36 min
Future-proofing the home insurance industry Insurance Post Podcast
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- Business
Andy Bord, chief executive of Flood Re, said while insurers are good at assessing risks to a property, the industry needs to do more at examining mitigation, the financial benefit of steps taken to reduce water damage, and whether home insurance premiums should be reduced as a result.
Speaking during the latest podcast, Bord said: “Particularly when we talk about flood, and some of the property level resilience key to protecting homes in the future, it is about understanding the relative benefits of those interventions that people are making – not just to provide a pound for pound cost saving for a customer.
“You don’t want your home to be flooded. You want to be given the information to protect (it). The premium is a useful nudge in the same way you don’t fit a five-lever lock on your front door because you get a 2p price reduction in your home insurance. You fit it because you don’t want to be burgled.
“We need the same sort of approach to using data (in flood and in burglary) and we are working on a couple of pilots to quantify the benefit of different interventions and initiatives and feed that into insurers. I am very hopeful that will then flow into premium calculations that will reflect actions that have already been taken.”
Bord is joined on the podcast by Mark McDonald, personal lines insurance director at Altus Consulting, and David Powell, the Lloyd’s Market Association’s head of technical underwriting.
The trio share their views on the challenges facing the home insurance industry due to climate change and predict what cover will look like in 2030.
As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to. To download the episode, go to your podcast provider of choice (Apple, Google, Samsung, Spotify, Audible, etc) and search for Insurance Post.
Hosted on Acast. See acast.com/privacy for more information.
Andy Bord, chief executive of Flood Re, said while insurers are good at assessing risks to a property, the industry needs to do more at examining mitigation, the financial benefit of steps taken to reduce water damage, and whether home insurance premiums should be reduced as a result.
Speaking during the latest podcast, Bord said: “Particularly when we talk about flood, and some of the property level resilience key to protecting homes in the future, it is about understanding the relative benefits of those interventions that people are making – not just to provide a pound for pound cost saving for a customer.
“You don’t want your home to be flooded. You want to be given the information to protect (it). The premium is a useful nudge in the same way you don’t fit a five-lever lock on your front door because you get a 2p price reduction in your home insurance. You fit it because you don’t want to be burgled.
“We need the same sort of approach to using data (in flood and in burglary) and we are working on a couple of pilots to quantify the benefit of different interventions and initiatives and feed that into insurers. I am very hopeful that will then flow into premium calculations that will reflect actions that have already been taken.”
Bord is joined on the podcast by Mark McDonald, personal lines insurance director at Altus Consulting, and David Powell, the Lloyd’s Market Association’s head of technical underwriting.
The trio share their views on the challenges facing the home insurance industry due to climate change and predict what cover will look like in 2030.
As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to. To download the episode, go to your podcast provider of choice (Apple, Google, Samsung, Spotify, Audible, etc) and search for Insurance Post.
Hosted on Acast. See acast.com/privacy for more information.
36 min