slipcase and we will be looking at how Slipcase can become a valuable tool for those working in the world of insurance.
We start by looking at what Slipcase is and why it was founded. Alex describes Slipcase in its simplest form as a central content platform for the global commercial and specialty sector of the insurance market with the simple aim of being a one stop shop to come and get all the information you might need on a day to day basis. Through a simple preferences form slipcase can tailor a newsfeed to an individual's specific areas of interest. If an aviation underwriter only wants news directly related to this area it's easy for him to find all the latest news in one place. Slipcase is available as a website and an app but also offers daily newsletters sent directly to your inbox with the news stories that relate to your selected areas of interest.
Alex goes on to explain that Slipcase partner with firms across the industry and collect any content they produce, be that a blog, a white paper, a video or a podcast and they take that information and add it to their central pool of information. This method helps subscribers by collecting all the information into one easy to access place and also benefits the firms as it amplifies the exposure of their articles.
We also discuss the plans for Slipcase in the future. Alex mentions that they have a desire to enhance the analytics they get from the platform and have hired data scientists to help make that a reality. They are also currently in the process of redesigning the interface to enable them to better highlight the big news stories and events taking place. So, the future aim for Slipcase is to become an even more detailed tool for users to digest information about the insurance world in ways that they will find easier and more useful.
We hope you enjoyed this episode of Insurance Covered, if you did please subscribe to keep up to date with future episodes.
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Welcome to Insurance Covered. In this episode we discuss the relationship between fossil fuels and insurance. Our guest is Tom Johansmeyer, Head of Property Claims Services at Verisk insurance solutions. Tom recently had an article published in the Harvard Business Review 'How the insurance industry could bring down fossil fuels' which is what we will be focusing on today.
First, we take a closer look at the article Tom wrote on the topic of ESG, fossil fuels and the role insurance can play in reducing the use of fossil fuels. The article focuses on the recent Lloyd's decision to phase out insurance for most fossil fuels by 2030. "I wanted to take a look at was the business side of that decision. Because, having looked at ESG issues in various forms over the past 15 years of my career, I've always struggled with this notion of will companies do the right thing because it's right or is there a business incentive to do so".
As part of the research behind the article Tom looked at historical marine and energy losses and historical global large risk losses to see which of these are from companies directly involved in the fossil fuel business and what portion of a loss do they make up. They found that We found that around two thirds of the losses in that segment are from companies directly involved in the fossil fuel business. So this goes some way to explain why Lloyd's have made the decision they have, from a purely business orientated perspective before even considering ESG pressures.
Investors want companies to be more ESG positive but at the same time they also want it to be value accretive. So the challenge is finding a way to pivot away from the fossil fuel business into another profitable market, renewables being the clear choice. "So, the challenge now is finding ways to engage insurance capital to support renewables given the transition from a difficult loss history to potentially more profitable business given the new technology that is being deployed."
We then look at where the pressure to move away from unsustainable energy risks has come from. Tom explains that here has been a recent surge in importance in ESG issues, but this has been building for over a decade. This pressure to be ESG conscious is coming from investors but also regulators.
Finally, we discuss whatinsurers can and are going to do to remove themselves from the fossil fuel industry in order to achieve the 2030 target set by Lloyds. "It's going to be a decades-long process, because there cannot be a wholesale withdrawal, partly because some of these policies are tong-term policies. There are a number of commitments that are being signed up 'the net zero insurance alliance' and the UN's principles for sustainable insurance". If insurers begin to start focusing on getting ESG favourable contingent capital, from reinsurers and IOS funds as well as making the ESG pledges and shifting away from unsustainable business lines we should begin to see ESG favourable strategies falling into place.
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Welcome to Insurance Covered. In this episode we are looking at personal accident insurance. Our guest this week is Peter Laidlaw, Head of the accident and health underwriting team at Atrium Underwriting. Peter specialises in writing a variety of risks, from K&R to our topic for today personal accident.
We start by discussing what exactly personal accident insurance is and what is included within it. Peter explains that it is exactly what it sounds like, accidents or risks that put a human life at risk of injury or worse. This can include permanent disability, temporary absence from work through accident or sickness, medical expenses, critical illness. It also includes travel to dangerous areas.
Peter goes on to explain that this kind of cover is often targeted towards high net worth individuals, celebrities and athletes are often the focus of these policies. We then look at a general example. If a premiership football team makes major investment to purchase a striker for £100m they would want to protect that investment. The team would take a policy out to make sure that if anything happens to that player that they basically would not lose the initial investment that they made. A policy would be written to protect against loss of value as a result of accident or injury to the player.
We then look at where this kind of business comes from. Peter explains that a lot of the risks come from the US entertainment industry, for the obvious reason that it is so much bigger than in the UK. However he notes that there are still a number of celebrities and athletes on the books from outside of the US.
Finally we discuss if it impacts the underwriting process when its a well known public figure. Peter explains that regardless of the individual they are seen as an asset in the same way a car or Yacht would be to prevent any kind of bias being present.
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Welcome to Insurance Covered. In this episode we are looking at embedded insurance. Our guest is Robin Merttens, Co Founder and Partner at InsTech London and we will be discussing a recent report published by InsTech London on embedded insurance and its current uses.
We start by defining exactly what embedded insurance is. In its simplest form embedded insurance is the bundling of insurance coverage onto the purchase of a product or service, as an optional extra. "The excitement about embedded comes from the fact that technology and data is going to enable us to sell the right piece of insurance, the right insurance product at the right time".
We then look at an example, "You can see embedded insurance within invoice financing. So, the exact point now in which you produce an invoice on your Xero or Sage accounting system, you can now get pinged to say would you like to insure that invoice. It will give you a price on the spot and you can get a per-invoice credit insurance on the spot, in a way that you simply couldn't before".
We then move onto the report produced by Robin that focuses on embedded insurance. The report looks at a variety of topics, posing the question 'to embed or not to embed'. It looks at what problems it is trying to achieve, areas where it can and has been a success (particularly in the Chinese market) and how insurers and MGA's can make the most of the opportunity that is embedded insurance.
You can download a copy of the full report here.
Finally we look at what the future of embedded insurance looks like. Robin explains that there is huge potential for growth in this area and that we expect to see more and more companies adopting the technology to facilitate the use of embedded insurance.
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Welcome to Insurance Covered. In this episode we discuss the role behavioural science can and does have in the insurance industry. Our guest is Ella Morrison, Senior Behavioural Designer at Cowry Consulting.
We start by exploring what behavioural science is. "It's the study of human behaviour. It's made up of the different aspects, from cognitive psychology, social psychology, behavioural economics, neuroscience, but what it boils down to is understanding how humans make decisions and how we can use that to improve products, services, procedures, so that they're more in line with how we think". The idea that getting into the mind of the consumer, seeing their perspective can help you tailor a proposition to their specific needs and requirements, a strategy that has become increasingly popular in the last 10 years.
Ella then gives some examples of how it works in a business environment. She explains the work Cowry Consulting do is working with private sector companies to develop their behavioural science capabilities internally. The idea of creating 'exceptional experiences' for both the end customer and employees. Fixing the user / customer journey, making sure that the products and the services that businesses are developing are actually in line with what motivates us and what appeals to us.
