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Listen "The TRUTH About How Insurance Really Works (and Why Most Investors Get It Wrong) | Ep. 49"
Episode Synopsis
Join 28,000+ doctors and dentists in the 'Investing for Doctors' Facebook group: https://facebook.com/groups/investingfordoctors -----In this episode of Investing for Doctors, Dr Bi Mian is joined by general insurance broker Lisa Hiscock, whose global career spans reinsurance and complex risk underwriting with companies like Lloyd’s of London and AXA. Together, they unpack one of the most overlooked parts of wealth building, how to protect what you’ve already built.Lisa explains what insurance really is, not just a policy, but a promise to restore you when things go wrong. From how premiums are priced to why reinsurance exists, she breaks down how insurers think about risk, and why climate change, floods, and bushfires are reshaping what’s even insurable. You’ll also hear how underinsurance happens, the traps investors fall into when they renovate or forget to update policies, and why liability cover matters more than most people realise.For doctors growing wealth outside of medicine, this conversation is your reminder that insurance isn’t a cost, it’s a strategy for risk management. Whether you own clinics, investment properties, or commercial assets, understanding how to structure the right protection can mean the difference between recovering and starting over when disaster strikes.-----TIME STAMPS:00:00 Intro/Hook02:11 Lisa Hiscock's Background and Career in Insurance03:55 Lloyd's of London/Understanding Insurance and Reinsurance05:40 General Insurance Brokerage and Its Scope07:46 How Insurance works16:39 Property Insurance and Its Components18:28 Owner-occupier Insurance26:27 Landlord Insurance and Strata Responsibilities30:29 Aggregation of Insurance Risks and Government Involvement40:36 Technological Advancements in Risk Assessment44:07 Services Provided by Insurance Brokers46:17 Conclusion/Outro-----SHOW NOTES LINKShttps://ifdgroup.com.au/ https://doctorbi.com.au/ https://au.linkedin.com/in/mian-bihttps://www.linkedin.com/in/lisa-hiscock-7308a259/----- LISTEN TO THE PODCAST Spotify: https://open.spotify.com/show/07DS5AxlbgmkuvP6zQGgtN Apple Podcasts: https://podcasts.apple.com/au/podcast/investing-for-doctors-podcast/id1775535608 Amazon Music: https://music.amazon.com/podcasts/b9de46bc-e29d-4402-9e9e-959a3a5dc8da/investing-for-doctors-podcast ----- FIND US HERE Website: https://ifdgroup.com.au/ Facebook Group: https://www.facebook.com/groups/investingfordoctors Facebook Page: https://www.facebook.com/investingfordoctors ----- DISCLAIMER The information provided in this podcast is for general purposes only and should not be considered personal advice. Always consult with qualified professionals or experts in the relevant field for personalised advice tailored to your specific situation.
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