In the traditionally rigid world of risk management, the prevailing wisdom is that certain assets are simply too volatile, too unique, or too unpredictable to cover. However, Jack Skallerud Bråthen of Norbergh Forsikring is challenging that orthodoxy, asserting that virtually any risk can be insured if the right framework is established.
This philosophy represents a shift toward highly bespoke insurance solutions, moving away from the standardized “off-the-shelf” policies that dominate the consumer market. By focusing on the mathematical possibility of risk rather than the conventional categories of “insurable goods,” Bråthen suggests that the boundaries of the insurance industry are far more flexible than most policyholders realize.
The core of this approach lies in the ability to quantify risk and price it accordingly. While a standard insurer might decline a policy for a highly unconventional asset due to a lack of historical data, a more agile approach involves creating a tailored contract that defines the specific triggers and valuations of that asset. This means that for those with the means and the specific need, the scope of Norbergh Forsikring’s insurance capabilities extends to the fringes of the market.
The Mechanics of Universal Insurability
The claim that “absolutely everything can be insured” is not a suggestion that every policy will be affordable or accessible to the general public, but rather a statement on the technical capacity of the industry. From a technical standpoint, insurance is essentially a contract based on a probability of loss. If a risk can be defined and a premium can be calculated to cover that probability (plus a margin for the insurer), a policy can exist.
For the software engineer in me, this is akin to an API for risk; if you can define the input (the risk event) and the output (the payout), the underlying logic can be built. In the case of Norbergh Forsikring, this involves moving beyond the typical residential or commercial templates and engaging in a deeper analysis of the specific asset in question. This may include everything from rare collectibles and emerging tech infrastructure to complex liability scenarios that don’t fit into standard industry buckets.
This bespoke model relies on several key pillars to function without bankrupting the underwriter:
- Precise Valuation: Establishing an agreed-upon value for the asset at the start of the policy to avoid disputes during a claim.
- Risk Mitigation Requirements: Requiring the policyholder to implement specific security or maintenance measures to lower the probability of loss.
- Customized Exclusions: Clearly defining what is not covered to ensure the insurer isn’t exposed to systemic or unquantifiable “black swan” events.
Who Benefits from Bespoke Coverage?
This approach to insurance is particularly relevant for high-net-worth individuals, specialized entrepreneurs, and companies operating in the “grey areas” of innovation. As we see the rise of digital assets, decentralized finance, and highly specialized industrial robotics, the gap between what is “standard” and what is “needed” grows wider.
For a startup founder with a proprietary piece of hardware that has no market equivalent, a standard business insurance policy may offer negligible protection. A tailored policy, however, can protect the specific intellectual and physical value of that asset. Similarly, collectors of rare artifacts or unique biological assets find that the “universal” approach to insurance is the only way to secure their investments.
The implications extend to how we perceive risk in the modern economy. When the industry moves toward a model where almost everything is insurable, it effectively lowers the barrier to entry for high-risk, high-reward ventures. If a business owner knows they can hedge their most unconventional risks, they are more likely to innovate.
The Constraints of the “Everything” Model
Despite the theoretical possibility of insuring any asset, there are practical and legal boundaries. No insurance company can insure against “everything” in a literal sense—such as intentional destruction or events that are legally prohibited. The “absolutely everything” claim refers to the types of assets and risks, not the circumstances of the loss.
the cost of such policies can be prohibitive. In the insurance world, there is a direct correlation between the uniqueness of a risk and the cost of the premium. Because the insurer cannot rely on a massive dataset of similar claims to predict losses, they must build in a larger “uncertainty buffer.”
| Feature | Standard Insurance | Bespoke (Norbergh Approach) |
|---|---|---|
| Asset Scope | Pre-defined categories | Virtually any quantifiable asset |
| Pricing | Actuarial tables / Group data | Individual risk assessment |
| Flexibility | Low (Fixed terms) | High (Custom contracts) |
| Speed of Issue | Near-instant | Requires detailed underwriting |
Navigating the Regulatory Landscape
Operating in this space requires a sophisticated understanding of the regulatory environment. In Norway and across Europe, insurance is heavily regulated to ensure that companies maintain enough capital to pay out claims. By offering highly specialized policies, insurers must be careful not to over-leverage themselves on “unconventional” risks that could potentially correlate during a single catastrophic event.
This is where reinsurance comes into play. Many primary insurers offload a portion of these bespoke risks to global reinsurance giants, effectively spreading the risk across the global financial system. This synergy allows a firm like Norbergh Forsikring to offer wide-ranging coverage while maintaining a stable balance sheet.
For those looking to explore these options, the process typically begins with a comprehensive risk audit. Instead of choosing a plan from a dropdown menu, the client describes their asset, the potential threats to that asset, and the financial impact of a total loss. The insurer then constructs a policy that mirrors that specific reality.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Insurance terms and availability vary by jurisdiction and individual risk profile.
As the economy continues to evolve with the integration of AI and new forms of property, the demand for this flexible approach is expected to grow. The next phase for the industry will likely involve the integration of real-time data—via IoT and sensors—to adjust premiums dynamically based on the actual state of the insured asset.
We invite you to share your thoughts on bespoke insurance in the comments below or share this article with your network.
