Insurance Covered

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 formedWhat is the goal of Flood ReDoes it achieve what it sets out toExamples of how Flood Re works in practiceClimate change and ESG, how that impacts Flood Re and their operation Why Flood Re is set to close in 2039We hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes. Hosted on Acast. See acast.com/privacy for more information.

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 assuranceThe role James Dodson and the idea of a lifetime policy played in modern life assuranceHow Equitable Life was founded using Dodson's ideas in 1762How life assurance has developed in the years sinceWe hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes. Hosted on Acast. See acast.com/privacy for more information.

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 entailsKey differences between a private practice lawyer and in-house counsel.Will's current role at Howden GroupWe hope you enjoy the episode, if you did please subscribe to stay up to date with future episodes. Hosted on Acast. See acast.com/privacy for more information.

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 meansUses of InsurTech (e.g. pricing risks contract creation & process improvement)Embedded insurance & parametric insuranceHow InsurTech has changed insurance The current InsurTech market and what comes nextWe hope you enjoy this episode, if you did please subscribe to keep up to date with future episodes. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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.  Hosted on Acast. See acast.com/privacy for more information.

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 what insurers 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. We hope you enjoyed this episode of Insurance Covered, if you did please subscribe to keep up to date with future episodes.  Hosted on Acast. See acast.com/privacy for more information.

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.We hope you enjoyed this episode of Insurance Covered, if you did please subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

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.We hope you enjoyed this episode of Insurance Covered, if you did please subscribe to keep up to date with future episodes.  Hosted on Acast. See acast.com/privacy for more information.