Page 1 August – September 2018

Inclusion zone e New initiatives shaping the a diversity agenda

Journey’s end?? Why the travel insurance sector or is under increasing ng strain

Waterworld The risk of flooding ding this winter has not diminished

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CLARK LIFE Incoming CII president Jonathan Clark mapS out his plans for the year ahead

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5 President’s letter New president Jonathan Clark’s goals for his year at the helm

22-24 Travel A sector under increasing pressure as claims mount and fraud is fought

6 -10 News UK and international news from the CII

26-27 Flood risk The new UK Climate Change Flood Model and dealing with the fallout from winter floods


11 Letters 12-13 Regional news News from the local institutes 39 Disciplinary matters

29 Terrorism How Pool Re is tackling the terror threat 34-35 Claims Altering misconceptions and enhancing reputations

REGULARS 14-15 The Interview – Jonathan Clark We talk trust, claims and local institutes with our new CII president 16-19 Hot topic – Diversity The Inclusive Behaviours Pledge is among a new series of initiatives




20 Regulatory radar The latest legislation updates from the UK and Europe 40-42 International profile – South Korea Examining east Asia’s economy and insurance market

44-46 Study room: Low-carbon economy The (re)insurance industry’s commitment to a low-carbon economy future


47 Study room: Q&A The big 10 questions to test your knowledge 48 Study room: A-Z An overview of cybersecurity assistants 50 CII blog Anna Barnes on successful planning



The Chartered Insurance Institute 20 Aldermanbury London, EC2V 7HY Tel: (020) 8989 8464 Fax: (020) 8530 3052 Chief executive: Sian Fisher

The Journal is the official magazine of the Chartered Insurance Institute (CII). Views expressed by contributors or advertisers are not necessarily those of the CII or the editorial team. The CII will accept no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this publication. The Journal is online at journal (members and subscribers only) Should you wish to send your views, please email:

Editor: Michelle Worvell (020) 7417 4763 Deputy editor: Luke Holloway (020) 7417 4778 For sales and advertising please contact ISSN 0957 4883 © 2016 Chartered Insurance Institute. Average total net circulation more than 82,000 Cover Photographs: Jon Enoch

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SAY YES To accessible CPD

Most events and publications from Local Institutes count toward your annual CPD commitment. Local institutes are regional hubs that deliver an extensive range of professional CPD events and networking opportunities to each one of our members based across the UK. In today’s market it is absolutely vital to keep your technical knowledge and capabilities current. Engaging with your local institute can help you achieve this. Local institutes give you access to a wealth of local activities helping you keep your technical knowledge up to date which in turn can support your career progression.

Say yes to staying in touch Stay informed on the activities being run by your local institute by saying yes and opting in to local institute communications. Opt in online Opt in by email Opt in by phone +44 (0)20 8989 8464 Please ensure you have your CII PIN to hand. To ďŹ nd out more about local institutes visit:

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BUILDING FOR THE FUTURE In his first president’s letter, Jonathan Clark outlines his plans for the coming year…


o be elected as the 108th president of the CII at our AGM was a wonderful honour. As I received the president’s jewel from Inga Beale, I was struck by how many of our distinguished past presidents I have had the privilege of working with or being influenced by. It is a reminder to me of the important traditions of this office, which I will uphold. I take over from Inga, who made an outstanding contribution to the institute in her year of office. It is important to me that we build on the good work of Inga’s year in office and her considerable efforts to promote the institute and the work it does to shape the profession. As Inga commented last year in her first letter, we face yet another challenging year ahead with continuing economic fragility in many parts of the world. Closer to home, as I write, the Brexit ‘deal’ is yet to be resolved.

MOVE TO THE MODERN For the CII, the change programme set out in the Strategic Manifesto continues apace as CEO, Sian Fisher, and her team set about redeveloping the CII as a modern and relevant organisation. The move from

Aldermanbury has been well publicised; I look forward to seeing our new premises as the team moves into Lombard Street. I have taken my theme from the CII core vision and it is, put simply, to ‘develop a united profession’. For me, this is a profession that is united around standards and professionalism as well as the diversity of our membership, our activities, who we all are as individuals and – perhaps most importantly – the diversity of the customers we serve. But also, we are united around the inclusiveness of the activities and diverse mix we all bring. As a friend’s mother used to say, “we are all special, we are all unique” – I believe we need to recognise and respect that. Let us build a true community of professionals. We need to be reminding ourselves what being a professional means today – whether it be continued learning or the right behaviours, courtesy, empathy and being ethical in what we do. To that end, I will be championing a renewed focus on the CII’s efforts to promote the profession, to continue to attract young talent and to ensure clients’ and customers’ interests are always at the heart of the profession’s focus. Inga has led the charge for young talent; prior to that, John Moore took our focus to Chartered; and I will ensure we do not lose sight of either theme. As a Chartered insurer and Chartered loss adjuster, I believe we must promote competence and professionalism in all that we do. Finally, I suspect I will say something about claims in my next president’s letter. It is what I have always done, and it is the moment that our product is tested. Thank you to all I have met so far, and I look forward to meeting so many more of you this coming year. ●



Jonathan Clark, President, CII / The Journal / August - September 2018

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@ spri n gfi el dfs We’re extremely proud to announce that we have recently had our corporate chartered status renewed by the CII!

@ Kat h r yn _ Cu ra I am very proud to say that I am now an Ambassador for @CIIGroup Insuring Women’s Futures. As a business owner and mum of three, I think it is incredibly important that we raise the voice of how important women’s financial independence is

@ e l l i otg u t h rie Buzzing to have finally passed my @CIIGroup Diploma in Regulated Financial Planning! Think this must make me one of the youngest Diploma holders in the UK #nextgenplanners #charteredandfellownext




Jonathan Clark, Chartered insurer, has been elected president of the CII for 2018/2019, at the professional body’s annual general meeting. Nick Turner, director of NFU Mutual APFS, has been appointed as deputy president. Mr Clark has been a claims professional throughout his insurance career and sees delivery of the claims service as a critical component of the insurance promise. In his 35 years of claims handling, he has worked with many of the world’s largest corporations on their claims programmes. He joined SCOR in 2013 as head of claims in London and is now global head of claims for business solutions.

Mr Clark, who was elected as deputy president of the CII in 2017, takes over from Dame Inga Beale, the first female chief executive officer at Lloyd’s. Dame Inga’s presidency theme of ‘New Talent’ focused on attracting a new generation of digitallysavvy talent who would successfully meet the needs of a more diverse consumer group. During her tenure, the CII launched its Aspire Apprenticeship Programmes, offering employers across the insurance profession access to quality-assured apprenticeship training programmes. Read our interview with the new CII president on page 14.


LYCETTS BECOMES CHARTERED Lycetts has been awarded Chartered insurance broker status – the insurance industry’s gold standard – by the CII. Lycetts, a leading insurance broker, risk management specialist and financial services provider, achieved the exclusive accolade having demonstrated the highest standards of professionalism, capability and ethical practice. Charles Foster, Lycetts CEO, added: “Chartered status is a powerful endorsement and a valued badge of quality and assurance for clients.

“The achievement is testament to our commitment to business integrity and the continuing professional development of our people – a commitment reflected in exceptional levels of customer service, advice and support provided by our experts.” / The Journal / August - September 2018

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NEWS @Jendun n 81 @CIIGroup Liking the new type used in the R0 revision books. What an improvement, so much easier on the eye

@ ma tri xc ap i tal Congratulations to Claire, the little superstar, passing #CF1 @CIIGroup @pfsconf and now embarking on #FA1 and #FA2 Raising standards and delivering excellence for our clients #FinancialPlanning

@ Loc k ton U K Congratulations to @LocktonUK’s Gary Ennis for receiving a Distinguished Service Medal from CII President, Jonathan Clark, at this year’s CII National Network Conference! @CIIGroup #NC2018 #BrokingDoneDifferently

#CIIGroup Twitter

15,208 Followers and counting...


CII PUBLISHES GENDER PAY GAP DATA The CII is reaching out to employers to take action in reducing the sector’s pay gap. The CII has analysed all 192 insurers, intermediaries, service providers, financial advisers and loss adjusters in the UK who have published pay gap data, and identified an average gender pay gap of 24% (measured as median hourly difference). The professional body has broken down the overall numbers by subsector and recognises that the gap is too great and will be working with employers to reduce it. Key findings: ● Insurers and intermediaries have a median gap of 24% and 23% respectively ● Only three companies have a ‘negative’ gap in favour of women (measured as a median) ● A near equal proportion of men (69%) and women (67%) receive a bonus, but the difference in how much is paid out in

bonuses is significant – the median gap is 42% and the mean gap is 52%. The CII is now calling for a step-change, encouraging the development and sharing of good practice to address the root causes of the gap. The CII’s Insuring Women’s Futures programme has prioritised the development

of a flexible working good practice to help employers to improve career potential for both male and female carers – identified as a key cause of the gender pay gap. For a full copy of the policy briefing document, visit:



NEW PROFESSIONAL FOCUS CPD CONFERENCES The CII has launched a brand-new series of events, dedicated to continuing professional development (CPD) for members. These professional focus events aim to deliver highly topical content, relevant to members’ roles in insurance and delivered by subject matter experts. Attendance for CII members is complementary, and delegates will be able to claim up to four hours and 45 minutes of CPD. From a regulatory perspective, these events coincide with the new Insurance Distribution Directive (IDD) and will be joined by the UK Financial Conduct Authority

(FCA), which works closely with the CII to deliver key messages to the general insurance community. The FCA will discuss its approach to regulation, key focuses and priority areas within its business plan for 2018/2019. Programme highlights include the transformation of the profession in the digital age; cyber; IDD; influencing with integrity; AI and the future of employment; FCA key focuses; and dealing with conflict and stress. For queries and more information, please email: / The Journal / August - September 2018

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DIVE IN FESTIVAL WILL REACH MORE THAN 50 CITIES WORLDWIDE The fourth Dive In Festival for diversity and inclusion in insurance will reach more cities than ever in 2018, marking outstanding growth since its inception in 2015. Events this year will be spread across three days from 25 to 27 September in 26 countries, returning to locations such as London, Perth, Zurich and Bermuda, as well as visiting new cities including Amman, Tokyo, San Antonio and Wellington. Attendees now have the chance to browse and book events, with registration now live in London and selected international locations. The festival has continued to garner

support, with the highest number of gold sponsors from the insurance profession – including AIG, Aon, Chubb, CNA Hardy, Guy Carpenter, Lloyd’s, Marsh, Miller, Prudential, Willis Towers Watson, XL Catlin and Zurich. In 2017, the festival attracted more than 7,000 people in 17 countries and 32 cities. A video learning library of diversity and inclusion content from the last two Dive In festivals is available at: CII CEO Sian Fisher (right) with speakers and delegates at last year’s CII Dive In event in Hong Kong



BIBA SIGNS THE INCLUSIVE BEHAVIOURS PLEDGE The British Insurance Brokers’ Association (BIBA) has joined more than 50 insurers, brokers and industry bodies by signing the industry-wide Inclusive Behaviours Pledge. Spearheaded by the CEOs of Zurich UK and Lloyd’s of London – Tulsi Naidu and Inga Beale – the pledge aims to change unevolved behaviours and create a more inclusive work environment across the insurance sector. BIBA CEO Steve White, who was at the launch of the pledge, said: “Insurance broking

Current discussions include: CII LinkedIn Group ciigroup@linkedin


THIRD PARTY LIABILITY Damage to a “third party car” parked outside office building due to a tree falling over it from office premises. Can this be covered under “public liability policy” for office? →

is much richer for having a diverse range of people employed in it. The pledge addresses discrimination, and signatories agree to promote behaviours that encourage inclusivity and eliminate discrimination. Our commitment to the pledge reflects our 2018 manifesto commitment to support diversity of all kinds and to promote equal opportunities.” Read our diversity Hot Topic article on page 18.

YOUR BUSINESS COULD RECEIVE FUNDING TOWARDS APPRENTICESHIP TRAINING Our new purpose-built Aspire Apprenticeship Programmes are easy to access and convenient to use and help businesses access available funding no matter what size →

CLAIMS MADE GENERAL LIABILITY POLICIES I’m trying to better understand claims made policy conditions. How does the claims made trigger work in principle? → / The Journal / August - September 2018

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CHUBB CLAIMS AWARDED CHARTERED STATUS that the Chubb UK and Ireland claims team has been awarded Chartered insurer status by the CII. This is a tremendous achievement and demonstrates the commitment we have to investing in our people. It also shows the importance we place on the value of professionalism and providing the highest possible levels of service for our customers at all times.”

