The Political Risk Podcast

David Benyon

Geopolitics, insured. An independent podcast, focused on geopolitics and insurance markets, serving risk professionals, leaders and decision makers in specialty insurance and beyond. Join journalist and host David Benyon for an exclusive guest list mixing senior brokers and underwriters from the world of specialty insurance with wider geopolitical expertise from authors, academics, analysts and diplomats.

  1. Mobilising Capital: Credit and Political Risk Insurance and the Future of Global Investment, with AXA XL's Rafael Docavo Malvezzi

    Jun 4

    Mobilising Capital: Credit and Political Risk Insurance and the Future of Global Investment, with AXA XL's Rafael Docavo Malvezzi

    Credit and political risk insurance has become a critical tool for mobilising capital into complex markets, supporting trade, investment and development finance through a period of heightened geopolitical and credit uncertainty. In this episode, Rafael Docavo-Malvezzi, global chief underwriting officer, political risk credit and bond at AXA XL, discusses the credit cycle, underwriting challenges, development finance and the role of the private market in supporting global investment. He also reflects on his career across risk management, economics and insurance, as well as his role as vice president of the Berne Union.

    36 min
  2. Choke Points & Geopolitical Risk: Resilience Building for Supply Chains in Crisis; in association with Gallagher Specialty

    May 26

    Choke Points & Geopolitical Risk: Resilience Building for Supply Chains in Crisis; in association with Gallagher Specialty

    Geopolitical risk is putting global supply chains under renewed pressure, with the Strait of Hormuz crisis adding to existing concerns around trade disruption, tariffs and fragile logistics networks. Alec Russell, managing director, cargo for Arthur J Gallagher International, and Alex Vile, associate consultant, threat intelligence at AnotherDay, a Gallagher company, discuss how organisations are responding to supply chain risk in theory and practice. The conversation explores the immediate impact of Gulf tensions, the structural weaknesses exposed by recent disruption, and the role of insurance, crisis consulting and threat intelligence in building resilience. With nine-in-ten businesses experiencing a supply chain loss, this special episode, produced in association with Gallagher Specialty, examines what companies can do to prepare for the next crisis.

    38 min
  3. The Iran Conflict and its effects on Political Violence Re/insurance, with Sandy Warne, Dan Callow & Cosmo Warner

    May 13

    The Iran Conflict and its effects on Political Violence Re/insurance, with Sandy Warne, Dan Callow & Cosmo Warner

    War in the Gulf in 2026 is a defining event for political violence. Underwriters face unprecedented claims activity, with individual Iranian missile and drone strikes accounting for hundreds of millions of dollars in damage, together representing more insured financial loss in just a few weeks than several years of the Russo-Ukrainian war. Sandy Warne of Sukoon, Dan Callow of Starr, and Cosmo Warner of Price Forbes together discuss market reactions, capacity and pricing dynamics, regional exposure concerns and a rapidly evolving risk environment – as well as what’s likely covered or excluded by policies bought before the conflict. The conversation is a shortened audio version of a recent webinar hosted by Global Reinsurance, which was named “Reinsurance in a Time of Escalating Tension”, available here. https://www.globalreinsurance.com/dwic-webinars/webinar-reinsurance-in-a-time-of-escalating-tension/1458331.article

    44 min
  4. Hotels as Targets: Data-led Malicious Risk Underwriting; with Muir Analytics’ Jeff Moore

    May 1

    Hotels as Targets: Data-led Malicious Risk Underwriting; with Muir Analytics’ Jeff Moore

    Hotels are increasingly on the frontline of political violence and malicious risk, from terrorism and civil unrest to missile and drone attacks. In this special episode, Jeff Moore, PhD, CEO of Muir Analytics, explains how data-led underwriting and threat intelligence are reshaping how insurers and risk professionals understand and price these exposures. Drawing on case studies from the SecureHotel Threat Portal, the discussion explores why the hotel sector has become one of the most exposed global industries, and what that means for underwriting, risk mitigation and resilience in a volatile geopolitical environment.

