Insurance is a serious matter that can be great fun if you read through the lines. Today’s story is about a political threat that will hopefully turn out to be a joke. Enjoy!
Some time ago, we heard that Mr. Donald Trump, a seasoned businessman, reflects on a possible Joint Venture with Greenland. The word "Joint Venture" is used here to avoid potential political implications.
As an insurance guy, I immediately thought that any change in any type of situation is a source of opportunities.
It goes without saying that the United States, in addition to their already strong military presence, would invest heavily into the infrastructure of this strategically located island. This means that insurable goods would multiply, that local people would find many job opportunities and become affluent, and also a probable migration from the mainland.
Now, the main question for an insurer will be: “Should I already now set up a local presence or wait for further political developments? At this point, it wouldn’t pay but things can change rapidly. For example, the Russians and the Chinese could show an interest that goes beyond supposed planning.
Some people will tell me that there is an interesting market for pet insurance, particularly polar bears and the cubs they have with grizzly bears. Others are more volume-oriented and advise me to sell parametric insurance against floods.
Now, I shall reveal my main source of information. It is my close friend ChatGPT. She listed all traditional insurance coverages, advising me to consider local conditions. So far so good! However, I was intrigued by some suggestions. You may judge their value.
• Climate Adaptation Insurance: Covering the costs of retrofitting or adapting infrastructure and properties to withstand changing environmental conditions.
• Telecommunications Insurance: Covering infrastructure which is critical to maintaining connectivity in a remote area.
• Adventure and Eco-Tourism Insurance: For tourists engaging in activities like ice climbing, Arctic safaris, or expeditions.
• Cultural Heritage Insurance: Protecting Indigenous Greenlandic traditions, artifacts, and practices against potential loss or damage.
I would be thrilled if you came up with even more exotic ideas!
This is the beauty of being an insurer with a creative side not only for new technical solutions but also to see the poetry or the funny side of situations. Join us to read or listen to more stories.
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