Chubb has announced that its UK and Ireland claims team has been awarded Chartered insurer status by the CII. Chartered status allows all members of Chubb’s UK and Ireland claims team access to the CII’s technical, market and regulatory research. They also have the opportunity to develop their careers through its specialist qualifications. John Latter, UK and Ireland claims director at Chubb, said: “I am delighted



The CII has launched a consultation paper to seek the views of insurance and personal finance professionals on the current corporate Chartered proposition.

Eleven years on from the launch of the three corporate Chartered titles; Chartered insurers, Chartered insurance brokers and Chartered financial planners, over 900 firms and divisions today hold corporate Chartered status, publicly demonstrating their commitment to professionalism and its importance for clients. The criteria were last revised in 2014 but ensuring Chartered is always the badge of trust for consumers and the public means regular review and consultation. This consultation period will run until 24 September 2018 and is looking to address these key areas: ● Eligibility criteria; how firms demonstrate their commitment to professionalism ● Value proposition; do the current elements of Chartered create a valued outcome ● Process; addressing the application and renewal process ● Oversight; partnering with firms to ensure professional standards are upheld

Expansion; raise awareness of Chartered in the profession and with the public. Key findings will be published in early 2019 or sooner if concluded. Sian Fisher, CEO, Chartered Insurance Institute, said: “These are crucial times for the insurance and personal finance profession, with our recent work on the Public Trust Index highlighting clear areas to address. The CII constantly strives to maintain the standards of professionalism and we’re conscious of the need to always be evolving this support for our membership and the wider sector. This consultation on our Corporate Chartered proposition, is essential to guide and focus our direction of travel.” Responsible members of Chartered firms will receive an email directly with the link to their consultation. Other interested parties (eg non-Chartered firms) can visit:


THE CII HAS NOW LAUNCHED ITS OFFICIAL INSTAGRAM AND FACEBOOK SITES! You can find them here... Follow us now and keep a lookout for lots of new content from around the CII. / The Journal / August - September 2018

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The CII international team now has 12 goodwill ambassadors around the world, voluntarily assisting with promoting CII qualifications and professional standards to achieve the core goal of building public trust in insurance. All are voluntary, qualified members, experienced in the profession and will be communicating with local businesses, advocating the

importance of professional qualifications and sharing best practice to influence sector frameworks. The ambassadors are: Hassan Karim and Russel Effandy, Indonesia; Sean Lin and Gigi Chen, China; Mark Cooper and Suresh Nair, Dubai; Dr Tonia Smart, Nigeria; Zulfiqar Ali Khan, Pakistan; Wenpeng Li, China; Rev. Asante MarfoAhenkora, Ghana; Farzana Chowdhury, Bangladesh; and Mihir Vora, India.



Karine Kam, CEO of the Singapore College of Insurance (SCI) and partner of the CII in Singapore, visited London recently with her MA group. The SCI annually organises an International Exposure Programme in London for its MAs when they complete their two-year full-time ACII studies to give them an international perspective of insurance. Next year, SCI will be organising a two-week intensive technical International Insurance Programme, supported by the CII, the Chartered Institute of Loss Adjusters, the

Insurance Institute of London (IIL), London Market Group and LMA Academy under the Lloyd’s Market Association with site visits and networking opportunities. The practical programme which seeks to raise technical expertise through tapping on London practitioners with deep expertise and experience, is open to a diverse mix of high-potential young and midlevel professionals from the London market, including MAs from Singapore and young professionals from ASEAN.

Jeremy Chia and Edwin Choo, both underwriting assistants at Aspen Insurance have each achieved their ACII designation in under a year. Each of them are graduates selected to be part of Singapore’s flagship talent development programme – Insurance management associate programme (iMAP). It is a structured fast-track talent programme that offers the management associates (MAs) valuable industry-experience through various cross-functional rotations, mentorship, international exposure and special activities. Mr Chia said he believed that the educational resources and support from the Singapore College of Insurance (SCI) have placed him in a very unique position where students can see how academic knowledge transpires in daily work as an underwriting assistant at Aspen. He added: “I believe it is the fruition of the faith my lecturers and industry-mentors have placed in me; and my personal commitment to do the best I can in what I do- through persistence, perseverance and tenacity.” Mr Choo said: “Completing the ACII designation within 10 months is more a matter of conscientiously putting aside time away from work to complete the assignments.” “It also helped that I had strong support from my colleagues who were readily available to discuss or expound on more technical aspects of the assignments.” / The Journal / August - September 2018

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The CII, in collaboration with the Gibraltar Insurance Institute (GII), has launched a ‘fast-track’ Diploma (DIP) CII programme, which is being delivered at the University of Gibraltar from November 2017 to October 2018. The GII was established in 2008 to provide training and education to Gibraltar’s insurance industry and quickly achieved affiliated status of the CII. The GII is twinned with the Insurance Institute of Manchester, the oldest insurance institute in the UK, which was founded in 1873. The DIP CII fast-track follows a successful launch of the CERT CII fast-track programme, which was run between October 2016 and March 2017 with a total of 23 students enrolled. A majority of the students achieved the CII CERT qualification within a six-month period. The success has been proven, with Gibraltar fast-track pass rates well above the UK national average, being 12.5% higher. The CII Diploma Fast Track Programme is a technical and supervisory qualification for insurance staff working across all sectors of the industry. The diploma provides students with a firm understanding of insurance fundamentals, which enable them to build towards advanced technical knowledge, thereby ensuring they have the means to function effectively in a challenging and developing environment. The qualification allows the individuals to demonstrate a deeper understanding of insurance principles, products and practices and apply them within their roles. This qualification also enables students to progress to the CII Advanced Diploma in Insurance (ACII). For more information, please contact Chloe Ramos at the University of Gibraltar by emailing:

I have to congratulate your magazine on this article – it is long overdue and I am pleased that the subject has been dealt with in some detail. Despite being retired for some years, I still take more than a passing interest in the reputation of the industry and for some time have been aware of increasing public opinion that is anti-insurance – coupled to a lack of trust! My remarks are limited to the domestic field as I am not in touch with the commercial world, but it is worrying how widespread feelings are on the subject. ‘Basic goodwill’ as described by Professor Hawley is an incorrect assumption that “competent, qualified professionals” are doing all in their power to increase premiums from existing clients and maintain their goodwill/support. They are profit-orientated in the first instance. Loyalty, sadly, is a thing of the past and with the ease of obtaining alternative quotes, clients move annually from company to company. This constant movement is a waste of time and resources. Reducing premiums “on request” at renewal seems to be par for the course and gives the industry a bad name. This is all too common! I could go on, but I hope I have made the point and we examine how we restore “goodwill” and “a feeling of loyalty” between insurers and policyholders. Best wishes to The Journal for the future.


Jim Guthrie, ACII


ILLEGALITY AS A DEFENCE It was with the greatest surprise that I read, in a recent issue of The Journal, the article ‘Illegality as a defence’, to find that such a case came to the courts at all. Two well-known principles of British law are surely: (i) No legal agreement, however well drawn up, can be made (or enforceable) which supports or condones an act contrary to public policy (ii) A well-known saying of lawyers is: “Those who seek equity may come with clean hands.” This means that if X approaches Z with a proposition, for the former to expect Z to give it due diligence, their own motives must be honourable and ‘above board’ and, if not, he cannot expect a fair deal from Z. Surely both of the above should have applied to the cases in question absolutely. Name and address provided / The Journal / August - September 2018

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AF7 PENSION TRANSFERS OVERFLOW SESSION → 9:00am – 4:45pm The Insurance Institute of Sussex



DIVE IN – THE POWER OF INCLUSION → 1:00pm – 3:00pm The Insurance Institute of Manchester






The Insurance and Actuarial Society of Glasgow (IASG) is happy to announce that it is now seeking nominations for Young Professional of the Year for 2018, and is seeking nominations from CII members and employers


DIVE IN – THE POWER OF INCLUSION → 12:30pm – 2:00pm The Insurance and Actuarial Society of Glasgow

from across the Glasgow region. Have you or someone you know made a difference to our profession? The award will be presented to a forwardthinking individual who has gone above and beyond the call of duty to make a difference within their organisation or across the profession. The following attributes will be considered: ● An individual who is achieving an outstanding performance within their role;

● An individual who is

contributing to the wider market in an innovative way; ● An individual who has led a project that has changed the way your organisation operates; ● An individual who is making good progress in their professional development. The winner will receive £1,000 and an invite to the IASG annual dinner. Two runners-up will both receive £250 and an invite to the IASG annual dinner. → More information can be found at


IT’S BACK… AND IT’S FREE! Back by popular demand, the Chelmsford & South Essex Institute will be hosting its second full-day conference, on Thursday 15 November at the Essex Record Office in Chelmsford. Focusing on emerging risks, the institute is delighted to welcome Inga Beale DBE, CEO of Lloyd’s of London, as the keynote speaker. Ms Beale will be followed by sessions including cyberenabled crime, crash for cash, drones, AI-robotics and new-age terrorism. The Chelmsford CII Conference is free to members, and staff of all levels and professional backgrounds are encouraged to attend. The event will also provide superb networking opportunities for professionals from support services to the insurance industry. → Book your place(s) online now at:

IIL SPORTS DAY A SUCCESS The Insurance Institute of Liverpool (IIL) Games 2018 has held its second event, which was a school-style sports day at Liverpool University. Five teams took part including the IIL, Quilter Cheviot, Barnett Waddingham, Weightmans and Pavis. It proved to be a very competitive evening, with Quilter Cheviot being the champions on the night despite being a person short. Although it was competitive, a lot of fun was had at the same time, and we are pleased to confirm that not one person dropped the egg in the egg-and-spoon race! “Flippin’ loved it!! Was on such a high afterwards. It was so much fun, enjoyed meeting people from other firms, looking at sports and physical activity in a new and fun way. Trying activities like visually impaired cricket and Ultimate Frisbee, which I haven’t

played before, was loads of fun,” said Bethany Lavin. Julie Calvert added: “It was a great event, well organised, team building and a lot of fun. With two hours of quite intense exercise, it certainly wasn’t easy and my hamstrings are sore today, possibly from the speed

walking! I especially enjoyed the Ultimate Frisbee and am going to treat myself to one so I can improve my skills!” As well as each team competing against each other, awards were also made for the ‘Spirit of the Games’, picked by the event organisers, which were awarded to Jenny Byfield of Weightmans, Dan VaughanHardy of Quilter Cheviot, and Julie Calvert representing the IIL. After an intense couple of hours, the competition finished. In last place was the IIL, although the team were still pleased with being the first-place finishers in the three-legged race! Fourth place went to Pavis, third was Weightmans, second Barnett Waddingham and in first place was Quilter Cheviot. → / The Journal / August - September 2018

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SOLVENCY II → 4:00pm – 5:00pm The Insurance Institute of Bristol


THE CHANGING FACE OF TERRORISM → 1:15pm – 2:00pm The Institute of London


BLOCKCHAIN → 12:30pm – 2:00pm The Birmingham Insurance Institute


Dive In Diversity events 2018 Dive In is helping insurance get fit for the future, highlighting the business case for diverse and inclusive workplaces and providing practical ideas and inspiration for how to bring about positive change. The CII will be hosting two Dive In events in conjunction with local institutes across the UK, including Birmingham, Manchester and Glasgow. ● Manchester: 26 September 2018 – with guest speaker Keegan Hirst ● Glasgow: 27 September 2018 – with guest speaker Megan Giglia

Cambridge CII @CambridgeCII Are you a future leader? Why not apply for the CII New Generation Programme 2018/19

The events will give members an overview of some of the positive work being rolled out by the CII and the local institute network. Booking for all events are now open – visit and for more information.