    1 hr
  5. Modern Perils and Modern Assets: UAVs, Data Centres and the Next Frontier of Risk; with Blackthorn’s Jerry Smith and Thea Grootenhuis

    Apr 13

    Modern Perils and Modern Assets: UAVs, Data Centres and the Next Frontier of Risk; with Blackthorn’s Jerry Smith and Thea Grootenhuis

    Modern perils are colliding with modern assets, as drones and data centres reshape the risk landscape in real time. Blackthorn senior broker Thea Grootenhuis and head of advisory Jerry Smith explore how UAV-enabled attacks, critical infrastructure vulnerabilities, and a volatile geopolitical and malicious risk environment are converging. Drawing on live conflict dynamics in the Gulf, alongside lessons from Ukraine and other global hotspots, the discussion examines how disruption can quickly translate into business interruption and systemic risk. From the democratisation of drone technology to the growing concentration risk around data centres, the conversation asks what steps organisations should be taking now to stay ahead of emerging threats.

    35 min
  6. Active Assailant Risk: Data Demands to Underwrite a Deadly Peril

    Mar 26

    Active Assailant Risk: Data Demands to Underwrite a Deadly Peril

    A special episode exploring the rise of active assailant risk and the growing demand for data-driven underwriting in a rapidly evolving threat landscape. Joshua Watson, senior underwriter, war and terrorism, North America, at Markel International, joins Gamze Tekin, senior product owner at Concirrus, to examine how this peril has moved to the forefront of crisis management and political violence insurance. The discussion explores what makes active assailant risk distinct, from its frequency characteristics to its human and financial impact. Active assailant is a peril on the rise, with protection gaps facing corporate buyers, near-daily incidents taking place, and changing US state regulation on workplace violence. Conversation turns to the underwriting challenges for a peril that is far removed from physical damage focus of most PV perils. Additional challenges include managing aggregation and portfolio exposure, and the limits of traditional data when assessing fast-moving, unpredictable threats. The final section focuses on closing the data gap, from real-time risk visibility to AI-enabled underwriting tools designed to support better decision-making in complex scenarios. With attacks increasing, particularly in the US, this episode unpacks why active assailant risk is becoming one of the most pressing and technically challenging areas in specialty insurance today.

    47 min
  7. War and terrorism: an integrated approach to claims and underwriting; with LSM's Sarah Howell & Jennie Beard

    Mar 17

    War and terrorism: an integrated approach to claims and underwriting; with LSM's Sarah Howell & Jennie Beard

    War, political violence and terrorism demand close coordination between underwriting and claims teams – particularly when geopolitical crises escalate quickly. In this special episode, Sarah Howell, head of first party claims, and Jennie Beard, underwriting manager, war and terrorism, Liberty Specialty Markets, discuss how collaboration works in practice, drawing on experience managing global a portfolio and responding to major loss events. The conversation explores lessons learned from the Russia-Ukraine war, how insurers are adapting processes, the use of open-source intelligence for loss adjusting, and the creation of a Lloyd’s Market Association claims coordination group.

    28 min
  8. Middle East update and the evolution of Credit and Political Risk Insurance, with BPL's James Esdaile

    Mar 5

    Middle East update and the evolution of Credit and Political Risk Insurance, with BPL's James Esdaile

    The rapidly evolving Middle East crisis forms the start of this conversation with James Esdaile, executive chairman of BPL, examining the immediate implications for insurance markets since the US and Israel began military operations against Iran on Saturday. The interview that follows explores the evolution of credit and political risk insurance (CPRI) and standalone political risk insurance (PRI), different products typically for different buyers with different motivations. Esdaile reflects on his nearly three decades in the market, from joining BPL as a graduate trainee and rising to the top of the dedicated CPRI/PRI insurance broker. Along the way, the conversation touches on geopolitical drivers, expropriation risk, resource nationalism, and Venezuela as another political risk crisis case study to watch.

    28 min
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About

Geopolitics, insured. An independent podcast, focused on geopolitics and insurance markets, serving risk professionals, leaders and decision makers in specialty insurance and beyond. Join journalist and host David Benyon for an exclusive guest list mixing senior brokers and underwriters from the world of specialty insurance with wider geopolitical expertise from authors, academics, analysts and diplomats.

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