“f you take insurance out of our society and our economy, everything will stop.”
Those looking for a mission statement for an insurance offering look no further than Dominic Hoare’s (pictured) effective summary. Addressing the insurance industry, the Group Managing Director of the Munich Re Specialty Group noted how today’s rapidly changing risk landscape has nonetheless tested this recommendation.
So far, the market discussion has been dominated by an analysis of this scenario, he said, while geopolitical instability, climate change and urgent economic considerations – inflation and the risk of to go down among them – all scrambling to spend more on boards’ agendas. But if you take them down, you will have insurance that is the core of dealing with and mitigating these complications.
What makes the insurance specialty unique?
For Hoare, what makes the service of the specialist insurance business so special is that it is presented front and center in the design, development and implementation of innovative, accessible solutions to manage even the most complex risks. Ultimately, he said, it is the specialist insurance sector that is critical in providing assistance to the rice corridor, which is an all-industry solution to growing humanitarian needs.
“This wouldn’t have happened without insurance,” Hoare said. “Our market was important to make that happen because we can create risk for shipping companies. That scenario was very different and because it wasn’t the scenario we expected, it meant we had to adapt our skills as a collaboration, and our available datasets, and dig deeper into our expertise and a complex environment and it hard in Experience in offering in solutions.