CIIEdinburgh @CII_Edinburgh In case you missed it – you can find photos of our most recent and past Award Ceremonies on our website Ipswich CII @ipswichcii Thank you Maggie Nightingale of Crawford & Co @Crawford_News for a great lunchtime lecture on Reserving Liability Claims! #cii #insurance



INSURANCE INSTITUTE OF MANCHESTER PRESENTS STYLE IN THE CITY The prominent ‘Style in the City’ fashion show was back for the eighth time on 22 June, and it did not disappoint. The committee of volunteers organising the event went above and beyond to give 330 guests a ‘Party in the Paddock’ themed afternoon of fun, fashion and food at

the Midland Hotel. The fashion show was filled with fabulous clothing from Fizz Fashions and Slaters. The event was choreographed by Jill Politt, who put a number of our local insurance professionals on stage to model – definitely one of the highlights of the day. Thanks to Victoria Myers, Carter Mitchell, Audrey Henshaw, Barry Thompson,

Sarah Rostron, Adam Broster, Helen Hewitt and Mark Farrant. Almost £3,000 was raised on the day from generous donations for the president’s chosen charity, Smart Works. The Greater Manchester-based charity provides high-quality interview clothing, styling advice and interview training to women in need. → / The Journal / August - September 2018

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Mr Clark first entered insurance during a gap year in 1976, working for a loss adjusting firm, before joining Thomas Howell full-time in 1981, straight from university. “I left college on the Wednesday and started work on Thursday,” he tells us. “The very first claim I dealt with was a wet carpet in Tottenham! We had strong local relationships in the insurance market, so I was authorised to arrange a replacement carpet straight away and get the claim sorted. “I really believe if we can still do that for a customer today – which we can – we’re still doing what people are looking for.” Joining the CII through the Watford Institute early in his career, in 2001, he was involved in the strategic review of education, before becoming vice-president of the CII in 2002, then treasurer of the CII from 2003 to 2007. But despite Mr Clark’s active history with the CII, his time as deputy president last year was a valuable opportunity to reconnect with the Institute as it is today. “One of the dangers is that if you’ve been involved with something for a long time you assume you know what it is,

but of course now we have a very different environment, where the goal is to keep the institute modern and relevant,” explains Mr Clark. “My first aim as president is to help Sian and the executive team through the challenges of their strategic plan, just as Inga Beale and John Moore have done so well before me. Also, I’ll be working with Nick Turner, director of NFU Mutual, who is now our deputy president. “I’d like to see increased visibility for claims and really start lifting the debate around what being professional looks like. Perhaps you can’t answer every question you want to in the space of a year, but my role will be to increase the emphasis on important issues and get CII members and fellow professionals talking. “I want to help show people what a great profession this is to be in. We’ve sometimes struggled to get that message across in the past, but we’ve had some fantastic advocates in recent years and I’d like to be another of those.”

OUTSIDE THE BUBBLE During his career, Mr Clark has already visited nearly every local institute in the UK at one time or another and recent CII events have really impressed him. “I really enjoyed the Network Conference in Belfast this summer. It’s very easy to exist in your own bubble and it’s wonderful that we bring so many people together, talk about our local institutes, hear from others about theirs and see what we can learn from each other. “I thought the tone of the whole event was spot on,” he says. “It was full of committed people from across the profession, there was a great energy and I thought it was very valuable indeed. “I'm always struck by the enthusiasm of the incredible individuals and teams running our local institutes, as well as those working hard to move things in the right direction,” he adds. With Mr Clark’s vision for a more united profession, the CII and its members can be sure the new president will do all he can to chart a true course. ●



oth Jonathan Clark’s career and hobby have taken him to distant shores and now, as the new CII president, the global head of business solutions claims at SCOR wants the industry to utilise the diversity of skills available and continue to make a positive difference as a united profession. “For many years my hobby has been sailing and the sport embodies teamwork, which is something I’ve always believed is incredibly important,” says Mr Clark. “In the way the CII is structured, we have a great opportunity to work together – we have a massively diverse membership and a massively diverse customer base that we deal with, yet at the same time we’re viewed collectively – the public sees us as one. “It is absolutely essential that we recognise the diversity of each of us as individuals but share a common purpose of developing trust and accomplishing what is important in our overall vision,” he says. “We are about creating an environment where anyone with the capability to excel, succeed and flourish can do so.” The theme of Mr Clark’s year in tenure is to develop a united profession and he feels this sits comfortably alongside the CII’s dedication to building public trust in insurance and financial planning. “The reason I chose it as a theme is that it is part of our core and it is important sometimes to remind yourself of the purpose, what the organisation says it stands for. “True professional standards are beyond exams; they are about ethics, behaviour and continued learning. On the one side you’ve CEO Sian Fisher rightly looking at our core mission in the Royal Charter of building the trust of the public and then we have the vision of uniting our profession.” / The Journal / August - September 2018

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CLARK Education Jonathan has an MA in Biochemistry from the University of Oxford and an MSc in Biochemical Engineering from University College of London

Professional He is now global head of business solutions claims at SCOR Global P & C leading a multi-location international claims team dedicated to the underwriting of large corporate risks

Overseas Jonathan is a keen sailor and was a member of the British Sailing Team in the mid-eighties


Incoming CII president and keen sailor Jonathan Clark tells Luke Holloway why he is aiming to create a united profession during his year at the helm

ALL ABOARD THE GOOD SHIP UNITY / The Journal / August - September 2018

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aking the profession truly diverse and inclusive requires action from everyone across companies and across job titles. Early this summer, insurers, industry bodies and brokers, together with other organisations across the insurance sector, joined forces to launch a new industry-wide pledge, designed to change behaviours and create a more inclusive work environment across the sector. Spearheaded by Lloyd’s and Zurich and now backed by the CII, the Inclusive Behaviours Pledge has attracted a groundswell of cross-sector support,


Despite positive progress in recent years, there are still concerns that insurance as a sector has yet to become truly diverse. This summer, a series of initiatives aim to make sure the profession is not only diverse, but is seen to be... / The Journal / August - September 2018

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with 50 firms signing up and joining forces to demonstrate the insurance profession’s unwavering commitment to transforming its culture. This pledge builds on the insurance sector’s well-established work and initiatives driving greater inclusion across the profession, including the global Dive In Festival, now in its fourth year. It addresses all forms of potential discrimination in the workplace, whether on the grounds of age, disability, gender reassignment, marriage/civil partnerships, pregnancy/maternity, family and caring responsibilities, race, religion/ belief, gender or sexual orientation. It sets out a clear framework of desired behaviours for leaders and their employees in the workplace, as well as in their interactions with suppliers and customers. The pledge contains a series of CEOlevel commitments, with an obligation for them to have clear policies and procedures in place for reporting any inappropriate or discriminatory behaviour in the workplace. It commits CEOs to taking action within their own organisations if their employees are not treated with dignity at work, with serious repercussions for the perpetrators of any behaviour that falls short of the desired behaviours. A dedicated website – – has also been launched, where organisations can read about the pledge and sign up online. The website provides signatories with an ‘Inclusive Behaviours’ toolkit, designed to help firms embed and enforce the pledge across their organisations. Social media users can look out for the #InclusivityPledge hashtag. The CII has already signed the pledge. Tali Shlomo, people engagement director at the CII, says: “It is a fantastic initiative to bring to the fore the impact our behaviours have on inclusion and diversity. Signing the pledge brings commitment and focus, creating a platform for us to challenge our own thinking and those of our colleagues.” ●

What people said... “Having worked in the insurance sector for 36 years, I’ve seen just how far it has come, particularly in the last decade. I’m proud of the progress that has been made, but the job isn’t over yet. The Inclusive Behaviours Pledge is a public commitment reinforcing our promise as individual organisations, and as a collective, to challenge inappropriate behaviour and create increasingly welcoming and inclusive workplaces for the diverse talent powering our sector.” Inga Beale, CEO of Lloyd’s

“My experience is that the insurance industry is a great place to work, but we do still see instances of poor behaviour that undermine the whole – that’s why we think this panindustry initiative is so important. We believe the Inclusive Behaviours Pledge will send a clear signal that the leadership of our industry is committed to working together to drive out inappropriate or discriminatory behaviour. We want our current and future employees to be confident in the insurance industry and to see it as a sector that is inclusive and welcoming to all.” Tulsi Naidu, CEO of Zurich UK

“At AXA UK we are committed to achieving truly inclusive behaviour, to make our business as diverse as the customers we serve. I am delighted to sign this pledge reinforcing our stance that all our employees are treated with respect, courtesy and dignity, embracing and valuing all our differences.”


Bertrand Poupart-Lafarge, interim CEO of AXA UK & Ireland, and executive sponsor for diversity and inclusion

“I’m delighted to sign this CEO pledge and add QBE European Operations to the list of insurance companies standing up for inclusive behaviours and encouraging appropriate conduct in the workplace. I pledge to lead an organisation that has a workplace culture where the unique ideas, capabilities and experiences all our people bring to the office are valued and respected.” Richard Pryce, CEO of QBE European Operations

“The insurance sector is on a steep path towards being a properly diverse and inclusive industry. Along with the wider financial services industry it has a lot to do, but good progress is being made thanks to initiatives such as the Women in Finance Charter and strong commitment from industry leaders. The fact that the Inclusive Behaviours Pledge has been devised by people at the very top of the industry shows how strong the drive is for change and I am pleased to be adding my signature on behalf of the ABI as an employer.” Huw Evans, director general of the Association of British Insurers / The Journal / August - September 2018

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he fourth Dive In Festival for diversity and inclusion in insurance will reach more cities than ever in 2018. Events this year will be spread across three days from 25 to 27 September in 26 countries, returning to locations such as London, Perth, Zurich and Bermuda, as well as new cities including Amman, Tokyo, San Antonio and Wellington. In 2017, the festival attracted more than 7,000 people in 17 countries and 32 cities. This year marks the start of a two-year campaign, ‘Awareness into Action’. After three years of raising awareness of the business case for diversity and inclusion, the global movement now looks to harness the energy of previous years to encourage action across the sector. In support of this, the annual theme is #time4inclusion. Last year, CEOs from across the industry singled out time as the biggest barrier to achieving inclusive cultures in their organisations. Dive In is helping insurance get fit for the future, highlighting the business case for diverse and inclusive workplaces, and providing practical ideas and inspiration for how to bring about positive change. ●

What people said... “The Dive In Festival is a catalyst for the global insurance industry that inspires collaboration around the key issues of talent and innovation. Our fourth year is a good time to focus our combined efforts on translating the growing awareness into action – supporting our industry’s ability to thrive and stay globally competitive and relevant.” Dominic Christian, chair of Inclusion@Lloyd’s and global chairman of Aon Benfield International

“This year’s festival builds on the accelerated progress on diversity and inclusion across the sector in the last three years. We’ve reported on a higher number of companies taking action in our annual research, Holding up the Mirror, at the senior exec level, throughout organisations and through cross-industry collaboration. To grow this momentum, Dive In 2018 will see more subject matter experts leading valuable and engaging discussions, equipping professionals across the sector with the tools to take action both individually and within their organisations.” Pauline Miller, head of talent development and inclusion at Lloyd’s / The Journal / August - September 2018

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THE GENDER PAY GAP Across the insurance sector, there is a very wide variance in terms of the gender pay gap, and now government is suggesting all organisations with more than 50 employees should publish details of what they pay men and women. The government's Business Committee called for the net to be widened to include smaller firms, saying there was evidence of wider pay gaps among them. The report said recently published gender pay figures had “shone a spotlight” on the issue of a gender pay gap and helped women raise any disparities. Key findings included: ● Gender pay gaps of more than 40% were not uncommon in some sectors ● Almost four in five (78%) organisations reported gender pay gaps in favour of men. Meanwhile, a new report from the CII suggests there are things both companies and individuals can do. Tali Shlomo, people engagement director, says: “Many companies


managing their work with personal life responsibilities; 3. Encourage your female colleagues to actively contribute or participate in stretch projects and activities; 4. Sponsor your talented colleagues – invite them to high-profile meetings and networking events; 5. Consider who you typically allocate to – do men routinely get the bigger-stretch tasks? Keep asking yourself why. Allocate on potential.

Managers: 1. Help break down the concept of male/ female roles by challenging the long list of candidates didates during the recruitment process; ss; 2. Support agile working by focusingg on output, not presentism, and trust ust your colleagues to deliver er while

Non-manage Non-managers: 1. Put yo your hand up to get involved in stretc stretch work – don’t accept the ‘no’; 2. As Ask for a mentor and be clear on your learning outcomes; 3. As Ask to attend leadership training; 4. A Ask for support in developing you your career, for example with profe professional qualifications; 5. A Attend events, meetings and n networking opportunities.

already have programmes in place with specific accountability and measurement to achieve a stepchange in the causes of the gap. The CII will continue to identify and collate good practice for the benefit of the profession and for society as a whole. “There are actions we can all take – whether we manage a team, an organisation or just our own career – to begin addressing the causes of the gap.”