We go on to look at it in the context of insurance. Ella explains Cowry Consulting have worked with a number of insurers to build their own behavioural science capabilities. She gives an example of working with Saga. "We worked with Saga in their contact centres, they were really struggling with customer retention. We needed to help the customer understand why their premiums are going up. Saga's client base is typically the older generation, so we needed to redesign the process to be user friendly and easier to understand, to prevent the customers feeling unsure and overwhelmed by the information they were being given. we wanted to make sure that they fully understood why their premiums were changing and to help them guide them to the right policy for them. So we used behavioural science to redesign the conversation so that it was clearer and easier to process, the type of content and explain the policy details in a way that they could understand." Ella goes on to explain that it's crucial to change the process to meet the customers needs rather than make the customer change to fit the process.
Finally, we briefly touch on what the future of behavioural science might look like in the next 10 years. Ella believes that we will see the behavioural sciences intertwining with data science which will result in both technological and psychological innovations, for example being able to have a fully bespoke and tailored 'nudge' for each customer depending on their own personal behaviours. Ella also suggests that behavioural design will become a key part of every business, ensuing that processes used are effective in meeting the needs of customers.
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Welcome to Insurance Covered. In this episode we discuss space insurance, these policies cover and why companies take these out. Peter is joined by David Wade, Underwriter at Atrium Underwriting where he specialises in Space insurance. We discuss, the insurance of space projects, satellites and the future of space exploration.
We start by talking about the history of space exploration, the key projects and achievements and where that has left us in the present day. David explains space exploration as we know it came from advancements in rocket weaponry in the second world war. Following the end of the war the science was used to create ships that could break out of the earths atmosphere with the overriding goal of exploring the solar system. David also mentions satellites, and how they are crucial to life as we know it and made fast paced communication a reality. There have been around 12,000 satellites launched and 4000 of those are currently still active.
We then discuss how insurance of satellites works. David explains that some of the first satellite policies came through Lloyd's in the mid-1960s. Most of what Atrium cover is the more commercial space activity, satellites used for television and different policies are taken out at different phases of a satellites life cycle. "Typically, separate policies for each phase, so, before the satellite is launched there's a pre-launch cover that is available, this is really offered by the cargo markets. At this, at that stage a satellite is just another piece of equipment being transported from a factory to a place of use. That policy ceases when the launch cover starts, that usually really means the first year of life of the satellite. So that policy attaches at intentional ignition or lift off, or launch. So that would cover the satellite whilst it was on its, on its rocket going into space. Once that first month has passed and the satellite has been thoroughly tested and it starts commercial operations that would be a different policy".
Finally, we discuss what the future of space insurance holds. David indicates that with the likes of Elon Musk and Richard Branson, commercial space travel will eventually be available to the public and with that a whole new type of space insurance policy.
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Welcome to Insurance Covered. In this episode we discuss micro insurance with Rose Goslinga, co-founder of Pula, a micro insurance company based in Kenya. We will look at why micro insurance exists and why it has become a vital source of cover for so many people in Kenya and beyond.
We start by discussing how Rose found her way to founding a micro insurance company in Africa. Rose moved to Rwanda to take up a job in the Ministry for Agriculture and worked with a team to implement 'the green initiative' with plans to help farmers increase their crop yield in order to ensure there was enough food to feed them and the villages they belonged to. It was in this role the need for insurance was clear, when such investment into agriculture was highly dependent on their being a good amount of rainfall.
Rose goes on to explain what micro insurance is explaining that it is exactly what it sounds like, small premiums and the limits of indemnity are also small " the average farm size that we deal with is maybe half an acre, our average premium, I think this last year, was $8". Rose goes on to explain that with the micro insurance they offer it is essentially a form of parametric insurance. To visit every individual farm would be logistically and financially very costly (and would drive the premiums up making it unaffordable to the farmers). So instead they rely on technology and sampling in different areas to provide data on a good harvest, if there have been issues (flooding or droughts for example) and pay-outs are based on data received back.
We then go on to discuss how Pula 'sell' insurance policies to farmers. Rose explains it comes down to behavioral economics and the value proposition but forward. It is heavily built on trust. "You are now telling people, give me money first, and then if something goes wrong, you have to trust me but I will pay you compensation". One way Pula have sold policies is through credit providers or through fertilizer providers or seed providers that the farmers are using. Working with the companies providing the credit to build and work the farms almost mandating that they take insurance cover to protect them and the harvest should anything go wrong.
We then discuss how the claims side works. Rose explains the farmers don’t make claims, the technology in place calculates claims based on historical data and sampling. If a harvest in a district in lower than historically measured a payment is calculated. If the areas have been affected by adverse weather a payment is automatically calculated and paid. As soon as a trigger happens a payment to the farmers is made.
Finally, we discuss the future plans for Pula. She explains last year they had 1.7 million policies in place a number they expect to grow as they expand across Africa and beyond, with Asia and Latin America being other continents to focus on.
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In a special cross-over episode with our sister podcast Taxing Matters, this episode looks at the tax liability insurance. Peter is joined by Alice Kemp, host of Taxing Matters and Giles Hambly, Tax and M&A insurance specialist broker at Gallagher. We discuss what tax liability insurance is, how it works in practice and why many businesses are now choosing to take it out.
We start by discussing what tax liability insurance is, Giles explains it is a form of cover taken by a business to protect them if the tax authority challenges a transaction. What that means is if you undertake a transaction or you sell a product in a certain way, you need to meet certain thresholds to qualify for an exemption, such as capital gains exemption, corporate tax exemptions or VAT exemptions. Those rules are highly complex, and, in many cases, there are uncertainties about how it applies to your fact pattern. And so typically what you would do is you would go and get advice from a tax advisor, on whether you meet the thresholds for an exemption and they will judge whether they believe you are able to qualify for it. However even with expert advice there's still a risk that the tax authorities would disagree with the position taken and dispute it. So, a tax liability policy would cover the individual or business in that scenario.
We then look at some of the practicalities of tax liability insurance, working through an example of the risks and exposures this kind of policy would cover in an M&A scenario. We also discuss the structure of the tax liability insurance market and how they need to consider the different jurisdictions involved when underwriting the policy.
Finally, we explore if there are any ethical issues that could come into play in this kind of policy. Giles explains that there are not these kind of issues. These policies are designed to protect against uncertainties in the rules and that if you were trying to achieve a tax advantage, it would be very challenging to get that position insured.
We hope you enjoyed this special crossover episode of Insurance Covered, many thanks to Alice and Giles for joining us. If you did enjoy, please subscribe to be notified when new episodes are released.
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Welcome to Insurance Covered. In this episode we revisit the 1980s crisis in the Lloyds market, examining the factors that led up to it and how it was ultimately resolved with the help of Lloyd's veteran Reg Brown.
We start by briefly discussing the Insurance Museum initiative, which was our topic last time Reg joined us on the podcast. Reg explains that the pandemic has impacted their initial plans of having a physical premises, with tourists not expected back into London in their masses for a number of years. Instead they are pushing ahead with plans for an interim virtual museum, designed to explain different classes of business and examine some of the key cases for each class.
