MENU SEARCH STORY Reviewing Risk Chaucer’s Chief Risk Officer, James Wright, explains how there are the two sides to reviewing and controlling the risks being taken by the business. This also involves how Chaucer compares to other companies in the sector. __ When it comes to risk, Chaucer works with a “three lines of defence model,” says James Wright, the company’s Chief Risk Officer. “You have policy underwriters and they manage their own risks and balance risk and reward. They’re the first line of defence. I’m responsible for the second line of defence, which is reviewing the risks being taken in the business – we’re a bit of a control function.” The third line of defence is the functions that provide independent assurance such as internal audit. Cookies By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively. Accept All Cookies Manage cookie settings

MENU SEARCH WHERE WE ARE London Located close to the Lloyd’s building in the City of London, our global headquarters has underwriting and claims teams working on business from all over the world. Our underwriters operate from our boxes inside the Lloyd’s Building, and from our office on Lime Street. Talk to us Cookies By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively. Accept All Cookies Manage cookie settings

MENU SEARCH NEWS Chaucer and Yokahu launch affordable microinsurance product to tackle underinsurance in the Caribbean Chaucer, the leading global specialty (re)insurance group, along with parametric insurtech start-up, Yokahu, are launching a new microinsurance product, which will provide cover following hurricane events in the Caribbean. This new parametric product will tackle the problem of underinsurance in the region, where the insurance gap is estimated to be $50bn. Up to 60% of property in the Caribbean is not built to a standard that is considered traditionally insurable. This is compounded by high premiums making insurance unaffordable to many of those living in the region. Parametric insurance products offer pre-specified pay-outs when a trigger event occurs. They are commonly used in developing economies, where underinsurance due to affordability and infrastructure challenges can cause significant problems. As loss adjustment is not required, pay-outs are usually faster than with traditional insurance products. Cookies By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively. Accept All Cookies Manage cookie settings

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