Abuse toolkit for employers According to the Office for National Statistics, in 2017 approximately six in every 100 adults were a victim of domestic abuse. The Insurance Charities believes employers have a vital role to play in society’s response to domestic abuse. It says preventing and tackling domestic abuse is an integral part of the duty of care and legal responsibility that employers have in ensuring they provide a safe and effective work environment for their staff. The Insurance Charities is supporting employers in the insurance sector to tackle domestic abuse by sponsoring

a Domestic Abuse Toolkit, produced by Business in the Community and supported by Public Health England. The toolkit is designed to sit within HR teams and with line managers, to aid those dealing with this sensitive and difficult issue, regardless of the size of company. It will help employers identify the signs that abuse may be happening, such as personality changes, becoming withdrawn, spending a lot of time checking their phone, or arriving at work early and staying late – behaviour ur that is differentt and unusual to how they were previously. ●




● The 2017 Insurance Census, published by Insurance

POST with the CII, suggests there are fewer 18- to 24-year-olds working in the profession than the current national average of 12.4%, as given by the Office for National Statistics; ● The 2017 results have seen an 8.1% drop in the number of 16- to 24-year-olds employed in insurance, from 18.1% in 2015 to 10% in 2017; ● Just 1% of the insurance workforce is 65 or over, compared with the UK’s 3.8%; ● The average age of people employed by our profession has increased to 36.5 years of age. The CII has recently launched the Talented Generations report, encouraging all firms to take on a wide mix of ages. Ms Shlomo warns: “We need to be aware of the dangers of stereotyping different generations. Although there are some common themes and preferred ways of working relevant to each generation, employers need to ensure that they also listen to and consider the individual requirements and preferences of a particular employee. “Recognising the common needs and challenges of each generation enables employers to proactively put measures in place to support their talent and enable the recruitment and retention of our wo workforce.” She stresses: “The breadth and combination of skills that each generation brings to our place of work enables rich, insightful discussions, disc diverse thinking and learning. learni This is vital not just for a vibrant, creative workplace but also for a sustainable, sustain successful profession.” ● The report is available at ww / The Journal / August - September 2018

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The UK Financial Conduct Authority (FCA) has issued a discussion paper inviting interested parties to comment on the potential merits of introducing a specific duty of care requirement for firms in financial services. It explores if a new duty of care could enhance good conduct and culture and provide additional protections for consumers. If changes are required the paper asks what those could look like and what the impact would be for consumers, firms and the regulator. It also explores what the possible alternative approaches to a new duty might be. The discussion paper has been published alongside an ‘Approach to Consumers’ document which explains how the FCA prioritises the needs of retail consumers in its decision-making and provides a further insight into the wide range of powers the FCA has at its disposal to ensure consumers - particularly those in vulnerable groups - are protected. The deadline for responses to the Discussion Paper is 2 November 2018. Both documents can be viewed at:

FCA CONSULTS ON SETTING UP A NEW PUBLIC DIRECTORY The FCA has proposed to launch a new public directory of ‘relevant individuals’ to help consumers and firms check the status and history of individuals working in financial services. This will complement the existing Financial Services Register by including individuals who fall under the Certification Regime of the SM&CR, as well as non-executive directors who fall outside the scope of the new regime. The regulator invites feedback by 5 October. To view the consultation paper, please see:


EIOPA LAUNCHES EU-WIDE THEMATIC REVIEW ON CONSUMER PROTECTION ISSUES IN TRAVEL INSURANCE The European Insurance and Occupational Pensions Authority (EIOPA) has launched a thematic review on consumer protection issues in travel insurance. Through the review, EIOPA will assess potential sources of consumer detriment stemming from how travel insurance products are designed, distributed and sold within the EU. Where the impact results in consumer detriment, EIOPA intends to identify the steps needed to ensure that consumers are treated fairly. For more information, visit:



The CII takes a look at what’s new on the policy and public affairs front this month


THE FCA’S ROLE IN PREPARING FOR BREXIT The FCA has issued a statement on its website explaining how it is preparing for a range of Brexit scenarios, including one in which the UK leaves the EU on 29 March 2019 without a withdrawal agreement and implementation period having been ratified between the UK Government and the EU. Preparations include amending the Handbook to ensure consistency with law changes, so that it nctions effectivelyy when the UK leaves the EU. functions T view the updates, To sitt: visit: / The Journal / August - September berr 2018

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! ew N

Your invitation to our brand new Professional Focus CPD conferences

These newly launched Professional Focus events dedicated to CPD for members working in insurance will deliver highly topical content, relevant to your role, delivered by subject matter experts. Attendance for CII members is complimentary and delegates will be able to claim up to 4h 45mins of CPD.* Lunch and refreshments will be provided. From a regulatory perspective, these events coincide with the new Insurance Distribution Directive and we’re delighted to be joined by the Financial Conduct Authority (FCA) who work closely with us to deliver key messages to our general insurance community. You’ll hear the FCA discuss their approach to regulation, key focuses and priority areas within their business plan for 2018/19.

Programme highlights: • Transformation of the profession in the digital age • Cyber • The Grenfell tragedy • Insurance Distribution Directive • Influencing with integrity • AI and the future of employment • Easily dealing with conflict and stress • Financial Conduct Authority - Key focuses Event dates: September 2018 Bristol 05 London 12 Scotland 18

October 2018 Birmingham 18 Ipswich 30

November 2018 Huddersfield 13 Newcastle 20 20th

For any questions or queries please email We are looking forward to welcoming you at one of these conferences which we hope will be the beginning of a lot more to come.

*Should you consider it relevant to your professional development needs

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From cancellations to skiing injuries, travel insurance provides consumers with considerable peace of mind. But the sector is under increasing pressure, as Sam Barrett explains…





ravel insurers paid out £385m in claims in 2017, taking the pain out of everything from cancelled flights to blocked intestines. But, while most holidaymakers do not give their cover a second look, the travel insurance sector has come under considerable scrutiny in the past year. Among those looking at the way cover operates is the Financial Conduct Authority (FCA). As part of its work on access to insurance, it sought views on travel insurance from people who have, or had, cancer. The regulator found that consumers did not know where to find the specialist services that could source them appropriate insurance, so they were often left them with expensive cover, or worse, none at all. / The Journal / August - September 2018

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The findings come as no surprise to Fiona Macrae, head of, who says the way insurance is sold has contributed to the problem. “The comparison sites have tried to commoditise the product too much,” she says. “Someone with a medical condition will try to get cover from a site and be declined. Then, as all the sites use the same medical screening criteria, they’ll be declined by the others too, and believe they’re uninsurable.” Another solution she sees consumers using to secure travel insurance is to exclude cancer. However, she warns that this has potential drawbacks too. “Do this and you’re not just excluding treatment for cancer but for anything that could be attributed to it. As an example, the risk of deep vein thrombosis increases as a result of flying but also as a result of taking some cancer medication. People need to be able to make an informed choice about their cover.”

To address these issues and ensure that consumers with medical conditions can access affordable cover, the FCA has proposed a new service to redirect consumers to specialist providers. How this will operate is still to be determined but the market has welcomed the proposal. Chris Rolland is chief executive of AllClear Travel Insurance, a specialist provider that has helped more than a million people with medical conditions access cover. “There needs to be much better signposting,” he says. “The government and the healthcare sector have a role to play in promoting best practice.” A similar mechanism is already in place for older travellers, through the Agreement on Age and Insurance between the government, the Association of British Insurers (ABI) and the British Insurance Brokers’ Association (BIBA). This came into effect in 2012 and has enabled more than 40,000 older people to source suitable travel and motor insurance.



COVER CONFUSION While it is positive that the industry is taking steps to help people with medical conditions access travel insurance, there is still plenty of confusion among the wider public. Figures from ABTA show that as many as two in five people – equivalent to 9.9 million Brits – travelled abroad without the right cover, with common mistakes including not disclosing medical conditions and taking part in activities without checking the policy covers them. Getting it wrong can be expensive. Figures from Admiral show that while breaking an arm in France can cost up to £1,000, having a heart attack in the US could leave a holidaymaker with a memorable bill for anything from £50,000 to £200,000 plus a further £30,000 for repatriation. / The Journal / August - September 2018

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Again, many see the commoditisation of cover as to blame for this confusion. “People get a cheap quote and don’t bother to look at the terms and conditions,” says Andy Jenkins, operations director at Russell Scanlan. “Only when they need to make a claim do they discover their cover is inadequate: this can be an expensive oversight when it’s something like medical expenses or repatriation.”




Adding to the confusion is the fact that, as risks and holiday habits change, policy wordings are constantly evolving. A good example of this is cancellation cover. Although this is one of the key areas for claims – with ABI figures showing that £145m was paid out for 174,000 cancelled holidays in 2017 – policy wordings vary hugely. “Some newer policies include cover for cancellation ‘however caused’, provided that the cause was not known at the time of the insurance being taken out or the holiday booked,” explains Graeme Trudgill, executive director at BIBA.

“This can pick up cancellation reasons such as volcanic ash and scheduled airline failure. Other policies might only cover basic risks such as sickness and jury service.” Cover for terror attacks is also beginning to emerge on travel insurance policies. Mr Trudgill says that more policies now include cover for claims for medical treatment and repatriation following a terror attack but others will go further. “Some specialist policies will also offer cover to allow a trip to be cancelled because there’s been a terrorist incident at the holiday destination,” he explains.

HOLIDAY READING While commoditisation may be partly to blame for holidaymakers taking out the wrong cover, about one in five

holidaymakers still go abroad without travel insurance, according to the ABI. Reasons for this can include believing it is not necessary as they already have a European Health Insurance Card or some cover included with their bank account or, as mentioned above, not being able to access affordable cover due to medical conditions. More education is essential to ensure they do not take this risk. “The travel insurance industry needs to help consumers understand the types of cover that are available and what’s right for them,” Ms Macrae explains. “It’s much better to point out that for an extra couple of pounds someone will have the cover they need, rather than let them take out a cheap policy and be disappointed at the point of claim.” ●

FIGHTING FRAUD British holidaymakers are gaining a reputation for having very dodgy tummies, following an increase in holiday sickness claims during the past couple of years. Figures from ABTA, which is running a Stop Sickness Scams campaign, show there has been a 500% increase in the number of compensation claims received by travel companies for holiday sickness since 2013. This increase is being driven by the claims management companies, with ABTA believing that as many as 9.5 million people in the UK have been approached about making a claim for holiday illness. “It’s often seen as a victimless crime but it has serious repercussions,” says Andy Jenkins,


people in the UK have been approached about making a claim for holiday illness since 2013 operations director at Russell Scanlan. “As well as pushing up the cost of holidays and even seeing Brits barred from some hotels, false compensation claims are fraud, which can result in large fines and even jail terms of up to three years.” As these claims are costing about £50m a year, it is a trend that the insurance industry, travel companies and the government are

keen to stamp out. In addition to investigating and defending potentially fraudulent claims, a key part of this action was the introduction in May of fixed recoverable costs on these claims. Mark Hudson, head of counterfraud at Horwich Farrelly, says this has already had a significant effect. “We’ve seen a reduction in the number of claims companies operating in this area, and with it the volume of claims made,” he explains. “However, the new rules only apply to gastric illness claims and not other injury or illness claims. The industry must remain vigilant to ensure that any holidaymaker or professional enabler making a dishonest claim pays the price.” / The Journal / August - September 2018

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he past few years have been costly for UK property insurers as floods across the country have taken their toll. Insurance payouts to homeowners and businesses for storm and flood jumped to £167m in the first quarter of 2018, according to the Association of British Insurers, and there are warnings that this is a sign of things to come.


It seems counterintuitive to consider flood issues as the UK enjoys one of its driest and hottest summers, however the risk of flooding come the winter has not diminished / The Journal /August - September 2018

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Flood modeller JBA Risk Management fears annual average losses for residential properties in the UK could rise by 25%-30% in the next 20 years as a result of climate change. This projection comes from JBA’s new UK Climate Change Flood Model, which the company claims will help (re)insurers understand the impact of climate change across the country. It provides quantitative results that support projections from research and government data that the number of UK flood events causing financial loss will rise between now and 2040. For this model, JBA used government climate change factors and applied statistical adjustments to its large set of possible UK river, surface water and coastal flood events. The data generated provides an insight into potential changes to flood risk by 2040. The estimated rise in annual average loss of 25%-30% is based on a residential property portfolio without adjustment for limits, deductibles or policies with flood exclusions.

INCREASED UNCERTAINTY Gary McInally, chief actuary at Flood Re, says: “The impact of climate change on flood severity and frequency presents increased uncertainty for insurers and reinsurers.” Through the model, insurers have the ability to analyse flood at individual property level across the whole of the UK. This enables the (re)insurance industry to more effectively manage flood risk. In the UK, one in five properties are at risk to flood and annual economic losses are estimated to be in the region of £500m. However, insurers worldwide have been fighting a battle to persuade property owners to adopt flood resilience and they say preventative measures are being held back by a lack of investment. According to the ClimateWise Investing for Resilience report, of $175bn in 2016 economic losses related to natural hazards (of which floods are a major part), only $50bn was insured. Zurich says this $125bn protection


150,051 POLICIES WERE CEDED TO FLOOD RE BY 31 MARCH 2018 gap is due in part to the lack of evidence of “what works” and because there are few incentives and regulations to encourage investments into sound protection measures at all levels of society.

STRENGTHENING RESILIENCE The insurer has announced that the flood resilience alliance, which it leads, is being extended for another five years. Because current resources are limited, alliance partners will focus on increasing investments into strengthening resilience to flooding. In the past five years, a multisector alliance of NGOs, academia and Zurich’s risk management experts has focused on shifting from the traditional emphasis on post-event recovery to stressing pre-event resilience. More than 110 communities in nine countries have benefited from alliance projects. The alliance’s objectives for the next five-year period will be: • Generating $1bn in additional funding for flood resilience; • Encouraging effective public policy in support of flood resilience; • Developing sound practices and policy support for flood resilience; • Measurably enhancing flood resilience in vulnerable communities across the world. “Floods affect more people globally than any other type of natural hazard and cause some of the largest economic, social and humanitarian losses,” says Linda Freiner, group head of sustainability.