We then move on to our focus for the episode, the crisis at Lloyd's in the 1980s and 1990s. We start by discussing the different 'building blocks' that provide context for the crisis that was to come. These were:
- The structure and hierarchy: "At the top of the pile you have the underwriters and at its simplest, those underwriters would bring in premium and would pay out claims and that either resulted in a profit or a loss. The underwriters did this underwriting on behalf of a syndicate of investors who were known as Names with a capital N, and if there was a profit, it was distributed amongst the Names and if there was a loss then obviously it had to be paid by the Names".
- Accounting practices: Reg explains that the used a 3 year accounting period to attempt to be accurate, sometimes claims would take time to develop. Even with this 3 year period some claims would still be outstanding so there was still a need for estimating, which runs the risk of syndicates over or under estimating and being inaccurate. Reg goes on to explain that there was also a buffer known as IBNR (Incurred But Not Reported claims). These outstanding claims were then reinsured (RITC – reinsured to close). The problems with this system came when over optimistic reserves were in place.
- Baby syndicates: Reg explains " Baby syndicates came about because of the complete understanding at Lloyd's of the law of agency. Underwriters at Lloyd's did not see themselves as agents of the Names, and they saw nothing wrong in creating a baby syndicate that would cream off in their mind the best risks. For the benefit of themselves and favour brokers and people like that. The practice was so widespread that even the committee, the members of the committee at Lloyd's, and even the chairman of Lloyd's had his own baby syndicate".
- LMX spiral: A number of syndicates had no real product lines to sell so began to reinsure other syndicates in order to get some income. As a result, there was a lot of double counting there. So, when a loss came in, it was a game of pass the parcel. So, for example if syndicate one passes some of its loss to syndicate two, syndicate two then passes some of its loss to syndicate three, onto syndicate four, five, six and when it gets to syndicate ten, it comes back to one again. Because syndicate one is reinsuring syndicate ten. So, the loss was magnified.
With the building blocks covered we then go to the crisis, summed up in one word 'asbestosis'. Claims coming in as a result of asbestos damage came in from as early as the 1920s. The courts held that every insurer throughout that period, every single exposure of asbestos had a duty to defend and to indemnify, meaning that the number of claims were in the tens of thousands all funnelling into Lloyd's, through direct insurance or reinsurance. The courts also ruled that compensation was due for every year a victim had suffered exposure to the disease, so the aggregation of the claims made them even bigger. With the approach to accounting a Lloyd's the risks rolled to the current year and the 'Names' took the risk. On top of this the 80's also saw a series of disasters, which added to the strain on Lloyd's. You had the Piper Alpha disaster, the Exxon Valdez oil spill, and two huge hurricanes. The amalgamation of the disasters and the building blocks in place at Lloyd's resulted in huge losses, between 1989 and 1991 Lloyd's suffered losses of over £8 billion and in 1991 almost 100 syndicates closed.
Finally we discuss how Lloyd's were able to rebuild from this, with the work of new chairman David Rowland and the process known as 'the reconstruction and renewal of Lloyd's which looked to correct the systemic issues that led to the initial crisis, including ways of increasing capital in the market, more structured annual accounting requirements.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Samantha Peat, Chair of the professional indemnity insurance group at the Construction Leadership Council (CLC) and we will be discussing the current state of construction insurance, focusing on findings from a recent survey.
We start by discussing who the CLC are and what they do. Samantha explains that they are a group that aim to provide sector leadership in the construction industry by working with the government and construction companies to develop solutions and initiatives to help with any issues they currently face. We go on to look specifically at the PI insurance group that Samantha chairs. She explains her group consists of professionals from across the construction industry as well as representatives from brokers and insurers.
We discuss a recent survey carried out by the CLC that looked at PI insurance within construction aimed at identifying what the major concerns of the industry are, with the assumption that it would identify the impact COVID-19 was having on the industry. "What the survey did reveal was that COVID-19 was the least of peoples worries and the cost and scope of cover as well as exclusions were the major issues". It identified that following the Grenfell tragedy restrictions on cover were introduced on PI cover, initially very specific exclusions around combustible cladding but as time went on these exclusions became more general and made the scope of cover far too limited. Samantha goes on to explain that they felt the need to take this problem to government for their intervention to solve this issue at a much higher level. The survey acted as a way of identifying these kind of issues at a wider level and give the government data to act on.
Samantha then takes us through the 3 key trends highlighted from the survey, these are:
- Premiums set at unsustainable levels.
- High excesses being imposed on insureds.
- Restrictive exclusions on cover relating to cladding or wider fire safety, preventing firms from operating with full protection.
She goes on to explain why these are creating so many problems for the industry. "The important thing is to get the remedial work done on buildings with cladding, people are being asked to sleep in places where they do not feel safe, which is unacceptable... The question is who can do this work with the restrictive exclusions, are firms expected to do this uninsured? It's clear that a solution needs to be found that protects all parties involved.
Finally, we discuss the potential outcomes from this survey. Samantha explains the reception of the data from government has been well received and they are actively engaging in coming up with a solution for the issues it highlights.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Rob George, Head of Corporate Governance and Risk at the RSPB and our topic for discussion is the role insurance can (and does) play in environmental conservation.
We start by looking at who the RSPB are and what they are trying to achieve.The RSPB or Royal Society for the Protection of Birds, are a nature conservation charity based in the UK that focuses on the protection of endangered bird species. They have about 2,000 paid staff, around 18,000 volunteers, and a net charitable expenditure of around £100 million a year which provides essential funding to conservation projects across the globe. They have over 200 protected wildlife reserves that provide endangered species a habitat that protects them from extinction and helps them to thrive. When a species is identified as being at risk or endangered the RSPB plan and carry out projects to protect birds with the help of Governments, their members, who help fund the projects and of course insurance companies, which will be the focus of this podcast.
We go on to explore the impact insurance has on environmental conservation, focusing on key projects undertaken by the RSPB.One project discussed by Rob is an international project on Gough Island which in the South Atlantic, between South Africa and Brazil and is an important site for breeding endangered birds like the Albatross. The RSPB as well as working with mainland UK also conduct conservation projects in other UK overseas territories, however remote they are. Rob explains "around 2 million chicks are born on Gough island each year, but they are at risk due to a non-native mouse population accidently introduced by passing ships". The project to eradicate the invasive mouse species involves flying helicopters over the mountainous terrain in often difficult decisions and drop poison traps using hoppers. The difficulty of the task meant specialist pilots and ship captains were needed which meant getting pilots from New Zealand to come across to the remote island to help.
"The insurance requirements are pretty bespoke, so it's not just marine and air cargo which I mentioned earlier on but abandonment insurance. So, we were concerned about whether we would have enough flying days to get the project done in a season given the conditions that you get in the South Atlantic and we needed to be able to at least clawback some of the costs if we have to give up during the year of operation because of the weather conditions so we had abandonment insurance when we tried first during 2020".
When the COVID-19 pandemic hit and restrictions were imposed the project had to be abandoned, the abandonment insurance helped to cover the losses. In 2021 the project was resumed and the work to save the Albatross natives of Gough island is well underway. In this kind of scenario, without the backing of Insurance companies' projects like these would not be able to even be attempted and conservation efforts would be far more difficult to undertake.
