Beazley’s Lindsay Shipper recently joined Insurance Business TV to discuss an important issue in the insurance world: protection gaps. She emphasized how insurers and brokers need to team up to close these gaps, especially when it comes to cyber risks and environmental concerns. The conversation also covered how the Excess and Surplus (E&S) market plays a role in shaping the broader insurance scene.
Protection gaps happen when there’s a difference between the coverage people or businesses think they have and what they actually need. Shipper pointed out that working together can help fix these gaps and ensure better protection against rising risks. Cyber threats and environmental changes are two areas where these gaps are especially worrying, as they continue to evolve and grow.
The E&S market, which often covers risks that traditional insurers avoid, has an important place in filling these gaps. Shipper shared ideas on how this space can support the industry in meeting new challenges and adapting to the shifting landscape.
This discussion comes at a time when the insurance industry is facing more frequent and severe catastrophe losses. Other episodes on Insurance Business TV also explore topics like how AI could reduce losses, what lessons the industry has learned from recent disasters, and whether government intervention is needed in cyber risk.
In short, closing protection gaps requires closer collaboration between carriers and brokers, smarter use of markets like E&S, and staying ahead of threats like cyber attacks and environmental shifts. Shipper’s insights offer a clear call for action as the insurance world responds to these ongoing challenges.