Returning to the UK, Flood Re was formed two years ago to enable UK insurers to continue to offer cover to insureds already hit by flood events. The good news is that the scheme appears to be working. This summer, Flood Re is reviewing premiums and considering “a range of different reductions in the level of premiums for buildings and contents policies to optimise the benefits of the scheme”. Once the changes are confirmed, insurers will implement the necessary changes to come into operation from 1 January 2019. Meanwhile, Flood Re has published its second transition plan – Flood Re, Our Vision: Preparing for a future of affordable flood insurance – which outlines its latest thinking on moving to affordable risk-reflective pricing by 2039. The vision sets out 12 areas where Flood Re believes things need to change. These include limiting the risks of flooding; ng; reducing the costs of flooding; promoting romoting a competitive insurance market; rket; and understanding nding the limits of affordability. ●


NUMBERS FROM FLOOD RE: ● Increased volumes: 150,051 policies have

been ceded to Flood Re by 31 March 2018, meaning a continuing growth in the number of people across the UK benefiting from the scheme. ● Improved availability: Independent research

(by Consumer Intelligence) shows that before Flood Re’s introduction, no households that had made prior flood claims could get quotes from five or more insurers. Availability has now improved, so that 100% can get a quote from five or more insurers and 68% have a choice of 15 or more. ● Improved affordability: The Consumer

Intelligence data shows that four out of five householders with a prior flood claim saw price reductions of more than 50%. / The Journal / August - September 2018

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Nurturing your talent

We work with employers to develop bespoke cost-effective training solutions, driven by your business needs. CII.08.2018.028.indd 28

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TACKLING THE TERROR THREAT Businesses should reduce risk and strengthen resilience, says latest Pool Re report


ool Re, the terrorism reinsurance pool, recently published its latest Terrorism Frequency Report, which analyses the risk landscape in the UK and internationally. The report focuses on the ‘postCaliphate’ generation of extremists and examines the threat posed by those convicted terrorists who have already been released, or are soon to be. It looks at how businesses are taking protective steps to look after their assets, employees and operations. The report anticipates that the attacks of 2017 have led to a lower tolerance for risk within counterterrorism investigations, which could result in earlier plot disruptions, leading to weaker evidential yields that would not be enough to convict suspects of the more serious terrorist offences, which attract longer jail terms. This, in turn, would lead to quicker

release from prison. Meaning the cycle of conviction, sentencing and imprisonment would be shortened, so amplifying the terrorism threat to business and people in the UK.

THREAT LEVEL In addition, the report finds that the release of convicted terrorists – recently or in the near future – will keep the current UK terrorism threat level at ‘severe’ for a prolonged period. Julian Enoizi, chief executive, Pool Re says: “Plot disruptions are at a high level and the preparation of attacks is likely to continue. The private sector should mitigate risk by reducing the likelihood of being caught up in an attack and be prepared to recover quickly if attacks do occur. The latest Pool Re Terrorism Frequency Report documents the experience of Canary Wharf’s intelligence and security specialists, who responded to the elevated

threat following attacks across the UK in 2017 by assessing terrorist tactics, Islamist extremist propaganda and the possible use of chemical weapons. Security measures, planning, training and public education were enhanced considerably following these assessments – for example, training private security teams on how to recognise the smell of chemicals that may be used in a terrorist attack. Ed Butler, head of risk analysis at Pool Re, concluded: “Pool Re is working to address the twin challenges of affordability and awareness for these market segments, and in view of the pending non-damage business interruption legislation, will be working with its members to increase the penetration of this critically important cover to SMEs across the country highlighting the benefits in the light of experiences of 2017.” ●



Lower tolerance for risk within counter-terrorism investigations

Earlier plot disruptions

Weaker evidential yields

Quicker release from prison

Increased terrorism threat to business and people in the UK

Source: Pool Re Terrorism Frequency Report / The Journal / August - September 2018

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he Law Commission has now published its amended draft bill on the question of ‘insurable interest’. The latest draft is to be welcomed as it is primarily focused on life products, rather than attempting to address the more complicated issues that arise out of insurable interest in non-life products. The history is that the Law Commission (which advises the UK Government on changes to the law) has for some time been attempting to respond to the insurance market’s concerns about the potential illegality of certain products if the insured did not have an insurable interest, and the resulting limitation on the insurance market’s ability to write, in particular, certain types of life products for which there is demand.


BROADER REMIT The new draft bill covers what is known as ‘life-related’ insurance, therefore including contracts of insurance where the insured event is death, injury, ill health or incapacity of an individual. This is, of course, much broader than purely life policies. The new proposals are that the law will cover traditional life insurance contracts plus other insurances that depend on human life or health, such as personal accident, critical illness and disability insurances. It also covers investmentlinked insurance products that have a life insurance element. The draft law proposes a broad test as to what an interest in the life of another person means. An insured might have an insurable interest in any circumstances where they have a reasonable prospect of suffering economic loss on the occurrence of the insured event – such as death, illness or injury of another.

INTERESTING TIMES BCLP’s Jonathan Sacher examines the Law Commission’s final proposals on the question of insurable interest

The draft bill provides that an insured has an insurable interest in circumstances where the insured is a spouse or civil partner, or lives with the insured as a spouse or civil partner; is a child or grandchild of the insured; where the insured is a member of a pension or other group scheme; and in certain trust circumstances. Importantly, the new draft bill also provides that if there is no insurable interest, the contract is void as opposed to illegal, which is the position under the existing law.

The insurance market is likely to welcome these developments, which would enable the law to be more market-focused. While these proposals in the draft bill are from the Law Commission, there is no certainty that parliament will approve the new law. However, it is certainly an important step in the right direction. ● Jonathan Sacher is a partner at Bryan Cave Leighton Paisner


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n Spire Healthcare Ltd v Royal and Sun Alliance Insurance PLC [2018] EWCA Civ 317, the Court of Appeal considered the wording of the schedule and a proviso in a liability policy. The schedule set limits of £10m for any one claim and £20m for all claims during the period of cover. The proviso provided that the total amount payable arising out of all claims consequent on or attributable to one source or original cause ‘shall not exceed the limit in the schedule’ without specifying whether that limit was £10m or £20m.

ACT OF NEGLECT The claim arose out of unnecessary and negligent operations performed by a surgeon for which Spire Healthcare Ltd (“Spire”) agreed to pay compensation to the patients. His Honour, Judge Waksman QC, ruled that the insurer’s liability to indemnify Spire was limited to £10m as the claims were consequent on, or attributable to, one source or original cause. Spire appealed. Spire’s arguments were that the proviso was inconsistent with the schedule and that a reasonable reader would

AGGREGATION OF CLAIMS Barrister Graham Bartlett reflects on a legal dispute over surgical negligence

have focused on the schedule. The schedule contained no reference to the proviso and as the proviso did not expressly say that linked claims were to be treated as a single claim it was wrong to assume that they would be treated as such. The wording of the schedule and proviso was ambiguous and, applying the contra proferentem, rule the construction more favourable to the insured should apply.

COMBINED EFFECT In dismissing the appeal, Lord Justice Simon’s starting point was to consider the combined effect of the schedule and proviso without giving greater or lesser weight to either. The approach to the interpretation of the policy was that of a sophisticated insured who is assisted by professional advice, and who does not restrict his or her reading to the limits of indemnity in the schedule. The judge acknowledged that the wording of the proviso could have been clearer – HHJ Waksman QC had said ‘in frequently used, modified and revised policies of insurance, neatness and elegance are often lost’ – but pointed out that in some circumstances, for example where there is a deductible or excess, the aggregation of claims might work to the insured’s advantage. There was no real ambiguity in the schedule and proviso when read together and so the contra proferentem rule did not apply. Two observations on the case: Lord Justice Simon recognised that the insured in a liability policy of this type was a sophisticated reader who read all the policy and was professionally advised, and a lot of time and expense might have been saved if neatness, elegance and a greater degree of precision had been retained in the modification and revision of the policy. ●


Graham Bartlett is a barrister at Trinity Chambers / The Journal / August - September 2018

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The first of the CII’s new societies has come into being. Mark Hutchinson looks at what members in the broking sector can expect…




s part of our strategic manifesto commitment to become a more relevant and diverse professional body, we will shortly be launching the first of our new dedicated societies – the Society of Insurance Broking. In transitioning our faculty of insurance brokers into a society, the objective is to create a dedicated professional body for those working in the insurance broking sector, offering an enhanced member experience and better engagement for those working in the wider sector. The Society Board, which will provide strategic direction, is comprised of broker practitioners and CII executives. We are delighted that Liz Foster, of Ingram Hawkins

& Nock, has accepted the inaugural non-executive managing director role and that Kevin Hancock of Yutree Insurance will be the society’s chair.

EXCITING DEVELOPMENTS Ms Foster comments: “I am a passionate advocate for professional insurance brokers and I am delighted to be appointed the Society of Insurance Broking’s first nonexecutive managing director. This is an exciting development in the evolution of the insurance broking sector and gives us the opportunity to address key issues to help ensure improved consumer outcomes and trust, by demonstrating the value of the service we provide.” The core objectives of the Society of Insurance Broking, aligned to the CII’s Royal Charter commitment of engendering consumer confidence

and trust, will be to raise professional standards through a focus on professional ethics and culture, good practice guidance, thought leadership and a dedicated programme of continuing professional development.

SOCIETY OF INSURANCE BROKING PRACTITIONER BOARD MEMBERS Paul Anscombe, Seventeen Group Peter Blanc, Aston Lark Mark Crawford, Aon Simon Keenan, Griffiths and Armour Stephen Lark, Aston Lark David McCallum, Brokerbility Barry O’Neill, Home and Legacy Insurance Services Steve White, British Insurance Brokers’ Association James York, Worry+Peace / The Journal / August - September 2018

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SPECIFIC NEEDS Keith Richards, CII group managing director of engagement, comments: “This is a significant new development for the CII and recognises that, while we are all part of a united insurance profession, individual segments within our membership have specific needs from a professional standards perspective. “Our sector-level regulatory engagement has already developed, with the FCA keen to work with our Society of Insurance Broking board to offer insights and guidance for the market.” Members perceive the CII’s faculties as being too academically focused, with too little constructive output adding value to members, so societies will be a fundamentally different proposition. The focus will centre on delivering practical and business-relevant support and guidance to meet the career needs of professionals in each sector. There will be a two-way dialogue with government and regulators to improve good practice among those working in the sector and help improve outcomes for their customers.


The role of a professional body, as well as helping to ensure good consumer outcomes, is to support members in their ongoing career development, through and beyond professional qualification. As well as a commitment to ethical behaviour and customer-centric culture, professional body membership provides access to quality and topical continuing professional development and skills training. Where professional qualifications demonstrate competence and help practitioners become professionals, ongoing professional body membership is focused on providing the tools to help members be professionals. It will also be an excellent opportunity to engage the wider sector; there are many people that work in insurance broking that do not currently see the relevance of CII qualifications and membership to their role, so through a society dedicated to their sector we want to reach out to them and show them the value and relevance of engaging with the professional body for their particular sector. Existing broking faculty members, together with members who work in the insurance broking sector, will automatically be transitioned to become members of the new Society of Insurance Broking during September 2018. ●


COMING SOON! We have been busy creating new CPD and good-practice content specifically for the insurance broking sector, so watch out for details of how to access it. From September, we will also begin rolling out a comprehensive programme of regular and topical CPD and thought leadership videos, webinars and articles. ● Videos

Insurance Distribution Directive Senior Managers and Certification Regime Tracking, jamming and security Business interruption ● Webinars Four-part series – ‘The Future of Commercial Insurance Broking’

Professional standards and the insurance profession ● Good practice guides GDPR Vulnerable customers Car technology SmartWater Dedicated societies will be launched for other sectors of the insurance profession during the coming months, including claims and underwriting, complimenting the existing Personal Finance Society and Society of Mortgage Professionals CII sub-brands. For more information about the launch of the Society of Insurance Broking please visit / The Journal / August - September 2018

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Insurers are being urged to debunk the myth that insurance does not pay and to do more to explain how insurance claims work, in turn improving service to customers as well as enhancing the industry’s reputation



ommon misconceptions that insurance does not pay should be challenged, according to a leading UK insurer. Aviva’s first UK claims report reveals that 55% of consumers believe insurers will always try to avoid paying claims if they can, with the average payment considered to be just 52% of all claims. However, the report shows that, in reality, last year Aviva accepted 96% of insurance claims made by individual and business customers in the UK, paying out more than £3.6bn in cash settlements and services – the equivalent to more than £10m every single day, or £7,000 every minute. Aviva alone oversees the repair of about 120,000 vehicles – almost enough to fill every lane on the M25 – and enough carpet is replaced through home insurance claims to cover 11 football pitches.



