Matt Coleman & Bill Clark: The Demex Group: Insuring the gap - protection for frequent weather losses (234)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 12 March 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

We hear a lot about insurance protection for major catastrophes, but losses from frequent, local events now cause as much damage as the larger disasters that make the news. But insurance coverage is lagging behind leaving insurers and enterprises exposed to loss with no insurance protection. The Demex Group, a spin-out from reinsurer Munich Re is offering parametric cover to fill that insurance gap. This week Matthew Grant and Henry Gale are talking to President & CEO Bill Clark and Chief Risk Officer Matt Coleman, both of whom bring deep industry expertise to Demex. Topics include: Why traditional insurers and reinsurers are reducing their insurance cover for weather risks The impact of climate change on frequency and severity Why brokers are supporting the Demex offering The problem of lack of insurance and the “stub period” Understanding hyper localisation We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or leave a post on Linkedin or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe some of the disadvantages climate change is having on the insurance industry List some of the benefits of small-scale insurance cover Explain how the use of hyper-localisation can increase business efficiency If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 234 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Well, we have another global coverage for today, and we've got four of us talking.
0:13.8	It's Bill Clark from Andover, Massachusetts. Bill, welcome.
0:17.9	Thank you. Glad to be here.
0:19.6	Matt Coleman, you were joining us from Oakland, California.
0:22.2	Thank you very much.
0:23.3	Excited to be here.
0:24.5	And our very own, Henry Gale, from London.
0:28.1	So, Demex, you're a technology-enabled MGA.
0:30.8	You look at both models and structuring,
0:33.7	and the idea is to help enable the market to underwrite extreme weather risk products,
0:38.5	but they're not catastrophic products. We're going to talk a bit more about that at a minute.
0:42.2	Found it back in 2020, you were spun out from Munich Re and various sources, quote,
0:46.4	$13 million of funding. Bill, your CEO, you've been in senior executive roles for the past 25
0:52.8	years, doing a couple of publicly traded companies and some VC and PE-backed technology companies
0:57.7	in both Silicon Valley and the East Coast.
0:59.9	And this is your fourth CEO job.
1:02.5	Matt, you joined from the filler, now part of Markell.
1:05.0	Before that, you were Citadel.
1:06.2	You've got 20 years of experience of weather risk analysis,
1:09.5	structured financial products and business
1:11.6	development, bringing together climate science, capital, and risk transfer. So is there anything
1:15.7	critical? I missed off from that, Bill? So what Demex is focused on is the volatility in weather.
	...

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