“We recognise that the regulatory and policy landscape surrounding diversity, equity, and inclusion has changed,” Venkatesh said. “The Supreme Court, the President’s Executive Orders, and federal mandates require changes in the way companies approach DEI issues moving forward.”
Dye encouraged a forward-looking mindset: “If you look at how underwriters assessed risk and pricing business in the past, it’s very much been looking in the rear view mirror… looking at what claims have happened on this particular business. If a fleet or a business has just moved from a load of petrol cars to all electric cars, that’s not an effective way, in my opinion, of assessing risk, because we know from industry data, it costs an awful lot more to repair.”
Kate Bailey highlights how Aviva’s services, such as pre-quote surveys, can reveal underlying issues that clients can benefit from support to manage, such as accident frequencies and premium costs. By bringing together insights from underwriting, claims, and risk management, the CRM team delivers practical solutions – whether through reduced excesses, bespoke claims handling guides, or training programs.
“Brokers and agents, for a long time, said the insurance companies are becoming irrelevant because they’re really not leaning into risk, they’re not providing what we need to bring to our clients and they exclude more than they cover,” she said. “To be relevant to our clients and to the brokers and agents working with those clients, you have to be willing to take risk, but you have to do that in an educated, technical way, so that you’re there when the thing does go wrong, and you build trust with your client and your broker or agent.”
Without standalone critical mass within a business line, it can be hard to get risk capital to come to bear, he said, and the rising interest in portfolio solutions shows that brokers are thinking more creatively about how to solve that conundrum. “Because I think that they’ll all tell you that they don’t want to increase their sort of footfall through extra brokers in the market every time they grow their business, because that isn’t a sustainable model for them,” Powell said. “That’s in the same way that we want to write more business as underwriters, but not necessarily by putting more underwriters in the box. So, I think this is just another good tool for them and for their clients.”
“Quite simply, most policies still respond to physical damage,” the representative said. “But that might not occur when floods prevent access to your business, for example, or when an earthquake in Taiwan halts your production lines in the UK because your microchip supply has failed. Parametric insurance covers such eventualities by focussing on the occurrence of the peril, rather than the cash cost.” And while insurance is an essential tool, clients also need to take practical, preventive steps: “The mitigation steps are different for all of those scenarios,” they added, “but the starting point is the same for each: consider what the impact of an event of one type or another would be on your property, your supply chain, your customer base, your market access, your staff, and so on. If it could cause a serious problem, find ways to mitigate.”
FM’s in-house claims team responded quickly, working in partnership with BMC Moerdijk to find the optimal solution. BMC Moerdijk operates with just one production line, so time was of the essence. The company faced a choice: repair or replace the rotor. Variables included the upfront costs, but also the longer-term costs of potential downtime. After analyzing the financial and business impact, BMC Moerdijk and FM agreed that replacing the faulty rotor would significantly mitigate the loss, because it meant less downtime.
Even among medium and large organisations, which typically have greater resources, the numbers are patchy. Sixty-two percent of medium-sized firms report being insured against cyber risks, compared with 54 percent of large enterprises. Experts caution that larger firms, while often more confident in their internal defences, may still lack adequate coverage for major losses like those now confronting M&S.
Elsewhere, Markel launched FintechRisk+, an insurance policy tailored for fintech companies. This policy offers comprehensive coverage, including financial services and technology liability, directors and officers (D&O) liability, theft, and cyber protection, with limits up to US$20 million.
Falling premiums and retention rates in 2024 enabled buyers to raise policy limits and seek broader protection. In the UK and EU, average rates on line (RoLs) declined 0.16%, with similar drops in the US, Asia, and MENA. Meanwhile, policy limits rose across all regions as a percentage of enterprise value, with the US seeing the largest increase at 5.48% over 2023.
© 2025 Next Employment. All Rights Reserved. Privacy Policy | Website Terms | Sitemap
