Private Client Risk & Resilience - UK Private Client Insurance Landscape and the Value of International Networking with Giles Greenfield, CEO of Markham Private Client

UK Private Client Insurance Landscape and the Value of International Networking with Giles Greenfield, CEO of Markham Private Client

12/03/23 • 39 min

In the latest episode of "Private Client Risk & Resilience," Kurt Thoennessen, CAPI, a Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, sat down with Giles Greenfield, CEO of Markham Private Client, for an in-depth exploration of the private client insurance market across the UK and the US.

Thoennessen kicked off the episode by introducing himself and expressing his enthusiasm about having Giles Greenfield as a guest, someone he met at the Private Risk Management Association Summit.

The conversation quickly delved into the nitty-gritty of the UK's private client insurance landscape. Greenfield provided valuable insights, drawing parallels and disparities between the UK and US markets. They discussed how international relationships among UK and US brokers significantly streamline communication, trust levels, and improve insurance program design for high net worth and ultra high net worth clients with properties interests in both countries.

A major focus of the discussion was the comparison in coverage and underwriting approaches between the two countries. The absence of umbrella liability policies in the UK, as noted by Giles, underscored the UK's less litigious nature compared to its US counterpart.

Both Thoennessen and Greenfield addressed pressing concerns brokers face in their respective regions, particularly the challenges surrounding escape of water incidents. These incidents, especially concerning historical or listed properties, were highlighted as significant hurdles for clients and insurers.

Overall, this podcast episode offers a comprehensive analysis of the private client insurance market. It not only emphasized the nuances between the UK and US markets but also underscored the pivotal role of international relationships. Furthermore, it shed light on the intricate challenges brokers encounter while addressing distinctive coverage issues in their respective regions.
Resources:
Markham Private Client - https://markhambrokers.com/
What is a listed building article - https://www.mansionglobal.com/library/listed-building
Wondeur AI - https://wondeur.ai/
Private Risk Management Association - https://www.privateriskmanagement.org/

Thoennessen kicked off the episode by introducing himself and expressing his enthusiasm about having Giles Greenfield as a guest, someone he met at the Private Risk Management Association Summit.

Previous Episode

Preparing for Wildfire Risk with Certified Wildfire Mitigation Specialist Mike Thayer

In this information-packed episode, host Kurt Thoennessen and certified wildfire mitigation specialist, Mike Thayer provides invaluable insights on wildfire risks and prevention strategies. As wildfires continue to rise in severity across the Western U.S., homeowners must get prepared.

Key topics discussed:

The role of wind events in driving large, fast-moving wildfires that rapidly spread
How extended drought and historical fire suppression have built up fuel loads, contributing to more severe fires
Why ember intrusion, not walls of flames, cause most home ignitions - defensible space is critical
New standards like the zero to five foot “non-combustible zone” being mandated in CA by 2025 to protect homes
The wildland urban interface expansion in western states lacking CA’s wildfire building codes
The impacts of insurance availability and modeling on admitted/non-admitted markets
The value of wildfire risk education for homeowners that explains the “why” behind mitigations
Specific home hardening measures (ember-resistant vents, gutter guards, etc.) that make homes insurable

As Mike emphasizes, wildfire readiness education and prevention work must expand outside California to other wildfire-prone states. All homeowners with natural vegetation exposure should proactively mitigate now, before threats grow. Advanced preparation is key to saving homes and making them insurable.
Resources:

The ibhs website/standards that Mike mentions explains the "why" behind wildfire mitigation recommendations through videos and other content. - https://ibhs.org/wildfireready/
The ArcGIS product showing expansion of homes in the wildland urban interface, with percentage increases by state from 2007-2020. Allows visual hovering over states. - https://storymaps.arcgis.com/stories/6b2050a0ded0498c863ce30d73460c9e
This is an article Mike Thayer read about potential "doomsday" scenarios if a major non-admitted carrier wildfire loss occurred, and the impacts that could have. - https://www.kqed.org/science/1985175/insurance-in-california-is-changing-heres-how-it-may-affect-you
The updated CalFire wildfire hazard severity zone maps that recently came out, designating more high risk WUI areas. - https://www.fire.ca.gov/incidents.
All Things Wildfire Podcast - https://allthingswildfire.com/
Wildfire Prepared Website - https://wildfireprepared.org/

Mike Thayer's linkedin - https://www.linkedin.com/in/michael-thayer-wms/

Next Episode

Flood Risk and Insurance Solutions with Joe Rossi of Joe Flood Insurance

In this enlightening episode of the "Private Client Risk & Resilience" podcast, host Kurt Thoennessen, CEO of RiskRevu, is joined by Joe Rossi, the CEO of Joe Flood Insurance Brokerage. They delve into the intricate world of flood insurance, highlighting the unique challenges and solutions facing owners of high value properties.

Key Highlights:

Joe Flood's Background: Discover Joe's journey from community activism to leading a flood-only insurance brokerage, advocating for more affordable insurance rates.
Unveiling Asset Risks: Kurt explores the significant risks faced by successful people through their assets and lifestyle, emphasizing the complexity of protecting large assets.
Innovative Insurance Solutions: Joe Flood shares insights on creating custom insurance solutions for high-value properties, addressing the gap in traditional flood insurance offerings.
Market Evolution: Engage in a discussion about the evolving landscape of flood insurance, driven by increasing catastrophic events and new market entrants.
Regulatory Insights: Gain clarity on the regulation in surplus lines and MGA operations, debunking common misconceptions about non-admitted markets.
Behind-the-Scenes Processes: Uncover the detailed process of risk modeling and underwriting used by Joe Flood Insurance, demonstrating their commitment to tailored insurance solutions.
Partnership and Growth Opportunities: Learn how to engage with Joe Flood Insurance for both insurance quotes and professional partnerships, fostering a collaborative environment in the insurance industry.

Whether you're an insurance agent seeking to refine your skills or someone looking to protect substantial wealth, this episode is packed with valuable insights and innovative strategies for navigating the complexities of flood risk insurance.
Resources:
https://www.joefloodinsurance.com/

Private Client Risk & Resilience - UK Private Client Insurance Landscape and the Value of International Networking with Giles Greenfield, CEO of Markham Private Client

Transcript

Kurt Thoennessen00:00:02.700

There are more wealthy people today than ever before in the history of the world. The risks they are exposed to through the assets they acquire and their unique lifestyles are significant. The bigger the asset, the bigger the potential loss. The bigger the potential loss, the more complicated the mechanisms for protecting those assets becomes. This show seeks to uncover the risks that successful people face. So we can provide some guidance