At Risk Exchange and GAIP, our approach has always been to build partnerships that allow for knowledge sharing and innovation

1- As a seasoned leader in the insurance and InsurTech sectors, what do you see as the primary impacts of recent geopolitical events, including the Middle East conflicts, Ukraine, and the political turbulence in South Asia, on the global economy?

Geopolitical tensions have a ripple effect on the global economy, disrupting both traditional and emerging markets. We’re witnessing significant strain on supply chains, shifts in investment flows, and a reduction in investor confidence, all of which contribute to market volatility. In regions affected by conflict, such as Ukraine and parts of the Middle East. Israel is engaged in direct military conflicts with Hamas in the Gaza Strip, Hezbollah in Lebanon. Tensions between Israel and Iran have escalated, with both nations conducting airstrikes against each other's military targets. Israel has also conducted airstrikes targeting Houthi-controlled areas in Yemen, particularly in response to missile attacks launched by the Houthis. We see a direct impact on energy prices, inflation, and the cost of doing business across sectors, including insurance. Political instability in South Asia, especially in Bangladesh, Pakistan, Sri Lanka, and Maldives, adds further unpredictability, affecting economic growth and prompting insurers and reinsurers to adopt a cautious approach to risk in these markets.

2- With rising uncertainties, how has the reinsurance market hardened, and what are the consequences for global insurance placement?

The reinsurance market has significantly hardened, primarily due to increased claims from natural disasters, conflict-related risks, and ongoing economic pressures from inflation. Reinsurers are becoming increasingly selective, leading to stricter underwriting and higher premiums. This environment challenges both insurers and policyholders, as the cost of transferring risk becomes more expensive. Additionally, capacity constraints have made it more challenging to place large policies, especially for high-risk sectors like energy and infrastructure. Clients in high-risk areas are feeling the impact most, which pushes insurers to explore alternative solutions, such as parametric insurance.

3- Could you elaborate on the role of InsurTech in addressing these challenges and how the rise of digital innovation is shaping the future of global insurance?

InsurTech has emerged as a game-changer in adapting to market challenges and addressing operational inefficiencies. The industry’s pivot towards digital transformation allows us to offer more customized, efficient, and accessible solutions. Advanced technologies like AI, machine learning, and blockchain are reducing the costs of claim processing, improving risk assessment accuracy, and fostering transparency in transactions. These innovations are essential in a hardened market, where traditional insurance solutions may be too costly or complex to maintain. InsurTech also helps us reach underserved populations by making policies more accessible through digital channels, enhancing global resilience.

4- With Trump’s return as the U.S. President, how do you anticipate U.S. policies influencing the international insurance and reinsurance landscape?

A Trump presidency brings with it a level of unpredictability, particularly concerning trade policies, financial regulations, and global cooperation. If we see heightened protectionism, it may create barriers for cross-border insurance and reinsurance arrangements, potentially disrupting global risk-sharing mechanisms. However, it may also open doors for innovation as companies look for alternative ways to manage risks without relying on traditional markets. We might also witness increased pressure on international insurers to adjust their portfolios and adapt to more stringent U.S. regulatory changes, which could reshape the insurance landscape globally.

5- Given your leadership in multiple organizations, including Risk Exchange and GAIP, how do you envision global collaboration evolving in response to the rise of InsurTech and increasing global risks?

Collaboration is crucial for navigating today’s risks. At Risk Exchange and GAIP, our approach has always been to build partnerships that allow for knowledge sharing and innovation. The global insurance industry must work collectively to standardize data, enhance technology integration, and facilitate cross-border regulatory compliance. InsurTech offers an ideal platform for such collaboration, allowing us to break down geographical barriers and deliver innovative products that cater to local needs while adhering to global standards. By uniting under associations like GAIP, industry players can foster a resilient, tech-driven insurance ecosystem that withstands both economic and political disruptions.

6- How are rising social and political upheavals, such as the recent riots in Mozambique and political instability across South Asia, influencing the demand for innovative risk solutions?

Social and political unrest drive demand for unique insurance solutions that can quickly respond to volatile conditions. In Mozambique, for instance, riots following the presidential election have highlighted the need for solutions like parametric insurance, which Descartes and we at Risk Exchange have explored in markets prone to unpredictable risks. Parametric policies, which trigger payouts based on predefined metrics rather than actual losses, provide a faster, more effective way to address risks stemming from social unrest. Additionally, political risk insurance and contingency policies are in greater demand, as companies seek protection against non-traditional risks in these volatile regions.

7- As an author and thought leader, could you share insights on the future you foresee for a sustainable insurance ecosystem in light of these global trends?

 A sustainable insurance ecosystem will prioritize resilience, accessibility, and inclusivity. I emphasize the need for an industry-wide shift towards InsurTech-driven sustainability. We’re looking at an ecosystem where technology not only aids in managing risks but also contributes to environmental and social goals. For example, using AI and blockchain to streamline underwriting or claims processing minimizes resource waste and fraud, creating long-term value. The future of insurance will focus on products that promote resilience by preparing policyholders for climate change impacts, economic shifts, and unforeseen geopolitical risks, fostering a stable, future-ready insurance environment.

8- How do you balance your various roles and ensure each of your ventures aligns with this rapidly changing industry?

Balancing multiple roles requires a clear vision and a commitment to aligning strategies with industry evolution. Each of my ventures, whether it’s Risk Exchange, A2R Solutions, or GAIP, is guided by principles of innovation, resilience, and client-focused service. I prioritize cultivating a deep understanding of emerging trends, and I’m committed to building agile teams that can adapt to the demands of the market. By fostering cross-functional collaboration and staying attuned to global dynamics, we can drive sustainable growth and continue to provide value even amidst uncertainty.

9- Congratulations on receiving the prestigious Lifetime Achievement Award in recognition of your transformative contributions across multiple industries, including Energy, Offshore, Marine, Oil & Gas, IT, Insurance, Reinsurance, and InsurTech over the past 30 years. Reflecting on this remarkable journey, what do you consider your most significant achievement, and what legacy do you hope to leave for future generations in these fields?

Thank you very much! It’s truly an honor to be recognized for a journey that has been both challenging and immensely fulfilling. Looking back, my most significant achievement lies in fostering an ecosystem that unites technology and insurance to drive sustainable, client-focused solutions, particularly through the founding of GAIP. This platform has allowed us to bridge global expertise, elevate standards, and ensure a more resilient future for the industry. My hope is to inspire future generations to prioritize innovation, integrity, and collaboration, ultimately building an industry that not only safeguards financial security but also advances social and environmental sustainability. This legacy of resilience, adaptability, and dedication is what I hope to leave behind.