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There is, however, still more that the market as a whole can do to simplify and improve customers’ experience of making an insurance claim, particularly when they often do so at the most challenging times in their lives.

POTENTIAL EXPOSURE Andy Briggs, chief executive officer, Aviva UK Insurance, says: “Misconceptions that insurance does not pay out when it is needed, or that it is unnecessary, are leaving UK families and businesses potentially exposed through a lack of suitable insurance. If people have a sense that insurance is not going to pay out, they won’t bother buying it.” However, he adds: “In the vast majority of cases, insurance claims are accepted and there are additional and very important support services that help customers get back on their feet. “The reality is that it does pay to have insurance, so we are calling on the industry to join us in comprehensively publishing information about how insurers manage customer claims, why some claims are declined and how consumers can do more themselves to understand whether the cover they have is what they need.” ●

CLAIMS PAID BY AVIVA IN 2017 Aviva claims paid in 2017

Number of claims settled

Claims settled (%)

Motor insurance (not including third party)



Home insurance



Travel insurance



Commercial motor



Commercial property



Claims value



Life insurance




Critical illness




Income protection




Fracture cover




Private medical insurance




Group protection








Source: Aviva UK claims report 2017


AVIVA PAID OUT MORE THAN £3.6BN IN THE UK LAST YEAR – THE EQUIVALENT OF MORE THAN £10M EVERY DAY, OR £7,000 EVERY MINUTE WHEN IT GOES WRONG Aviva declined about 4% of claims in 2017. Common reasons include: ● Lack of additional cover to the standard policy – for example, if a customer did not choose additional cover as part of a home insurance policy for events such as accidental damage, or cover for damage to belongings outside of the home. ● Making a claim for something that falls outside of the

policy terms – for example, the effects of gradual wear and tear or damp and dry rot are not covered by a standard home insurance policy. ● The policy definition for a claim is not met – for example,

some critical illness claims were declined because the condition the customer was claiming for was not covered by their policy. ● A pre-existing health condition/lifestyle choice was not

declared – for example, pre-existing health conditions or lifestyle choices that are not declared by the customer during the application process can lead to group and individual protection claims being declined. / The Journal / August - September 2018

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Alice Hardy explains how the Insurance United Against Dementia initiative is funding research – and how you can get involved



very three minutes, someone in the UK develops dementia; and one in three born today will develop dementia at some point in our lives. Despite these statistics, there is currently no cure and only limited treatments available for the condition, which strips people of their memories and abilities. It is vital that we tackle these shocking statistics by investing in groundbreaking research to find ways for us to protect ourselves and our loved ones from dementia. It is also crucial that our profession – which exists to protect people in times of crisis – understands and supports employees and customers / The Journal / August - September 2018

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HOW CAN YOU MAKE A DIFFERENCE? Become a Dementia Friend Dementia Friends is a social action movement led by Alzheimer’s Society that is transforming the way the nation thinks, acts and talks about the condition. By becoming a Dementia Friend, you and your colleagues can better support friends, family, colleagues and your local community. All you need to do is attend an information session, or complete an online version, to find out more about dementia, its effects and how we can all take small actions to help those affected by dementia. IUAD can also support you to roll out the initiative across your business. Please contact for further information.


who are dealing with the difficult realities of dementia today. Insurance United Against Dementia (IUAD) is creating a unique platform for this, by supporting businesses to become more dementia-friendly and by raising funds for critical research that will bring us closer to treatments, prevention and a cure for dementia. Dementia research has always been chronically underfunded. Researchers have the tools, technology and talent that they need to thrive, but have been hampered by a lack of available funding. This is not a sustainable approach to the biggest health and social care challenge of our time – a challenge that costs society £26.3bn every year. Insurance United Against Dementia is an Alzheimer’s Society movement created and led by leaders in the insurance profession to tackle this

Insurance Day of Giving On Thursday 8 November, the insurance profession is uniting to raise as much as possible for dementia research in just 24 hours. Dubbed the ‘Insurance Day of Giving’ by creator Andy Tedstone of PIB Insurance, this is a unique opportunity for our sector to make an incredible impact for years to come. It is easy to get involved as an individual or a

challenge head on. The campaign is raising £10m for dementia research, much of which will go on to fund the groundbreaking UK Dementia Research Institute. The UK Dementia Research Institute, which officially opened its doors in July 2018, is a brandnew facility that unites six worldclass universities across the country to create transformative change for the lives of people affected by dementia. At full capacity, the Institute will house about 700 researchers, all dedicating their efforts to find out more about how best to care for people living with dementia today and to find a cure for those who will be diagnosed tomorrow. By uniting together, the efforts of every single insurer will have an incredible impact on the future of dementia. ●

company – by making a donation to the dedicated Just Giving page, or by hosting fundraising events for staff across your offices. Toolkits will be provided with fundraising ideas and the IUAD team will be tracking progress throughout the day to ensure some friendly competition – with prizes to be won! It is also a chance to raise vital awareness of dementia, helping our profession to become more dementiafriendly. IUAD will help to signpost you and your colleagues to information and advice, ensuring that those affected by dementia know where to turn when they are in need of support. Money raised on the day will go directly to the UK Dementia Research Institute. If you or your business would like to get involved in the Insurance Day of Giving, please contact for further information. There a number of further ways to support the IUAD campaign, from attending an event to spreading the word. Please visit iuad to find out more.


The CII has partnered with Insurance United Against Dementia as part of its focus on diversity and inclusion and our purpose to build public trust in a united profession. Tali Shlomo, people engagement director at the CII, said, “The CII and our profession recognises that we must ensure that consumers in vulnerable circumstances are treated not only fairly, but with empathy and sensitivity to their circumstances which is now a growing priority for many organisations. “It is our role as a professional body to raise awareness and provide practical ways we can all get involved.”

Alice Hardy is senior corporate development manager at the Alzheimer’s Society / The Journal / August - September 2018

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The Journal at your ďŹ ngertips For a variety of insurance related content including c-suite interviews, topical debates and in-depth articles. CII.08.2018.038.indd 38

22/08/2018 14:22


The CII w to make c ishes unless the lear that, ca indicates se reported allegation otherwise, against m s and findings implicate embers do not those m employers embers’ in any way

DISCIPLINARY MATTERS BREACH OF EXAMINATION AND/OR ASSESSMENT REGULATIONS Philip Nicholson of Lockton, Houndsditch, London The assessment candidate allowed his coursework assignment to be accesses by another candidate, in breach of the Mixed Assessment Candidate Guidelines. The CII case examiner invited the respondent to approve and sign a consensual order under 9.1 of the CII Disciplinary Procedure Rules 2015, to which the respondent agreed, and which came into effect on 13 July 2018. The sanctions issued were that the respondent: a) be reprimanded; and b) be required to take and complete the CII on line ethics course before renewing membership, booking any CII examinations, enrol on any CII assessments or apply for any CII recognition of prior learning. Melanie Jackson of Autonetic Insurance & Pensions Services, Mansfield, Notts. The assessment candidate allowed their assignment to be accesses by another candidate, in breach of the Mixed Assessment Candidate Guidelines. The CII case examiner invited the respondent to approve and sign a consensual order under 9.1 of the CII Disciplinary Procedure

Rules 2015, to which the respondent agreed, and which came into effect on 13 June 2018. The sanctions issued were that the respondent: a) be reprimanded; and b) be required to take and complete the CII on line ethics course before booking any CII examinations, enrol on any CII assessments or apply for any CII recognition of prior learning. Ahlam Mohammed Al Hosani of ADNOC, Abu Dhabi, UAE The coursework assessment candidate was found to have plagiarised another candidate’s 992 Risk Management in Insurance Assignment 3, in breach of the Coursework Assessment Guidelines and Instructions. The CII case examiner invited the respondent to approve and sign a consensual order under 9.1 of the CII Disciplinary Procedure Rules 2015, to which the respondent agreed, and which was signed on 13 August 2018. The sanctions issued were that the respondent: a) be reprimanded (DR 12.6a); b) have the 992 coursework assessment assignment result disallowed (Reg 12.6); c) be excluded from CII examinations and assessments for 24 months (with effect from 1 January 2018) (Reg 12.6l) and would have to take

the CII on-line ethics course before taking any CII exams and assessments or applying for recognition of prior learning in future or applying to re-join as a member of the CII (Reg 12.6d); and d) would not be eligible for CII recognition of prior learning for examinations, assessments or qualifications obtained by the respondent during the 24 months’ period of exclusion (Reg 12.6p).

39 “To date, the CII has dealt with five instances of non-members using CII designations for 2018. As this is an infringement of CII’s trademarks, where people persist in misusing CII designations, legal action will be taken against them”.

TAKE NOTE Where the disciplinary panel or case examiner has decided to publish details of a disciplinary case ascribed (ie where an individual has been named), every care has been taken to identify members correctly. Please contact the CII if there is any doubt about the identity of a member who may have been the subject of disciplinary proceedings and in relation to whom a report has been published. / The Journal / August - September 2018

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outh Korea’s insurance market has come a long way since the nation’s first product – insurance for cows – was sold in 1897. Today, thanks to more than four decades of economic growth and the country’s high level of personal savings and life insurance, it boasts one of the largest insurance markets in the world. Its strength can be seen in the latest figures from its regulator, the Financial Supervisory Service. These show that in 2017, insurance companies’ preliminary net income rose by 33% to KRW7.83trn ($6.90bn), with this buoyed by the stock market rally, higher interest rates and, for motor insurers, improvements in loss ratios.



2017 (KRWbn)

Life insurance companies



– Protection insurance



– Savings insurance



– Pensions



Nonlife insurance companies



– General insurance



– Motor insurance



– Long term insurance






Total Source: Financial Supervisory Service / The Journal / August - September 2018

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CHALLENGING TIMES But while these are impressive results, South Korea’s insurance market faced some challenges last year. Although net income increased, premium income remains relatively flat, with life insurers seeing the figures go into reverse for everything bar protection (see table). On top of this, early indicators for sales in 2018 suggest a similar landscape this year. According to its Insurance Industry Outlook and Issues 2018, the Korea Insurance Research Institute expects life insurance premium income to grow just 0.3% this year, with non-life insurance increasing by 2.5% in 2018. The stalling of sales growth is down to one of the same factors that has helped insurers boost their income – higher interest rates. As these higher

rates have pushed up the burden of household debt, the industry expects to see lapse ratios spike and new sales evaporate. This presents a significant challenge to the South Korean insurance industry. Self-provision is the norm in South Korea, with the state providing very little in the way of social security. Therefore, if policies lapse, individuals could be left without any financial safety net. Subsequently, there have been calls for the industry to look at ways to avoid this.

PROPERTY PRESSURES Another significant challenge for the general insurance market in South Korea is the climate. Although it is partly sheltered from the typhoons that

hit southeast Asia, at least one will pass close to or over the country each year, usually between July and September. Invariably, this results in heavy rain and flooding. From a property insurance perspective, these floods are significant. Estimates suggest that as much as 80% of total property damage – equivalent to about KRW50bn ($44.34m) a year – results from these floods. Strict building codes are in place to ensure that properties can withstand wind damage from typhoons but, the rapid economic growth the country has experienced during the last 50 years means that new property is always under construction. Inevitably, some of this is built in areas with a high risk of flooding. →



With South Korean insurance companies’ preliminary net income rising to almost $7bn, Sam Barrett takes a closer look at the burgeoning local market / The Journal / August - September 2018

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Work is underway to address this. The government has invested heavily in flood defences since the 1980s, identifying sites with a high flood risk and implementing a variety of defences to prevent future losses. These include retrofitting properties, increasing sewer capacity and installing underground tanks to store the flood water.





South Korea’s general insurance market is also exploring new opportunities, with an increasing focus on incentivising risk management. On the health side, this has seen the introduction of rewards for healthy behaviours. These policies, which offer incentives such as lower premiums or points that can be used to buy healthcare products or services, went on sale in April 2018, with about 60,000 policies sold in the first two months. This type of initiative is welcomed by Asian reinsurance company Korean Re. As well as encouraging healthy behaviours, it offers the potential for improvements in loss ratios while also helping to reduce the nation’s rising healthcare costs. The motor insurance market is seeing growing numbers of motorists buying cover online, rather than through more traditional routes. However, with the internet still only accounting for just

likely candidates. New markets are also being created, with changes in the public’s attitude to animals, meaning that the country’s first pet insurance is currently under development. The number of pets has almost doubled in the last few years, from 4.7 million in 2010 to more than 8.7 million today, driving the Korea Insurance Development Institute to explore this market.




