On Monday, London-based insurtech provider Loadsure announced it is massively expanding its presence in Europe, offering its freight insurance and risk management solutions to Germany, France, Denmark, Norway, Finland, Sweden and the Benelux region — Belgium, the Netherlands and Luxembourg.
The company also announced its new hire, Ben Brough, will lead the international team as the director of Europe, bringing almost three decades of underwriting and insurance experience. His focus will be building up the operation and expanding the company into other countries nearby.
The region deals with a number of trade challenges that provide Loadsure ample opportunity to improve the risk coverage that comes with transporting through European trade lanes.
The first of those is Mother Nature herself. In 2023, the continent dealt with its hottest summer on record, according to a European Environment Agency report. This led to unexpected weather hazards including forest fires, heatwaves and intense downpours that often destroyed property and infrastructure.
On the policy side, Brexit pushed panic buying in the region, causing raw material shortages for citizens already dealing with the aftermath of Russian sanctions limiting exports and changing ship routes.
Much like the United States, the continent also dealt with inflation, seeing rates double for many countries.
According to Loadsure, more than 60% of cargo in transit is under- or uninsured worldwide, so just by providing better coverage in Europe, Loadsure believes it can help brokers, shippers and carriers eliminate their risk exposure through what the company calls “holistic freight protection.”
This means providing more than coverage but utilizing modern technology to help with risk mitigation, risk assessments, claims assistance and collaboration among all parties involved in trade.
“The freight and logistics sectors in Europe play a vital role in facilitating trade and maintaining the smooth flow of goods. But they face a difficult supply chain environment exacerbated by the war in Ukraine, Covid19, Brexit, sustainability concerns and the need to adapt to technological transformation and integration, with transportation costs going up across the globe,” Brough said in the release. “Streamlining processes and investing in digital solutions is critical to deal with these issues.”
Initially, the company will provide three of its insurance products, Thames, an automated underwriting service; Huron, a product for ocean cargo coverage; and Danube, providing on-demand coverage for goods while in transit or storage.
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