Engineering Insurance in the SME Landscape

In a comprehensive interview, Fergus Mc Namara, Managing Director at FDM Engineering UM, offers a detailed overview of their company's evolution over two decades and sheds light on the expanding landscape of engineering insurance.

Reflecting on their inception in 2004, Mc Namara recounts their modest beginnings and gradual growth into a prominent player in the industry. He emphasizes the strategic significance of SMEs in driving growth, particularly amidst government initiatives aimed at infrastructure development.  

With an impressive annual growth rate of approximately 15%, largely fueled by smaller brokers focusing on SME clients, Mc Namara underscores the critical role of technical expertise and experience in underwriting.  

He advocates for a symbiotic relationship between brokers and underwriters, stressing the importance of tailored training programs and ongoing support to empower brokers to effectively navigate the complexities of engineering insurance.  

Mc Namara concludes with a call to action for brokers to capitalize on the abundant opportunities within the SME sector, highlighting the imperative for collaboration and innovation to sustain growth in the dynamic landscape of engineering insurance.

Take aways

• SME Sector Growth: FDM Engineering UM's success story underscores the significant growth potential within the SME sector of engineering insurance. This sector is experiencing notable expansion, driven by government investments in infrastructure and a push for SME development.

• Opportunities for Brokers: Brokers stand to benefit from focusing on SME clients, as evidenced by the substantial growth rates experienced by smaller brokers catering to this segment. There's ample room for brokers to tap into this market and expand their business.

• Technical Expertise is Crucial: Understanding the technical aspects of engineering insurance is paramount. Underwriters and brokers alike must possess the necessary technical skills and experience to evaluate risks accurately and tailor insurance solutions accordingly.

• Collaborative Approach: Success in the engineering insurance space hinges on collaboration between brokers and underwriters. Brokers should seek out underwriting partners who provide comprehensive training, ongoing support, and a willingness to work closely to navigate the complexities of the field.

• Service-Oriented Approach: FDM Engineering UM's emphasis on exceptional service sets them apart. Brokers value prompt responses, clear communication, and personalized support, making service excellence a competitive advantage.

• Concerns for the Future: While the outlook for SME engineering insurance appears promising, there are concerns about the availability of skilled engineers. Addressing this shortage requires collaboration between the government and private sector to ensure an adequate supply of qualified professionals to support industry growth.

Overall, the interview highlights the thriving landscape of SME engineering insurance, the importance of technical expertise and collaboration, and the need for ongoing innovation to address future challenges.