The Political Risk Podcast

Hosted by David Benyon

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Jun 2026

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About the show

Geopolitics, insured. An independent podcast, focused on geopolitics and insurance markets, serving risk professionals, leaders and decision makers in specialty insurance and beyond. Join journalist and host David Benyon for an exclusive guest list mixing senior brokers and underwriters from the world of specialty insurance with wider geopolitical expertise from authors, academics, analysts and diplomats.

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June 4, 2026Episode 7035 min

Mobilising Capital: Credit and Political Risk Insurance and the Future of Global Investment, with AXA XL's Rafael Docavo Malvezzi

Credit and political risk insurance has become a critical tool for mobilising capital into complex markets, supporting trade, investment and development finance through a period of heightened geopolitical and credit uncertainty. In this episode, Rafael Docavo-Malvezzi, global chief underwriting officer, political risk credit and bond at AXA XL, discusses the credit cycle, underwriting challenges, development finance and the role of the private market in supporting global investment. He also reflects on his career across risk management, economics and insurance, as well as his role as vice president of the Berne Union.

May 26, 2026Episode 6937 min

Choke Points & Geopolitical Risk: Resilience Building for Supply Chains in Crisis; in association with Gallagher Specialty

Geopolitical risk is putting global supply chains under renewed pressure, with the Strait of Hormuz crisis adding to existing concerns around trade disruption, tariffs and fragile logistics networks. Alec Russell, managing director, cargo for Arthur J Gallagher International, and Alex Vile, associate consultant, threat intelligence at AnotherDay, a Gallagher company, discuss how organisations are responding to supply chain risk in theory and practice. The conversation explores the immediate impact of Gulf tensions, the structural weaknesses exposed by recent disruption, and the role of insurance, crisis consulting and threat intelligence in building resilience. With nine-in-ten businesses experiencing a supply chain loss, this special episode, produced in association with Gallagher Specialty, examines what companies can do to prepare for the next crisis.

May 13, 2026Episode 6844 min

The Iran Conflict and its effects on Political Violence Re/insurance, with Sandy Warne, Dan Callow & Cosmo Warner

War in the Gulf in 2026 is a defining event for political violence. Underwriters face unprecedented claims activity, with individual Iranian missile and drone strikes accounting for hundreds of millions of dollars in damage, together representing more insured financial loss in just a few weeks than several years of the Russo-Ukrainian war.Sandy Warne of Sukoon, Dan Callow of Starr, and Cosmo Warner of Price Forbes together discuss market reactions, capacity and pricing dynamics, regional exposure concerns and a rapidly evolving risk environment – as well as what’s likely covered or excluded by policies bought before the conflict.The conversation is a shortened audio version of a recent webinar hosted by Global Reinsurance, which was named “Reinsurance in a Time of Escalating Tension”, available here. https://www.globalreinsurance.com/dwic-webinars/webinar-reinsurance-in-a-time-of-escalating-tension/1458331.article

May 1, 2026Episode 6759 min

Hotels as Targets: Data-led Malicious Risk Underwriting; with Muir Analytics’ Jeff Moore

Hotels are increasingly on the frontline of political violence and malicious risk, from terrorism and civil unrest to missile and drone attacks. In this special episode, Jeff Moore, PhD, CEO of Muir Analytics, explains how data-led underwriting and threat intelligence are reshaping how insurers and risk professionals understand and price these exposures. Drawing on case studies from the SecureHotel Threat Portal, the discussion explores why the hotel sector has become one of the most exposed global industries, and what that means for underwriting, risk mitigation and resilience in a volatile geopolitical environment.

April 13, 2026Episode 6634 min

Modern Perils and Modern Assets: UAVs, Data Centres and the Next Frontier of Risk; with Blackthorn’s Jerry Smith and Thea Grootenhuis

Modern perils are colliding with modern assets, as drones and data centres reshape the risk landscape in real time. Blackthorn senior broker Thea Grootenhuis and head of advisory Jerry Smith explore how UAV-enabled attacks, critical infrastructure vulnerabilities, and a volatile geopolitical and malicious risk environment are converging. Drawing on live conflict dynamics in the Gulf, alongside lessons from Ukraine and other global hotspots, the discussion examines how disruption can quickly translate into business interruption and systemic risk. From the democratisation of drone technology to the growing concentration risk around data centres, the conversation asks what steps organisations should be taking now to stay ahead of emerging threats.