We finish the podcast by discussing what more insurance companies can do to aid conservation projects and how that relationship is likely to evolve in the future.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Christopher Croft and we will be looking at the London and International Insurance Brokers Association or LIIBA and the role they play in the insurance market.
We start by discussing some of the projects Chris has been involved in, he highlights three key projects, producing the first London Matters report in 2014, filing the form that incorporated Placing Platform Limited which is now the predominant electronic trading platform in London and convening the first meeting of the working group to try and develop a way in which insurance linked security business could be written in London.
We go on to discuss the role LIIBA play. Chris explains there are two main roles. "Our role splits more or less neatly into two halves is part lobbyist and part expert analyst and input into market debate". The lobbying aspect is the crucial role of representing the interests of their members to government. One example Chris draws on is during the pandemic they have been talking to the government around the possibility of having some sort of private/public partnership that will allow event cancellation insurance to be written again so that live music events and conferences and weddings even can start happening again. The role of expert analyst relates to them playing a role in shaping regulation that will impact the market and weighing into debates with the interests of their members and the market as a whole in mind.
We then discuss the three biggest issues facing Lloyd's brokers from the perspective of Chris and LIIBA. Chris identifies them as; maintaining the efficiencies post-COVID, Brexit and the changes that brings and finally the modernisation of Lloyd's.
Chris goes on to mention the overarching importance of insurance. "there is a theory that if you were to start again from scratch to create a global economy the first thing you'd do is open up a patent office and the second thing you'd do is open an insurance company because economic activity only works if people can protect their intellectual property and take risk and I don’t think enough people in governments understand how pivotal insurance is".
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by James Daley, founder of Fairer Finance, and we will be discussing the concept of treating customers fairly.
We start by discussing James time as a journalist and how he became involved in the insurance world. The concept of holding up standards and ensuring customers are treated fairly is something that has been at the heart of James work from the beginning. When looking at the financial services and insurance market James saw there was this real information asymmetry between what customers knew and understood and the reality of these complex product offerings. He identified
the that there was a role for the press to play in helping to keep the industry honest and ensure customers are treated fairly.
James goes on to explain why he set up Fairer Finance in 2014. "I set up Fairer Finance with the idea of having a company that was first and foremost something that we would try and support consumers to make better decisions but also very much recognising that a successful market for consumers had to be one that was fair to businesses as well". They developed a I created a rating system called 'customer experience ratings' that are a clear indicator to consumers which companies are the most customer focused. The ratings are developed partially through polling of customers but also takes into account the 'uphold rate' at the financial ombudsmen. The idea of these ratings are not to attack companies but something they can take to them with recommendations on how they can make their business more client friendly. "We ended up creating a consultancy business that specialises in re-writing policy documents. Helping companies create clearer customer journey, even helping them with regulatory response or product development with the focus on treating customers fairly". James goes on to explain while they do this for businesses across financial services, from an insurance perspective they focus on personal lines.
We then discuss what James thinks are the biggest concerns in the insurance world from an insured's perspective. James mentions trust, the struggle of finding the right product (customer experience) and the customer expectation gap as his three biggest concerns from an insureds perspective. He goes on to explain that they are linked in many ways. "Trust has been lost as a result of the customer expectation gap, the difference between what the customer expects to get vs what they actually get can sometimes differ, it goes back to the lack of knowledge and understanding of complex products".
We then get to the main question of the podcast, what does treating customers fairly really mean. "So, I think it really does mean acting in customers' best interests and the phrase that we say specifically to companies when we work with them is it is your responsibility to do everything you possibly could to give the customer the best chance of getting a good outcome".
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Trevor Burnard and we will be discussing the most notorious insurance coverage case in history, Gregson v Gilbert also known as 'The Zong Massacre'. Trevor is the Wilberforce Professor of Slavery and Emancipation at the University of Hull and the Director of the Wilberforce Institute.
The Zong massacre is a notorious event in insurance history and involved the despicable murder of enslaved people in an attempt to claim back losses in insurance. We start by setting the political scene in the 1780s. The first murder of enslaved people, or captives, on the Zong happened on 29th November 1781. It was only a month after Britain had lost the American Revolution with the battle of Yorktown. French ships were at that stage just moving in towards the Caribbean. It looked like Jamaica was going to get taken over and conquered by the French fleet. At that point, Jamaica which was Britain's most valuable and important colony was in a terrible state. The great majority of Britons were invested in the slave trade and Britain was the greatest slave trading nation in the world.
We then move specifically on to the story of the Zong. The Zong was a ship captured in Ghana and by a British family, the Gregson's who wanted to make a bit of profit from the slave trade, these Liverpool slave traders, used this captured ship to put on a very large number of captives with a very small crew and send them across ideally to Kingston. The ship encountered trouble and found itself off course and running low of supplies.
The crew had three choices that they could have made. The first and the most obvious one was to wait for water to arrive, in other words, rain, and to sail for Montego Bay as quickly as possible or wait for another ship to come by. The second one, which is one you would expect them to do, would be to batten down the hatches so slaves could not escape, accept that slaves would die from dehydration and disease and then when they got to Montego Bay to try and sell as many slaves as they could for whatever price they could get and that's what normally happened on slave ships in this sort of situation. The third one was what they did do which was to decide to throw overboard 54 women and children in order, they claimed later on, to stop an insurrection, a rebellion. They did this on 29th November, they threw over another 42, all men on the 1st December and sometime after 6th December they threw over another 26 captives while 10 Africans threw themselves overboard. This equates to the abhorrent murder of 122 captives.
The Gregson's then put in an insurance claim, citing the action taken to be lawful to prevent insurrection and rebellion, which at the time was a common claim to make. The underwriter however refused to pay out the claim on this matter, its thought that the actions of the Gregson's made him doubt this was a legitimate claim and more of a scheme to maximise profits and make up for their poor voyage. The decision was then taken to the courts to decide, initially the decision went in favour of the slave traders, but on appeal, Lord Mansfield reversed the decision. Two key reasons for this; the manner in which a number of captives which threw themselves off the ship and also the claim that lack of water was the reason for insurrection when in fact there had been heavy rain before, during and after the massacre.
Despite the case going against the slave traders the story unfortunately has an unsavoury ending, they did not win their claim but the ultimately got away with murder. The Zong was one of the first cases that signaled the changing of attitudes and the kickstart of the abolitionist movement.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Ben Bolton, Managing Director of Gracechurch Consulting and we will be discussing what makes a great underwriter.
We start by discussing what the key trends in the insurance market currently are according to studies and research carried out by Gracechurch. Ben explains that there are 5 key trends which are;
Consolidation: "What we're seeing in the data is a big shift towards consolidation and this has huge implications, it ratchets up the competition amongst the largest insurers with more and more of the premiums going to the top 15 firms and less so to the smaller operators in the market., who as a result find themselves needing to find ways of surviving, many going the way of mergers or outright acquisitions".
Talent: The need to continue to develop talent internally but also the need to bring in talent from other industry backgrounds to broaden the skill pool, particularly as the industry continues to become more customer focused.