1.5% Top industries ELECTRONICS, AUTOMOBILES, TELECOMMUNICATIONS AND SHIPBUILDING under 50% of sales, it is a distribution channel with further growth potential. There has also been a huge rise in mileage-based insurance. This was launched at the end of 2012 to reward low-mileage drivers with discounts on premiums. Already, more than a third of motorists have taken out this type of cover, with the over-70s the most

Future trends in South Korea’s insurance market are also likely to be influenced by political changes. After the country’s former President Park Geun-Hye was impeached in 2016, the political landscape moved to the left when Moon Jae-in was elected in a landslide. Part of his appeal was in his promises to solve the North Korean crisis. These were turned into action within his first year as President, via the historic meeting in April with North Korea’s leader Kim Jong-un, which saw the two leaders agree to end the hostilities that have lasted for nearly 70 years. Although there’s still uncertainty about how these talks will progress, South Korea’s economy, and its insurance market, are certainly expected to benefit as a result of the thaw in relations. ●



6-8/ 09/2004

Typhoon Songda (Japan, South Korea)

11-19/ 09/2000

Insured losses in $m





Typhoon Saomai (Japan, South Korea, Russia)




22-26/ 09/1999

Typhoon Bart (Japan, South Korea)


31/08 – 06/09/2002

Typhoon Rusa (South Korea, North Korea)




11-13/ 09/2003

Typhoon Maemi (South Korea, Japan)




Source: Munich Re, NatCatSERVICE, 2014

Overall losses in $m






Total losses (KRWbn)

Heavy rainfall












Heavy snowfall












Tidal wave








Source: MOCT, Recent flood disasters and progress of disaster management system in Korea, Kim, Tachikawa, Takara / The Journal / August - September 2018

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Study with substance

Our insurance qualiďŹ cations identify universally as evidence of knowledge and professional competence.ďŹ cations CII.08.2018.043.indd 43

22/08/2018 14:24



he (re)insurance industry’s commitment to a lowcarbon economy future was in evidence again recently, when Swiss Re said it is to stop providing (re)insurance coverage to businesses with more than 30% thermal coal exposure. In a recent announcement, the giant European reinsurer said this action was necessary as part of its approach to managing carbon-related sustainability risks.



Tim Evershed explores the ways in which the insurance industry is supporting a low-carbon economy


HIGH HOPES FOR LOW CARBON / The Journal / August - September 2018

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The thermal coal policy also brings Swiss Re’s underwriting policies into line with its existing investment policies. The reinsurer stopped investing in companies that generate 30% or more of their revenues from thermal coal mining, or that use at least 30% thermal coal for power generation, at the start of 2016. The company also says it aims to integrate environmental, social, and governance (ESG) criteria in its investment process for its activelymanaged equities and credit portfolios. “In some ways this is really unexpected, [but] there have been some signals. We’ve seen several insurers do ESG screening and underwriting,” says Greg Lowe, head of resilience and sustainability at Aon. “It’s still a handful of players but there’s been engagement with brokers and clients on this in the past. It has been very, very quiet and we haven’t seen business really be turned down at all due to ESG risk. “The bigger public announcements have been on divestments and now it is interesting that [it is] going from

Swiss Re says its decision to develop a thermal coal policy was based on its commitment to the Paris Pledge for Action in 2015, when the company had confirmed its commitment to the effort to limit global warming to 1.5°C to 2°C above pre-industrial levels. “We have this long tradition as a responsible company and our coal policy is one stepping stone in a process. If you look back, we have a long tradition that has many sides,” says Thierry Corti, head of sustainability risk management at Swiss Re. He adds: “For the past few years there has been a steady number of announcements and actions, both on the investment and the liability side, so we can see how it has evolved. “It’s too early to say what the response is. We are currently in contact with our clients to find the best solutions for them.” The reinsurer’s thermal coal policy applies to both existing and new thermal coal mines and power plants, and is implemented across all lines of its business.


RISE OF RENEWABLES The flipside of Swiss Re’s thermal coal policy is an increase in opportunities on the renewables side, which are already substantial. “We see a lot of opportunities for



Solar PV

Offshore Wind

Onshore Wind




25 Generation (TWh)

Jatin Sharma, president, GCube Insurance Services, says Swiss Re’s decision simply reflects a wider trend in the energy industry. “We’re already seeing a pretty substantial transition for the energy sector, and we’ve been seeing it for a number of years, to gas, nuclear and a lot of renewables now in the mix,” Mr Sharma says. He continues: “Gas has really trumped coal in the past 10 to 15 years in terms of new capacity additions. In terms of risk profile, why would you want to focus on ageing coal assets that arguably aren’t being looked after because they’re going to be mothballed? “The sort of companies writing these larger coal power plants would be big mutual that will find capacity elsewhere. It depends on how much reinsurance they’re buying from people like Swiss Re. The big mutuals in the US are pretty old school in their perspectives. They don’t like change and I’m not sure how much capacity they bought from Swiss Re.”

the investment side to categories of underwriting. That is new. “This is not a huge step – we’re talking about coal mining. Where this gets a little more complicated is on the power generation side, even then it will depend on where you are in the marketplace. If you’re in an extremely intensive coal environment that’s going to be challenging. It is not a huge book of business, but it does send a strong message. “The direction of travel with many indications that investors have given around climate risk, particularly on the transition risk side, means that as disclosure around climate risk becomes more mainstream, and several insurers have been very involved in the Task Force on Financial Disclosures, this is only going to move up the agenda,” adds Mr Lowe.





0 Q1 Q2 2015



Q1 Q2 2016



Q1 2017




Q1 2018 / The Journal / August - September 2018

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CLEAN GROWTH STRATEGY Current plans are off track to deliver the required emissions reductions Today









To meet the 4th and 5th carbon budgets, plans must be firmed up urgently 95% Required by 2020







The Committee’s independent assessment of the Clean Growth Strategy is available at


growth, even on the mining side of that equation, what’s happening on cobalt prices and lithium prices due to interest in battery technology,” says Mr Lowe. “Traditional renewables, certainly onshore wind and solar, are retail products. We’ve seen some innovation around products that can de-risk production shortfalls rather than traditional damage losses. “At this point, if you look at the numbers, the economics of renewables in much of the world, they are extremely competative – in many cases cheaper. As well as announcing its restrictions on thermal coal, Swiss Re committed to supporting energy efficiency and developing low-carbon technologies, including insurance coverages and investments in renewable energy sources. “There’s a lot that the (re)insurance industry can do and it goes beyond just offering (re)insurance products to the renewable energy sector. Of course, offering insurance and reinsurance products to the renewable sector is important,” says Swiss Re’s Mr Corti.

“As well as understanding the risks associated with renewable energy, risk landscape, risk profiles, to provide the knowledge about the risks of renewables. Then we can design the right products. “As a reinsurer, we provide risk advice and risk assessments across all industries. Renewable energy is an important segment for us – we can offer and want to offer more.” Swiss Re itself has been working with research institutions to come up with guidelines on risk management and the sustainability of solar panels for insurance. It is called the Solar Panel Code of Practice. It says this will help all involved parties, including producers, buyers, investors, banks and insurers to assess the long-term quality and reliability of solar panels and provide them with a best practice risk management framework to mitigate losses. The reinsurer also has a new product, the Solar Revenue Put, which promotes the development of solar energy by driving down investment risk and making solar energy projects cheaper to finance.



ADDRESSING THE RISKS Aon’s Mr Lowe says such products are key to helping mitigate balance sheet risks for investors, particularly in emerging technologies such as battery storage. He adds: “I’d like to see the insurance industry play a bigger role in trying to help finance and investors address some of the risks they’re concerned about. “There’s still a little bit of a gap in dialogue between the investment community and the insurance community about how we can work together. More regular dialogue would create the potential for a lot more innovation. “How does the (re)insurance industry ensure it is playing [its] role as guardians of risk, essentially? While not inhibiting the take-up of green technology? What we need to acquire is better dialogue between technology and equipment manufacturers and the insurance industry. “We’ve historically been poor at wanting to underwrite new and emerging technologies. That’s not a good enough excuse anymore. “We’ve seen the pace of technological change increase across the board, not just the energy space. If insurers are serious about meeting ESG commitments, there needs to be a little bit more dialogue and progress in the storage space,” concludes Mr Lowe. ● / The Journal / August - September 2018

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This set of questions, courtesy of online CII training package Insurance Assess, will test your knowledge of topics. The answers are at the bottom...




Why is ‘buy to let’ insurance cover required? A In case the rental income fails to cover the cost of mortgage repayments b In case the investment value of the property falls c Because the tenant cannot necessarily be relied upon to arrange property insurance d Because standard household insurance excludes claims arising when the property is being rented

What is a ‘market service agreement’?

Which of the following is a feature of money markets?

QUESTION 2 What is the definition of revolving credit? A The repayments are fixed each month b The repayments are fixed each month, but reviewed every quarter c The repayments are not fixed and fluctuate such as with a credit card d The repayments are not fixed and increase by a fixed percentage each month

QUESTION 3 What type of risk is critical illness insurance based on? A Morbidity risk b Mortality risk c Morality risk d Market risk

QUESTION 4 In which country did environmental insurance originate? A US b France C UK D Japan

A A document setting out for customers the insurance providers with whom a broker can place business b A schedule issued by the FCA which specifies acceptable levels of commission payment for regulated insurance products c An agreement setting out acceptable service level standards for communications between a broker and an insurer d An alternative name for contingent commissions related to business placed

QUESTION 6 In what capacity is a broker insurance document issued? A As a contract document expressly authorised by the insurer b As a contract document issued by the broker as the agent of the insured c As a contract document issued by the broker as the agent of the insurer d As a contract document issued under a delegated authority

QUESTION 7 What are the FCA Principles for Businesses? A Guidance for firms preparing to apply for FCA Authorisation b Optional guidelines for regulated firms on how they should conduct their businesses c Rules that must be followed by all approved persons d The basic business principles which all regulated firms must abide by

A Allows corporations to gain long-term funding to support expansion b Allows firms to borrow funds on a short-term basis c Participants are able to buy, sell and exchange and speculate on currencies d They are markets that are based upon another asset

QUESTION 9 Which of these liabilities do products liability policies usually cover? A Only liability arising out of claims made during the period of insurance b Only liability arising out of events happening during the period of insurance c Only liability arising out of products produced during the period of insurance d Only liability arising out of products recalled during the period of insurance


QUESTION 10 The proximate cause of a loss is always? A An insured peril b The cause nearest the loss in distance c The cause nearest the loss in time d The dominant cause



ANSWERS 1D. Buy to let insurance usually provides buildings cover and loss of rental income for loss or damage as a result of fire or other specified perils, such as storm, flood. 2C. Where repayments are not fixed and fluctuate, this is termed revolving credit. A credit card is a

good example. 3A. The morbidity risk describes the potential that an individual will suffer from one or more of the illnesses for which a critical illness policy intends to provide cover. 4A. US 5D. A market service agreement is another name for a contingent commission.

Placement service agreement is a further variant. 6B. A broker insurance document contains the terms and conditions of the contract as well as the details of the insurers and is provided by the broker in its capacity as agent of the insured. 7D. The Principles for Businesses are

the basic business principles which all regulated firms must abide by. 8B. A feature of a money market is to allow firms to borrow funds on a short-term basis. 9B. Products liability policies cover injury or damage that happens during the period of insurance. Some policies

use the word ‘occurring’ rather than ‘happening’, although the intention is the same. 10D. The proximate cause of a loss is the active, efficient cause. It is always the dominant cause and there is a direct link between this cause and the loss. / The Journal / August - September 2018

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CYBER SECURITY ASSISTANTS Gug Kyriacou explains how virtual assistants can help keep information more secure and improve customer experience

T 48

he drive for innovation within the insurance profession is moving quickly. Insurers are investing more to ensure that people are provided with a smooth customer journey and firms are harnessing emerging technologies in an effort to improve processes for both businesses and consumers. With smart technology becoming increasingly prevalent in people’s daily lives, insurers have taken this opportunity to utilise technology to develop chat bots and smart assistants, which are able to use intuitive programming and learning capabilities to provide and gather information on customer behaviour; inform and answer questions about insurance policies; and KNOWING assist people with the claims process.


VIRTUAL ASSISTANTS Insurers are developing cyber security assistants that are able to integrate with virtual assistants, such as Amazon Alexa and Google Assistant, to collaborate with connected homes and devices. Cyber security assistants aim to advise and educate the public on a range of cyber security-related topics and are able to answer normal, everyday questions customers may have relating to personal cyber security. These chat bots and algorithms enable intelligent conversations with humans via text or voice and often function within dedicated messaging apps like WhatsApp or Facebook Messenger. Within the insurance profession, they aim to help improve the customer experience, developing positive relationships and clearing the haze around personal cyber security. Yet research has shown that people’s knowledge and understanding of cyber security is not developing as fast as technology is advancing.

