Insurance Is More Backward Than Construction! Dragging Construction Insurance To 2024 - Phillip Callow

In today’s episode, we have Philip Callow, Founder of construction insurance platform Rosetta Risk Management Ltd.

In this episode, we learn about the surprising math behind construction insurance premiums, how large projects can be insured for surprisingly low costs and much more!

Tune in to find out about:

• The $440 million UK construction insurance market and how premium rates are set
• Why the adversarial nature of construction makes insurance so difficult
• How the Grenfell Tower tragedy changed how underwriters view risk
• The future of using telematics and AI to provide dynamic risk pricing

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Philip Callow | Founder at Rosetta Risk Management Ltd

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This episode is brought to you by Shft—helping contractors like you leverage BIM to secure a leading position in the race towards construction’s digital future.

Visit: https://maketheshft.digital

Timestamps:

(00:00:00-00:02:38) Intro

(00:02:38-00:09:40) Insurance in context of Construction

(00:09:40-00:11:45) Premium Cost of Insurance In Construction

(00:11:45-00:27:10) Does the insurer always wins?

(00:27:10-00:34:30) Role of data for risk calculation

(00:34:30-00:39:20) Real-time data for insurance

(00:39:20-00:42:22) Lessons Philip learned from Corporate World

(00:42:22-00:43:22) Outro