Reputation & service: "We are seeing a move to a more customer focused offering, accelerated by the COVID-19 pandemic. The outcome of the BI COVID-19 cases has reinforced the need to build trust with clients. What is quite a negative will ultimately, I think bring change as it brings the conversation of building trust into the boardroom"
Technology: The introduction of technology to a very traditional market will help transform the industry. The Lloyd's Blueprint's show the direction the market is going. Ben identifies trading systems as a key area that will see technology development.
Segmentation and specialisation: Due to competition and size of the insurance market, it's not feasible to be a generic all encompassing firm, you need to have areas where you can demonstrate specialism and competitive advantage in comparison to your competitors.
We then discuss specifically what makes a good underwriter, drawing on the results of a recent survey carried out by Gracechurch. Ben explains the survey collects information on underwriters on a variety of different criteria, from hard metrics such as profitability to softer intangibles like reputation in the market amongst clients and peers. Ben explains the answer to 'what makes a good underwriter' has two sides. One is the pure financial side, the underwriters that bring in the big money. The more proactive underwriters, those who refreshed their portfolios, changed things up, were the more successful. Then there is the other side which the report by Gracechurch explores, personal characteristics, such as whether they had a fixed or growth mindset, or how outgoing they are.
Finally, we discuss if these attributes are likely to change in 5-10 years or whether the characteristics coupled with the profitability is going to continue to be the formula for a top underwriter.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is blockchain expert and entrepreneur, Walid Al Saqqaf, and we will be discussing blockchain and its uses in the insurance industry.
We start by discussing what blockchain actually is. Walid explains that blockchain in its simplest form is used to emphasise the value of data. Blockchain enables you to engage into the exchange of value around data and that opens a world of opportunities for the public. Blockchain enables us to facilitate the sharing of data from the value standpoint, your data has value to you and therefore should be protected and not given for free. Walid uses the example of cryptocurrency to explain further what blockchain is and can be.
"If I send you a Bitcoin, that piece of information, that data has value. You could go to an exchange it for traditional currency, but you want to make sure that if I send it to you, I haven't sent it to anybody else or that it hasn't been misappropriated, you want to know that once you have received it, you are the owner of that Bitcoin, right? With blockchain you can see a trail history of me having been the previous owner of it and somebody else having been the owner of it. Now you can give real value to data whether it is currency format, such as bitcoin, whether it is an insurance policy, that has value, or whether it is the deeds to my property for example. All of this data now has value and you can see the history of who has ownership of it".
To simplify it further Walid uses the analogy of a bank ledger, every time a transaction occurs the ledger records it. Blockchain is like this for online data, it allows you to see the history and movement of data every time a new transaction occurs a new block on the chain is added. He goes on to explain that Blockchain is fundamentally about trust and transparency, particularly with online and digital assets. When you are about transfer your money into Bitcoin, you want to make sure that that Bitcoin is legit, if you want, and that you are now the rightful owner of it.
We then go on to look at Blockchain and its uses in the insurance industry. The insurance industry has traditionally looked at pricing risk by looking at historical data. In a world that is increasingly digital, where decisions have to be made on the spot, you need to access the real time data and you need to be able to make real time decisions, Blockchain can provide this. And an example of that is Insurwave. Insurwave is a marine insurance blockchain solution that was initially built by Maersk, by a number of insurance companies, EY and Guardtime. The initial proposition was to equip ship captains and insurers to be able to make informed decisions in real time considering a number of criteria and real time risks. For example, a ship captain, can sail through a war zone and save time and also money on fuel, or they can choose to avoid the risk and sail around it. With real time data insurers can see the risks and see the captains decision to either avoid or take the risk, and as a result can alter the premium accordingly.
So now you have a facility as an insurer to gain external data, you have a network data strategy that helps you understand risk better, that helps you price yourself better and more importantly to come full circle back to the beginning of the podcast, for you to build better customer-centric propositions.
Walid finishes by summarizing how Blockchain has changed things and how it will continue to do so in the future "what blockchain has facilitated, is a creation of a new asset class of trusted data. And this is the critical piece. Because that new asset class will enable you to build new business models, new revenue opportunities, new customer-centric propositions that you could not have done without blockchain because the key as I said is trusted data".
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Andrew Pedler, Head of Claims Client Relationships and Innovation at Liberty Specialty Markets, and we will be discussing the role of claims in client service.
We start by discussing Andrew's role at Liberty, what it involves and what he is trying to achieve. He explains his role has two main parts; the client relationship side and the innovation. On the client relationship side, it is looking at the firm's relationships with policy holders and brokers, engaging in conversations and ensuring that the firm as a whole are delivering on promises and meeting the needs of clients. It also looks at how the claims team can have a crucial role of winning and keeping business. On the innovation side, it is mainly looking at implementing new strategies that will complement the client relationship building "it's looking at something that you can implement into an organisation. So, it might be the implementation of a customer management strategy or a strategy to improve our client service and then implementing that change throughout the business".
We then go on to discuss specifically how a claims team can be a key part of winning and keeping business and how the role of a claims team is changing. Andrew puts it simply; "If you have a good claim experience you are much more likely to renew business. It's just a fact. Likewise, if you've had a poor experience then you're likely to go elsewhere". He goes on to explain traditionally a claims team would be reactive, they would wait for a policy to trigger, investigate and then decide if the claim was valid. Now the team is more proactive " now we spend a lot of time with our customers and our brokers either before their policy is incepted so making sure that people understand the policy and then after the inception make sure that we have the right contacts and procedures in place so that client knows what to expect in the event of a claim". Its far more client centric, a claims team deal with people and companies in trying and difficult times, being a friendly face can help them through the process.
Andrew then explains other ways in which they build relationships with clients. He explains they run a number of workshops, where they go through a claims scenario, how the claim came into play explaining what is happening behind the scenes and the process from policy being triggered to a policy being paid out. They go through risk mitigation, ensuring they understand the risk, the warning signs and ultimately how to avoid the risk entirely.
We then discuss how this has changed over the last year, and how the COVID-19 pandemic has changed how Andrew and his team operate. He explains that it is the same idea's and strategies but has moved from face to face meetings to more virtual interactions. He emphasised that its important to maintain personal interactions even if it has to be socially distanced and online. Andrew goes on to explain that the move to online meetings can be a negative it also brings positives; "there is a great opportunity to meet more of our customers and our clients. I can now meet with whole teams within a client's organisation with multiple clients at once".
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Marc McKenna-Coles, Global Diversity & Inclusion Manager at Lloyd's, and we will be discussing diversity and inclusion in the insurance industry.
We start by discussing Marc's pathway into insurance, which is one of the more circuitous routes. Marc started as a store manager at Disney, before moving to the Disney Cruise side of the business as 'Merchitainment Manager'. In 2019 Marc made the switch to Lloyd's to work on their global I&D initiatives. Marc explains the jump isn't as different as it may seem, his roles have always been customer focused and that is very much the same with the work he does at Lloyd's.
We then go on to discuss what we mean by Diversity & Inclusion, Marc explains it's making the workplace (for employers and customers) a welcoming environment regardless of features, characteristics and beliefs. "It's ensuring we have a nice spread of people from all different backgrounds… by having a fully inclusive workforce brings out the best in people, creating an environment where everyone can flourish which is obviously to the advantage of the company as well". Marc goes on to discuss his role at Lloyd's: "So my role is split between both the corporation and the market so I'm very much trying to bring that diverse and inclusive mindset and lens into the corporation how we can be attractive to a more diverse range of people".
