The insurance industry has never been more critical, with the risks of climate volatility, cyber threats, and geopolitical instability shaping the world in unprecedented ways.
FAnews spoke to Andrew Coutts, CEO of Hollard Insure, about how the industry is evolving, what it takes to lead in such a volatile environment, and his vision for the future of the sector.
The evolving role of the insurance industry
The risk landscape has become increasingly complex, with risks now interconnected in ways that make them harder to predict or mitigate.
“The risk environment has never been more complex,” says Coutts. “Losses are seldom isolated events anymore.”
To illustrate this, Coutts compares the modern risk environment to the themes often seen in Western films, where gold shipments were vulnerable to stagecoach robbers.
“If gold was the most valuable asset back then, data is undoubtedly our most valuable asset today. Data is subjected to thousands of attacks per second, from unknown sources around the world,” he explains.
Coutts also draws parallels between the current risks and those of the past, noting that both the scale of climate events — storms, earthquakes, floods — and geopolitical upheavals, like tariffs, sanctions, and the risk of war, are of similar magnitude. However, he stresses that this makes insurance more relevant than ever before.
“Insurance has always underpinned investment, enabling growth and entrepreneurship. Without it, economies slow, and confidence diminishes.”
He believes that in a world where disaster risk is higher than ever before, insurance offers much-needed stability.
“Insurance is not just a financial product but a vital part of the social and economic infrastructure,” he adds. It plays a key role in rebuilding homes, preserving jobs, and helping communities recover.
“We have the opportunity to turn uncertainty into resilience and help people plan, invest, and dream with confidence, knowing they are not alone when the unexpected happens.”
Becoming the best version of ourselves
As the CEO of Hollard Insure, Coutts believes that leadership is about empowering others to be their best selves.
“Leadership is about vision, foresight, and focus. It’s not about rules or hierarchies, but about teamwork and ownership,” he explains.
Coutts recently drew inspiration from his daughter’s school, where he heard the speech of the Head Girl, a deaf student who had overcome tremendous challenges to excel both academically and athletically. Her story highlighted the importance of pushing oneself, but also of staying true to one’s own values.
“She said that it wasn’t about being the best; it was about being her best,” Coutts recalls.
This philosophy of self-improvement is something Coutts strives to instil in those he works with, encouraging them to aim high and pursue bigger dreams.
“If our dreams don’t scare us, they’re not big enough,” he says.
Why Hollard?
For Coutts, Hollard represents a purpose-driven organisation with a long-term, values-led philosophy.
“The how matters — how we treat our customers, brokers, and each other,” he explains.
At Hollard, employees are encouraged to take what they do seriously, but not themselves. It is this entrepreneurial spirit that makes the company stand out.
For brokers, Hollard is a genuine partner. The company values the role brokers play as trusted advisers, always striving to remain relevant and accessible to them.
For customers, Hollard’s focus is on empathy, fairness, and dignity.
“When something goes wrong, our customers know they won’t be alone,” Coutts says. “We focus on helping them recover and move forward.”
Ultimately, Coutts believes that Hollard’s commitment to people, values, and partnership sets the company apart, ensuring its continued success in a rapidly changing world.
Leadership in a complex world
Leading an insurer in today’s rapidly changing world requires more than just short-term thinking.
While many argue that long-term planning is becoming less relevant, Coutts disagrees. He believes leadership needs to balance both short-term execution and long-term vision.
“More than ever, leadership should be seen as stewardship, not short-term optimisation,” he says. “We need to maintain a clear long-term vision while executing effectively in the short term.”
Coutts also emphasises the importance of values when navigating complexity.
“In a world that demands quick decisions with imperfect information, values must be our compass,” he explains. “Leaders must simplify complexity without denying it,” and create alignment to execute with pace and precision.
“Values are more important than ever.”
The power of people and culture
Coutts is adamant that the success of any organisation comes down to its people and culture.
“You can have the best strategy on paper, but it’s people who turn promises into lived experiences,” he says.
At Hollard, people are empowered to act with integrity and courage, especially in emotionally complex situations.
The right culture is the bedrock of success.
“Culture ensures that when no one is watching, the right thing still happens,” Coutts notes.
For him, this principle is the ultimate enabler of success, creating an environment where employees feel both accountable and trusted.
“At Hollard, we foster a culture where people are empowered to make decisions that reflect the company’s values,” Coutts explains. “It’s all about accountability paired with trust.”
Adapting to a changing industry
Looking forward, Coutts sees the insurance industry undergoing a significant shift.
Traditionally, insurers have relied on passive risk transfer — essentially raising premiums to meet higher risks. But Coutts believes this approach is no longer sufficient.
“We must move from passive risk transfer to active risk management,” he says, emphasising that this will require collaboration across the entire ecosystem, not just individual companies.
The key to success will be technology and data, but Coutts stresses the need for responsible use.
“We must embrace everything technology offers, but always with responsibility,” he says.
As the industry moves toward more proactive risk management, trust will be paramount.
Despite these changes, Coutts believes the true value of insurance goes beyond the claims process.
“Our real value isn’t just in the claim; it’s in the confidence we create by preparing people for the worst,” he says.
“We help people plan for events they hope will never happen, but knowing they are prepared and protected gives them the confidence to live, grow, and invest every day.”