March 26, 2026Episode 6546 min

Active Assailant Risk: Data Demands to Underwrite a Deadly Peril

A special episode exploring the rise of active assailant risk and the growing demand for data-driven underwriting in a rapidly evolving threat landscape. Joshua Watson, senior underwriter, war and terrorism, North America, at Markel International, joins Gamze Tekin, senior product owner at Concirrus, to examine how this peril has moved to the forefront of crisis management and political violence insurance.The discussion explores what makes active assailant risk distinct, from its frequency characteristics to its human and financial impact. Active assailant is a peril on the rise, with protection gaps facing corporate buyers, near-daily incidents taking place, and changing US state regulation on workplace violence.Conversation turns to the underwriting challenges for a peril that is far removed from physical damage focus of most PV perils. Additional challenges include managing aggregation and portfolio exposure, and the limits of traditional data when assessing fast-moving, unpredictable threats.The final section focuses on closing the data gap, from real-time risk visibility to AI-enabled underwriting tools designed to support better decision-making in complex scenarios. With attacks increasing, particularly in the US, this episode unpacks why active assailant risk is becoming one of the most pressing and technically challenging areas in specialty insurance today.

March 17, 2026Episode 6427 min

War and terrorism: an integrated approach to claims and underwriting; with LSM's Sarah Howell & Jennie Beard

War, political violence and terrorism demand close coordination between underwriting and claims teams – particularly when geopolitical crises escalate quickly. In this special episode, Sarah Howell, head of first party claims, and Jennie Beard, underwriting manager, war and terrorism, Liberty Specialty Markets, discuss how collaboration works in practice, drawing on experience managing global a portfolio and responding to major loss events. The conversation explores lessons learned from the Russia-Ukraine war, how insurers are adapting processes, the use of open-source intelligence for loss adjusting, and the creation of a Lloyd’s Market Association claims coordination group.

March 5, 2026Episode 6327 min

Middle East update and the evolution of Credit and Political Risk Insurance, with BPL's James Esdaile

The rapidly evolving Middle East crisis forms the start of this conversation with James Esdaile, executive chairman of BPL, examining the immediate implications for insurance markets since the US and Israel began military operations against Iran on Saturday. The interview that follows explores the evolution of credit and political risk insurance (CPRI) and standalone political risk insurance (PRI), different products typically for different buyers with different motivations. Esdaile reflects on his nearly three decades in the market, from joining BPL as a graduate trainee and rising to the top of the dedicated CPRI/PRI insurance broker. Along the way, the conversation touches on geopolitical drivers, expropriation risk, resource nationalism, and Venezuela as another political risk crisis case study to watch.

February 19, 2026Episode 6232 min

Political violence broking and multinational client strategy in a complex threat environment, with Price Forbes’ Cosmo Warner

Political violence entered 2026 in an increasingly complex risk environment and a highly competitive insurance market. Cosmo Warner, director, war, terrorism and political violence at Price Forbes, reflects on recent renewals and what they reveal about the state of the market. The conversation explores how London’s specialty market is balancing soft pricing with emerging loss activity and shifting client expectations. We examine demand dynamics within multinational portfolios, why London remains the pre-eminent hub for PV, and where competitive pressures could begin to erode that position. Recent claims activity is assessed, including how underwriters are reacting to soft pricing and the flow of information when losses occur. Discussion turns to multinational client strategy: how to avoid gaps and duplication between terrorism, political violence and property programmes; and how buyers can use current conditions to strengthen resilience before the cycle inevitably turns.

February 5, 2026Episode 6132 min

Political Risk and Violence Intelligence: Turning Signals into Structured Peril Insights

Canongate AI is a new political risk and political violence intelligence solution that converts millions of geopolitical inputs into structured intelligence for underwriters. Already deployed by specialty insurers, the platform provides underwriters and analysts with a clear, structured view of the geopolitical landscape, distilled by AI, from what would otherwise be an overwhelming flow of raw information.Tim Hurst, Canongate AI’s co-founder and chief technology officer, is joined by James Newport, executive director of forecasting advisory the Swift Centre, for this special episode, to explain how Canongate ingests millions of documents from government sources, corporates, trade unions, NGOs and others, turning these signals into territory and peril specific insights, making sense of a volatile world.