Marc goes on to showcase some of the tools he has been developing, that are readily available to anyone even outside of the insurance industry. He has developed reports around ethnic minorities and ethnic diversity in the workplace, last year he helped produce a report on trans and non-binary inclusion as well as a report on family care policies, so the work they do is far reaching and all available here.
We go on to discuss one of the biggest I&D initiatives set up by Lloyd's, the Dive In festival.Dive In is a global movement in the insurance sector to support the development of inclusive workplace cultures. Its mission is to enable people to achieve their potential by raising awareness of the business case and promoting positive action for diversity in all its forms. This means looking beyond traditional definitions of diversity to level the playing field for talent comprehensively including gender, gender identity, age, cultural background, sexual orientation, social mobility, faith, caring responsibilities, mental health and physical impairments. 2020's Dive involved 35 countries, we ran 144 events across the globe, and had over 30,000 individuals participate across those 144 events.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Dania Rifaat, Speciality Claims Manager at Hiscox, and we will be looking at cyber insurance.
Dania starts by explaining what cyber insurance is intended to cover. She explains it is used to cover businesses and individuals from their exposure to cyber incidents and data incidents, like data or ransomware attacks. Dania goes on to give the following example: "you come into work and find that all of your systems have been encrypted by cybercriminals and you can't access any of your data and, and you've received a ransom demand saying that unless you pay X you're going to lose all that data permanently". This is the kind of attack businesses ae seeing more frequently so are therefore keen to have an insurance policy covering the loss of crucial data.
Other things that cyber policies are there to cover are sophisticated scams like phishing attempts, were hackers will send an email purporting to be from kind of a trusted organisation and they are basically phishing for credentials because they want you to give them your username and password that they will use to steal valuable data.
Dania goes on to explain speed is essential when you have suffered a cyber breach. "Cyber insurance comes into its own because, you have regulatory obligations that kick in, you've got 72 hours to notify the ICO when you become aware of the breach, so if you picture the scenario where you realise something has gone wrong, you know, where do you start if you don't have access to experts." A key part of cyber policies is having access to experts to help quickly regain control and limit the damage of cyber breaches. Dania explains that with Hiscox we have a 24/7 hotline that you can call in the event of an incident, that will take you through to our cyber forensics experts and we will very quickly pull a team together which will be there to help guide the insured.
We finish off by looking at the impact lockdown and the pandemic has had on cyber claims. Dania explains that they saw claims volumes in cyber go up by about 40% during the first six months of lockdown and more claims with a Covid focus. Criminals have been fast to think about ways that they can exploit things like HMRC emails about furlough, trying to get information from people phishing in that way. Criminals are finding ways to exploit vulnerabilities that arise from the majority of people working from home.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Paul Miller, Senior Consultant at HFG Insurance Recruitment, and our topic for discussion will be recruitment in the insurance industry.
We start by discussing Paul's career and how he became involved with HFG, a specialist recruitment agency for the insurance industry. Paul explains that the appeal of the insurance industry was the people and culture. "The openness of the insurance industry was a perfect fit". Paul goes on to explain what HFG do. He explains that they specialise solely within the insurance industry, covering general insurance, life insurance, Lloyd's market, and also up and coming technology companies and consultancy firms as well.
Paul goes on to say that the insurance industry has something for everyone, it's so broad and far reaching, it plays a part in almost every industry across the world. "If you are interested in animals then you can do livestock or equine, if you're interested in art then obviously you can go down that route, if you're interested in technology then there's lots of options in cyber".
We then discuss how new graduates can find opportunities in the insurance industry. Paul mentions the traditional route of graduate schemes, that often recruit a year in advance. He offers the alternative option of looking at individual trainee intakes and how you can go about identifying the right opportunities for you.
We end our recruitment segment of the podcast discussing how COVID-19 has impacted the recruitment industry. Paul was optimistic that despite the difficult environment there are still opportunities coming up, however he is seeing much bigger competition for jobs.
We finish with a discussion on insurance history. Paul's dedicates his LinkedIn feed to highlighting fun and interesting facts about the insurance market, giving a whole new insight to people outside the industry. He gives the example of how a group of Lloyd's underwriters created the stunt double industry by offering insurance that allowed for risky action sequences to be filmed that may otherwise have been removed from films.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. For this episode we are doing something a bit different. We are joined by novelist and film director William Boyd and we will be discussing insurance in popular culture, more specifically through Armadillo, a novel William published in 1998 where the main protagonist is none other than an insurance loss adjustor.
We start by looking at William's career as a writer and how he got into novel writing. What started out as a hobby turned into more with William finding early success with his writing. At the age of 28 he had his first novel published 'A Good Man in Africa'. It was in 1998 that Armadillo was published, a book where the main character Lorimer Black was an insurance adjustor. William goes on to explain the plot (without spoilers).
"It's the story of a young man who because of events in his past has changed his name who kind of disguises himself and he is a brilliant loss adjuster. Whatever job he is doing he changes his accent, his identity, his clothing, in order to make himself more amenable to the person he is adjusting and he is incredibly successful and he works for this small firm with a tyrannical boss and they are very successful but Lorimer's life is in a way a kind of lie, he's created this carapace around himself and slowly but surely in the course of the novel it begins to fall apart and reveal the man beneath."
William explains prior to writing the novel he spent time talking to people at Lloyd's and meeting people from the insurance world, listening to their stories and experiences. He also drew inspiration from the experiences of his friends and family who had interactions with the insurance world. It was these experiences that allowed his imagination to run and create Armadillo. He goes on to say that to his knowledge this is the only novel that takes insurance as its core theme, which is interesting because insurance has so many stories to tell, every claim is a mini story.
William explains the meaning behind the title of the book. The Spanish word armadillo means 'little armed man' they saw these strange creatures running around and they look like they are wearing armour, so the name stuck. On the cover of the book there is a picture of a man with a cardboard box over his head as if he is somehow wearing a helmet and is protected but that way it’s a visual analogue of what the book is trying to say and the idea that insurance is a form of armour.
We hope you enjoyed this special edition of insurance Covered. Massive thanks to William for taking the time to talk to us. If you enjoyed the episode, please subscribe.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Julian Enoizi, CEO of Pool Re, and we will be looking at terrorism insurance.
Julian starts by explaining how and why Pool Re was set up. In 1993 following a number of terrorist attacks the insurance industry was no longer in a position to offer reinsurance due to the increased frequency of attacks and lack of capital to pay out claims, as a result terrorism insurance policies were largely withdrawn from the market, which then caused knock on effects with regards to bank loans and construction projects. Without the added layer of protection insurance provided, large projects were put off and the economy suffered. As a result, the government intervened in a joint public and private sector scheme to provide loan facilities to cover terrorist attacks, known as 'Pool Re'. The idea is that following a terrorist attack if there was not enough money made from the premiums taken to pay out all the claims, the government would provide a loan to cover the additional costs, ensuring claims were paid and the insurance market was protected.
