Andrew joined QBE as Group Chief Executive Officer in September 2021. With a strong focus on bringing the enterprise together, Andrew has driven performance consistency and progress towards QBE’s vision to become the most consistent and innovative risk partner. He was previously the CEO, and before that the Finance Director, of Beazley Group, a specialist international insurer based in the United Kingdom. Prior to this, he held various senior finance roles in ING, NatWest and Lloyds Bank. Andrew’s career in insurance and banking spans more than 30 years and he has extensive experience across international markets.

Highlights from the Show

1. Sustainable Profitable Growth
   • Andrew emphasizes the importance of sustainable growth in the insurance industry, highlighting the need for a balanced approach to risk and pricing models.
   • He discusses the pitfalls of rapid growth without considering long-term consequences, stressing that growth should be managed sensibly.
2. Innovation and Client Focus
   • The conversation touches on the necessity for the insurance industry to listen to clients and innovate based on their needs.
   • Andrew mentions QBE's commitment to integrating innovation within the company, ensuring that all teams are aligned with customer needs.
3. Mitigation Strategies
   • Andrew discusses the need for the insurance industry to adapt to new normals, particularly in the context of natural disasters【4:2†source】.
   • He advocates for building back better after catastrophic events, rather than simply restoring properties to their previous state.
4. Market Viability and Affordability
   • The episode explores the challenges of maintaining market viability amidst rising costs and the need for affordable insurance.
   • Andrew reflects on the balance between providing coverage and ensuring that it remains accessible to clients.
5. Diversification and Growth Opportunities
   • Andrew discusses the importance of diversification in insurance offerings, particularly in niche markets.
   • He highlights QBE's strategy of exploring smaller, specialized markets that can contribute to overall growth.

Overall Takeaways

• Balance is Key: Sustainable growth in insurance requires a careful balance of risk management and innovation.
• Client-Centric Approach: Listening to clients and adapting to their needs is crucial for long-term success in the insurance industry.
• Proactive Mitigation: The industry must focus on proactive strategies to mitigate risks associated with natural disasters and changing environments.
• Affordability Matters: Ensuring that insurance remains affordable is essential for maintaining market viability.
• Embrace Diversification: Exploring niche markets and diversifying offerings can lead to meaningful growth opportunities.

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Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.