A Amazon b bots c cyber D daily E enhanced f Facebook g Google h harnessing i information j jobs k knowledge l larger m mediation n normal o October p products q quickly r relationships s security t technology u utilising v virtual w whole x AleXa y yet z haZe

NO IDD IN TEAM The Insurance Distribution Directive (IDD) is due to come into effect in October 2018. This regulation replaces the Insurance Mediation Directive – put simply, its purpose is to improve the protection of consumers when purchasing insurance products and applies to insurance companies and intermediaries, as well as price comparison sites and aggregators. The IDD is likely to create problems for insurers that provide cyber security assistants or ‘jobs’ for smart assistants and those using chat bots or programmes to discuss or sell insurance products. Utilising new technologies will undoubtedly give insurers access to new audiences and help customers improve their understanding of insurance – which can only be beneficial to consumers and the industry as a whole. As technology evolves and plays a larger role within the sector, it is vital for the insurance industry to deliver products and services that are enhanced by technology, not determined by it. ● Gug Kyriacou is joint managing director of FWD Group / The Journal / August - September 2018

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Fast-track your study

Advanced Diploma holders are granted fast-track entry to a range of Bachelors and Masters degrees. CII.08.2018.049.indd 49

22/08/2018 14:22



STAND BY YOUR PLAN Journal blogger Anna Barnes explains why making a plan – and sticking to it – is key to successful study



often find myself asking the same question... when do I have time to revise? Life is hectic. You can get so caught up in work, commitments and socialising, especially with the hot, sunny weather we've had all summer. But remember, these exams are worth it and you will reap the benefits during and at the end of your studies. Plan, plan, plan! Make sure you plan each week accordingly and don’t say these words: ‘I’ll do it later’. I don’t know about you, but every time I say these words, I never actually revise! You do need to be strict with yourself and use your time wisely. One idea is to have a calendar on the wall and to spread out your revision timetable for the upcoming weeks or even months. If you have plans on the weekend, then prioritise your revision time on the weekdays/weeknights. I tend not to make social plans that last the whole weekend, as I feel that revision should be more of a priority if you want to achieve your end goal within your timescale. I completely empathise with the fact that you may feel that you have no social life at the moment but remember, this is not a lifetime commitment. There is an end date and it’s going to help you in the future! Focus on that end date and make sure that you reward yourself.

REFRESH YOUR SURROUNDINGS If you feel like you can’t study at home, then try and get into work early or stay later. You also have the option of going to the library. If you are a postgraduate, most universities allow you to use their library. Get in touch with them. If you have lived away from university and now moved back home, some universities will still allow you to study in their library. If your employer allows it, there are revision days through your local institute that you can attend. There are many ways that you can revise. Choose what suits you. Ask yourself what works for you and your lifestyle. You also have the option of studying while travelling. I travel to work on the train. At the beginning, I found it difficult to revise on the train because it’s always so busy. I used to bring my study textbook with me, but realised it was too big to use from. I therefore ended up purchasing the key facts A5 booklet. This is perfect to use while travelling. No matter how long the train, bus or tram journey is, a little studying can go a long way without even realising it. ● Anna Barnes is compliance & technical services assistant at Munich Re

◊ AHEAD OF THE GAME Plan out your study time for the next few weeks and stick to it

◊ WORK HARD, PLAY HARD Prioritise your studies over socialising, then reward yourself afterwards

◊ SURROUND SOUND Finding a new place to study, like a local library, can help you focus


THREE THINGS TO TAKE AWAY / The Journal / August - September 2018

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WWWIPSGROUPCOUK s3ENIOR#LAIMS!DJUSTER &INANCIAL,INES#YBER To ÂŁ70,000 + Bonus + BeneďŹ ts – City of London Seeking an individual who combines experience handling Financial Lines and Cyber claims. Experience on Political Violence, Contingency and Personal Accident claims also useful. The role is with a long established Lloyd’s Syndicate, working in a team where you will get to handle claims across the portfolio. Contact: - London Ref:CII135983TS

s3PECIALTY#LAIMS-ANAGER To £85,000 + Bonus + Long Term Incentives – City of London An opportunity for a Senior Claims Adjuster to step up to a Claims Manager role and lead the Claims function in London for this Global Insurer. You will be responsible for Claims on a Lead portfolio of Specialty business, including Political Risks, Marine and Energy. You will need to be working for a London based Insurer or Lloyd’s Syndicate, handling claims on a broad portfolio of Specialty business. Contact: - London Ref:CII136131TS

s7ORDINGS4ECHNICIAN cÂŁ60,000 + BeneďŹ ts – City of London Seeking an experienced Wordings specialist to join the expanding Coverholder Management team of this well known Insurance Group. The portfolio of new Coverholders and MGA’s continues to grow, across a range of classes of business. This role will work as part of a team of two on the Wordings, reviewing, drafting and developing wordings and new products. Contact: - London Ref:CII136213TS To ÂŁ45,000 + BeneďŹ ts – City of London Great opportunity to take ownership alongside the DA Manager for a large Specialty binder book. Setting up new coverholders, managing relationships working with Lloyds and managing the binder account. Experience carrying out due diligence of third parties is required, along with strong interpersonal and analytical skills. Experience of binding authorities advantageous. Contact: Alison. - London Ref:CII136121AT

s$ATA-)0ROJECT!NALYST $ELEGATED5NDERWRITING To ÂŁ45,000 + BeneďŹ ts – City of London Exciting challenge working alongside the Head of Delegated Underwriting in a small team. Working with key internal and external stakeholders, attending market committee meetings on topics such as DA SATS, LIMOSS and working to automate and improve the quality of binding authority data that is held and how it is reported. Knowledge of SQL, VBA and Python (Preferable) to drive the innovation of data solutions. Contact: Alison. - London Ref:CII136607AT

s%NERGY#LAIMS!DJUSTER To ÂŁ55,000 + BeneďŹ ts – City of London Opportunity with a well regarded Lloyd’s Syndicate. You will work within the Marine Claims team, focusing on Energy and Liability claims. Current experience handing Energy or Marine Liability claims in the Lloyd’s Market is required. Contact: - London Ref:CII136760TS

s2EINSURANCE#LAIMS-ANAGER c£90,000 + Package – City of London Well established Global Reinsurance Company, seeking an individual with strong reinsurance claims experience to lead the claims team. This is a hands on claims role focused on Europe, working closely with Cedants. The ideal candidate will be working for a London based Reinsurer, handling claims on European Cedants. Contact: - London Ref:CII136243TS

s#LAIMS6ENDOR/PERATIONS-ANAGER To £70,000 + Bonus – City of London The ideal candidate will have experience working in Insurance, both as a Claims Vendor and managing Claims Vendors. However the ability to work with a wide range of stakeholders, building strong relationships and manage the Claims Governance Framework is key. You will be responsible for Operational Management of Claims Vendors in the UK and Europe for this major Global Insurer. Contact: - London Ref:CII136283TS

s7)4ECHNICAL)NSURANCE3PECIALIST To ÂŁ70,000 + Generous Bonus – City of London You are currently working in a Mergers & Acquisitions insurance team or a legal team and are a specialist in Warranty & Indemnities. Employed by an expanding Lloyd’s Broker, you will work with the Technical Director and focus on evaluating differences between various insurers’ offerings to provide coverage. This is predominantly an ofďŹ ce based role, and will not require business production skills Contact: - London Ref:CII135967CD

s5NDERWRITING!SSISTANT !( ,LOYDS3YNDICATE Up to ÂŁ30,000 + BeneďŹ ts – City of London Lloyd’s syndicate are looking for an A&H UA to join their team on the box, providing underwriting administration support, working closely with brokers and shadowing client meetings. UA experience required, preferably A&H exposure with a strong technical skillset and good communication skills. Contact: - London Ref:CII136797CA Up to ÂŁ25,000 - ÂŁ28,000 + BeneďŹ ts – City of London Underwriting Technician required to work across various lines of business inputting data into underwriting systems, preparing ďŹ les, conducting quality assurance and improving processes where possible. Previous experience in underwriting support required, preferably having used Genius system. Contact: - London Ref:CII136773CA

s3ENIOR5NDERWRITING-ANAGER ÂŁ80,000 + BeneďŹ ts – West Yorkshire You will manage a team of Underwriting Managers for this MGA to deliver the agreed level of underwriting performance for a proportion of the company’s insurance business to achieve company proďŹ ts. You will have solid Underwriting background, from either Commercial or Personal Lines background. Contact: - Manchester Ref:CII136135A

s"USINESS$EVELOPMENT-ANAGER ÂŁ30,000, OTE ÂŁ40,000 + Car allowance & other BeneďŹ ts An Insurance business based in Bradford seeks a Business Developer to drive new sales opportunities as well as looking after existing relationships. Account Manager wanting to take the next step or already working for an Insurer in a Business Development Manager role I will be interested in speaking with you Contact: - Manchester Ref:CII136503AB

s.EW"USINESS5NDERWRITER Up to ÂŁ45,000 + BeneďŹ ts – Bristol A respected insurer are searching for an experienced New Business Underwriter to develop relationships with their brokers. In this role you will predominantly work with Commercial Combined products but for a variety of markets. This is a fantastic role if you thrive on building relationships and achieving account growth. Contact: - Birmingham Ref:CII136806BK

s#ORPORATE!CCOUNT(ANDLER Up to ÂŁ35,000 + BeneďŹ ts – Swindon Following the success of winning a number of large accounts, one of the major insurance brokers are searching for a Corporate Account Handler to join them in their Wiltshire ofďŹ ce. A great opportunity for a Corporate Account Handler to work with varied and interesting accounts. Contact: - Birmingham Ref:CII136440BK


s"INDING!UTHORITY4ECHNICIAN To ÂŁ50,000 + BeneďŹ ts – City of London Opportunity with a long established Lloyd’s Broker. This is a broad technical role focused on Binding Authority business, producing MRC’s and other technical documentation, providing advice to Coverholders, uploading information to ATLAS and BARS, assisting with management of coverholder Audits and reviewing bordereau submissions. Current experience handling Binding Authorities is required, ideally in a Broker Back up role. Contact: - London Ref:CII136098TS


ÂŁ20,000 - ÂŁ27,000 + BeneďŹ ts Package – Birmingham An exciting opportunity with a top 10 global broker in Birmingham. You will deal with a range of specialist risks including Marine, Fine Art & Specie, Drone, Aerospace and Yacht. Working closely with their London ofďŹ ce you’ll initially handle renewals and will also have regular visits to London. To apply you will have gained experience in a similar role within commercial broking. Contact: - Birmingham Ref:CII134355MF


Attractive Salary + Bonus & BeneďŹ ts – West London Our client is an MGA, specialising in providing home insurance direct to online consumers. The focus is on overseeing all the relationships with key business partners - managing insurance capacity, oversight of claims performance, supply chain control, reporting and business reviews, and review and audit. Requires sufďŹ cient and solid experience of either managing or supplying capacity within General Insurance. An insight in underwriting, claims and supply chain management. There is also a need to use analytical insights to improve performance. Contact: - London Ref:CII136759JD

CII.08.2018.051.indd 1

To ÂŁ55,000 + BeneďŹ ts – City of London QualiďŹ ed Accountant required by specialist London Insurance business. This is a newly created role that will suit an Insurance/Reinsurance experienced accountant who possesses strong exposure to complex ďŹ nancial modelling, accounting and ďŹ nancial reporting. Contact: - London Ref:CII136549MB



,ONDON Tel: 020 7481 8111 3OUTHAMPTON Tel: 023 8048 8799


"IRMINGHAM Tel: 0121 616 6096 "RISTOL Tel: 0117 370 2472

ÂŁ30,000 - ÂŁ40,000 + BeneďŹ ts – Birmingham A unique and exciting opportunity for an experienced Account Handler to join a top 10 global broker. Some experience in PI is a must – but this doesn’t have to have been your specialism. You might perhaps have been a general Commercial Account Handler / Executive, dealing with multiple risk types, but have a strong or some understanding of PI. You’ll offer technical expertise, and impart your knowledge and commercial-minded-ness to the rest of the team. Contact: - Birmingham Ref:CII134946MF

-ANCHESTER Tel: 0161 233 8222


,EEDS Tel: 0113 202 1577 3INGAPORE Tel: +65 6223 1023

(ONG+ONG Tel: +852 3469 5339 3HANGHAI Tel: +86 21 2206 2882

17/08/2018 09:47

Are you ready for the Insurance Distribution Directive? Take control of CPD with Assess, the ideal learning and reporting solution for IDD.

From October 1st 2018, anyone involved in the distribution of insurance products will be expected to complete a minimum of 15 hours of CPD each year and demonstrate competency and knowledge in speciďŹ c core areas.

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Profile for Redactive Media Group

The Journal August - September  

The Journal August - September  

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