He goes on to explain how Pool Re works commercially. Pool Re is a mutual insurer, a commercial business will buy terrorism insurance from its property insurer. They will then reinsure the terrorism part of the policy into Pool Re and pay a premium for that terrorism reinsurance, which is collected by Pool Re. Annually they collect £320 million in premiums from 150 different insurers across the United Kingdom. That pot builds up so that when an attack occurs the funds are there to pay out on the policy. In the 27 years they have been operating they have c. £6.5 billion, after paying out on 17 different events. If that pot was exhausted the government would step in and loan the money to pay out on claims. Julian goes on to discuss some of the incidents that have occurred and how terrorism threats are changing, noting cyber attacks as a new form of terrorism.
We then go on to discuss Pool Re solutions, a way for Pool Re to engage with academics and the market to develop a consensus of what is or isn't a terrorist act and therefore what can and cannot be covered. He goes on to explain that Pool Re solutions is like a consulting arm of the company that on a global scale helps model and manage these risks.
We finish by looking at the current COVID-19 pandemic and whether a similar government backed insurance model could work to protect against losses that have arisen from the pandemic and subsequent lockdowns.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Antton Peña, Founder of Flock, and we will be looking at the insurance of drones.
Antton starts by explaining what Flock do and how they became involved with the insurance of drones. When Amazon first started exploring the idea of drone deliveries Antton identified that potential risks involved with this would require a very bespoke type of insurance cover, something which at that time was not readily available. By tapping into third party data such as Google Maps and real time weather data the level of risk could be adapted, along with the premium.
Antton goes on to explain the uses of drones are far bigger than most people realise. They insure anything from small personal drones to 300 pound 4 metre long drones that are flying objects to oil rigs and construction projects or are rescuing people in the sea. Currently there are over 5,500 companies with licenses to fly drones commercially.
He then explains why drones can't just be insured as part of a business or home insurance policy, the short answer is the risk is vastly different and more volatile so the insurance solution needs to be flexible and tailored depending on the particular circumstances, for example location of travel, length and distance travelled, time of travel and weather conditions. Flock have 30-40 data points that get collected in real time and all these data points give an understanding of what's going on in relation to the factors mentioned above.
Antton goes on to explain that Flock have multiple packages insureds can choose, from pay as you fly hourly coverage, to more regular monthly and annual packages for the more commercially used drones.
Finally, Antton looks ahead to the future of the drone industry and what he expects to be the next big changes and developments.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
This episode we are joined by Brendan McGurk, who is a barrister at Monckton Chambers, and we will be looking at the big data and data profiling in relation to the insurance industry.
Brendan has recently released an award winning book 'Data profiling and insurance law' and we begin by discussing an overview of what the book covers. One aspect of this is looking at the way in which insurers will use big data and predictive analytics for the purpose of underwriting. Brendan explains that as insurers get more access and involvement in big data, they will be able to more accurately access and price risk. He goes on to explain that competitive advantage will be with the insurers that develop the best algorithms for assessing risks.
When looking at where insurers might get this kind of data Brendan explains the 'Internet of Things' (IoT) which is the vast web of devices connected to the internet. Brendan identifies three devices that contribute useful data for insurers; black boxes in cars, wearable technology (smart watches) and smart devices in your home like Google Nest, Amazon Alexa and the devices they can connect to (fire alarms, leak detectors, cctv cameras). The information provided by these devices enable insurers to more accurately assess a situation and determine the risk levels and price accordingly.
Away from underwriting Brendan explains how big data can enable big changes in the way claims are handled. If claims handlers have access to the data and can use it in a meaningful way, they are able to paint a much clearer picture and investigate more accurately. Drawing back on the example of the black box in cars, insurers can see when the accident occurred, where, what speed the insured was moving therefore giving them a much clearer indication on the validity of the claim.
Finally, we look at the transparency and privacy concerns of big data and using people's data potentially without them knowing or consenting. We look at the duty of good faith, GDPR issues, potential use of protected characteristics and the risk of data breaches from holding this data.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
This episode we are joined by industry legend Reg Brown and we will be looking at the Insurance Museum initiative as well as exploring Reg's distinguished career in insurance.
We start by talking about how Reg came to work in insurance and the roles he has held, including his time as President of the Chartered Insurance Institute and Underwriter of Syndicate 702. We also discuss the vast change he has seen in the industry throughout his career.
We then move on to the main topic, namely the Insurance Museum. Reg explains his role as Chairman, a position he has held since 2019 and why he has given his backing to the campaign. He explains his desire to be a part of establishing an Insurance Museum in London comes from a feeling of wanting to give back to the industry. He calls on his time mentoring young people entering the industry as a driving force behind wanting to create the museum and have somewhere for people to learn about the rich history of the insurance market.
"Insurance is such a key part of London and there is a nowhere for the history to be on display and the stories to be told".
Reg explains that the first fundraising campaign for the establishment of the Insurance Museum started on the 7th September and will run until 7th December with the aim of raising £3 million, which will cover the property and running costs for 4 years. You can pledge to donate here.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Anastasia Dokuchaeva, Head of Partnerships at ClauseMatch and we will be discussing their Lloyd's Lab journey.
We start by looking at what ClauseMatch is, what they do, and how they came to work with the insurance industry. Anastasia explains initially the focus was entirely on financial services but experiences looking at Solvency II showed that the insurance industry also had a real need for regulatory technology, the opportunity to then be involved with the Lloyd's lab programme was too good to turn down.
She then explains what it was like to be part of the cohort, the opportunity to work with mentor firms, including AXA, QBE and Argo, having unrestricted access to talk to and learn about the industry was invaluable when it came to develop ClauseMatch to be the perfect tool for the insurance industry.
Anastasia goes on to explain since their graduation from the Lloyd's Lab in June 2019 they have had the opportunity to work with a number of big insurers and deploy their technology further in the market.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
For this episode we are joined by Simon Burtwell, Head of Insurance at EY and we will be exploring the recently released EY report 'The future of Insurance'.
Simon explains that the findings of the report show that the insurance industry is on the precipice of critical transformation and the time has come for one of the oldest industries on earth to reinvent itself. He explains one reason for this the huge shift that has taken place in the asset bases of large commercial businesses, moving from around 30% intangible assets to around 80%. As a result, the insurance industry needs to adapt giving less weight to physical assets and more on the intangibles.
He also explains the insurance industry needs to adapt to meet the changing needs of clients. In the current insurance market, the focus is almost entirely on the claims proposition rather than building bespoke relationships with clients. Simon goes on to explain with the vast amount of data now available insurers could begin to look at ways to reduce their client's loss exposures on an individual level. A shift towards a service based industry and away from a claims focused industry, using data analytics to drive reduced risk and better day to day outcomes for businesses.
Simon explains using the mass data available to micro-adjust policies could be a way to revolutionise the industry giving the example of the marine industry. With the implementation on blockchain technology ships can be monitored constantly, frequency of use, performance and GPS information on route and destinations is all readily available in real time. With this kind of information available insurers can look to provide insurance on a 'per ship, per voyage' basis with dynamic pricing depending on the expected risk of the specific ship and specific journey.
Simon concludes that the key to the insurance revolution is the increased connectivity between insurer and end client. Moving away from a static offering to one that can make use of the big data that is available and create strategic partnerships with clients, working with them to reduce risk of loss.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
For this episode we are joined by Chris Moore, Head of ibott, Deputy Active Underwriter 1971 at Apollo Syndicate Management Limited and our topic is insuring the sharing economy.
Chris explains what is meant by the sharing economy, giving examples of ride sharing platforms and platforms that allow for accommodation to be rented as alternatives to standard hotels. These companies are technology focused and provide innovative and convenient solutions to their customers. He then goes on to give insight into how these apps are 'disruptors' that are changing the way some of the biggest companies do business.
He goes on to explain that a key driver in the rise of the sharing economy can be attributed to the cultural differences between generation X and millennials. "Generation X is fascinated by assets, owning your first house and getting a car as quickly as possible. Contrast this to the millennial approach where experiences are valued over assets".
Chris then gives insight into how insurance of the sharing economy works explaining insurance within the sharing economy can be more flexible and adjustable depending on the current usage and level of exposure. Access to GPS data, telematics, information on average speeds allows for more detailed and accurate measure of exposures at any given time allowing for adjustable rates of insurance.
He explains that a key part of what they are doing at Apollo is looking at the innovative companies taking over the sharing economy and trying to create equally innovative insurance solutions for them in an almost bespoke fashion.
Finally, Chris gives us his thoughts on what innovative insurance products we are likely to see in the next 2-5 years.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
For this episode we are once again joined by Lee Elliston, our guest from episode 1, to talk about the Lloyd's Market Association (LMA), who they are and what they do as well as getting an update on the implementation of the Lloyd's blueprint for market reform.
Lee gives us insight into what the LMA actually is, what their purpose is and how they set about achieving that. He explains that the LMA work very closely with the corporation of Lloyd's but remain a separate entity with a goal of ensuring the success of managing agents operating in the market. Lee explains the vision of the LMA is to establish themselves as leaders in the market that can support continued growth and success in the future.
Lee talks about the changes he has seen in his time at the LMA describing the last 18 months as a whirlwind of change, citing the internal changes and updated value proposition being the driving force for positive change both internally and externally.
Lee then gives an update on the progress of the Lloyd's Blueprint and how COVID-19 has impacted progress.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Scott Seaman, co-chair of the insurance practice group at our US alliance firm Hinshaw & Culbertson. For this episode we will be looking at; social inflation, bad faith and punitive damages in the context of the US insurance market.
Scott starts off by explaining what social inflation is and why it has become an increasing issue facing insurers in the US. Scott broadly defines it as 'rising costs to insurers as a result of things like increasing litigation, broader areas of liability and larger compensatory jury awards in favour of the plaintiffs'.
We then look at what bad faith is and what is meant when someone is said to have acted in bad faith. Scott explains that bad faith is where a breach of duties takes place in the face of good faith and fair dealings, an implicit part of many states laws when it comes to contractual relationships. Scott then gives a recent example of where bad faith has come into play.
Our final topic is punitive damages, Scott gives an overview of what is meant by this, simply put, the additional compensation due as a result of misconduct and wrong doing. Scott explains the different reasons for a punitive damages award and the trend in the US of these kind of compensation claims rising.
We finish of by discussing what issues are likely to come to the forefront of US insurance in the future.
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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at Lloyd's of London, who they are and why they are such a key part of the global insurance industry. Our guest this week is Elliot Maule, Senior Programme & Marketing Manager at Lloyd's.
Elliot gives us valuable insight into the history of Lloyd's of London, how it was originally formed and how it has transformed into the globally renowned market it is today.
We look at the key benefits of the Lloyd's market to both insurers that are part of it and the insureds that come to mitigate their risks.
We also look at the structure and layout of the Lloyd's market place as well as the role managing agents and syndicates have.
We finish up by talking about the future of the Lloyd's market, touching on the current plans for transforming and modernizing the market place, Blueprint one, which featured in our very first episode.
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This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are taking a look at Lloyd's lab, the renowned insurtech startup programme. Our guest is Ed Gaze, who is the Lab Manager.
Ed talks us through what the Lloyd's Lab programme is and what it is designed to do, namely to bring in fresh ideas and technology that can help drive the insurance industry forward. He also gives insight into the overall structure of the 10 week programme. We also look at how the cohorts are selected.
We look at some of the success stories that have come as a result of the programme including Floodflash and their parametric insurance product.
Finally we talk about the future of the Lloyd's lab, how companies can apply to be part of the next cohort and also how you can become a mentor and help these start ups thrive.
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This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we have Nick Bloy, Founder of Wellbeing Republic, and the topic of discussion will be mental health and wellbeing with a particular focus on the insurance industry.
Nick talks about his career journey, starting as a lawyer before moving into a mental health and well being role. We look at the rise of mental health making its way onto the top agendas of companies across the globe, something that wasn't the case 2 years ago.
Nick gives valuable insight into wellbeing research conducted from within the insurance industry. The results indicated high levels of stress felt on an everyday basis, resulting in a number of people wanting to leave the industry.
Nick describes some of the strategies and techniques companies can use to ensure staff feel valued. The connection between having happy staff and motivation and performance are then discussed with the unsurprising correlation that if your employees are happy and feel valued, levels of performance are likely to rise.
Finally Nick takes us through a live wellbeing exercise that can be done by everyone.
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This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Steve Ray, Director at Howden Group and our topic for discussion is the role of an insurance broker.
Steve draws on his experiences working as an insurance broker, giving insight into what the day to day role of a broker is in today's market and reflecting on how the role has evolved and adapted over the course of the last 20 years. We also look at the different types of broker, and the skill set that makes a great insurance broker.
Finally we look at how the role is likely to change in the future as the market continues to evolve and implement new technology.
We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes.
This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at the insurance market from the perspective of Sian Fisher, CEO of the Chartered Insurance Institute (CII).
Sian explains what the institute is, what it stands for and the role they play in the modern insurance market. We then look at what Sian believes are the key challenges insurance market participants must overcome in 2020 and beyond, the emphasis being on building trust and loyalty with clients.
We also look at what the role of the institute could be in the future as the market continues to innovate and change.
We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at MGAs with the help of Tim Jones, Director at MPR Underwriting.
We discuss MGAs, what they are and a brief history of why they were formed. Tim gives valuable insight into what the role of an MGA is from his own experience working at MPR Underwriting. We then focus on what the benefits of using MGAs are for the insurer, broker and the insured as well as the challenges and risks.
We also look ahead and speculate what the MGA market might look like in the future as market conditions change.
We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes.
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests! For our maiden episode we look at 'The Future at Lloyd's Blueprint One' with a particular focus on the plans to revolutionize the claims process.
This week we are joined by Lee Elliston, Claims Director at the LMA. Lee gives insights into the rationale behind the blueprint, its objective and how he believes they will achieve the vision laid out. Throughout the discussion the key drivers behind the change are discussed as well as the potential challenges that will need to be overcome.
With blueprint one being just the first step towards changing the market, we also look at potential future changes and how the market might look in 10 years time.
We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes.
Welcome to Insurance Covered, the podcast that examines and explains the inner workings of the insurance industry. Each episode we take a look at a market area or trend with the help of experts from across the industry.
See acast.com/privacy for privacy and opt-out information.