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Step into Careers in InsuranceFriday 27 April 2012
Ben BakerManager, Professional Standards
Step into Careers in Insurance
Topics
• The difference between wholesale, reinsurance and retail insurance markets
• The structure of the insurance sector and what this means in terms of careers and opportunities
Step into Careers in Insurance
Structure
Wholesale
Buyer Broker Underwriter
Example Brokers and Underwriters make up the Lloyd’sand London Insurance MarketGlobal insurance, Marine, Non Marine, Aviation
Step into Careers in Insurance
Structure
Retail Buyer Underwriter
Example Personal Motor, Household, Private Health,Travel,Legal Expenses, Pet Insurance
Step into Careers in Insurance
Consumers buy insurance in the following ways
• 56% of business sold through brokers although for commercial business 80% is sold in this way
• 31% personal insurance is sold direct by telephone or the internet, for car insurance the figure is 43%
Step into Careers in Insurance
Reinsurance
Insurer Insurer
Definition
Part or complete insurance from another insurer for a risk already insured.
Step into Careers in Insurance
The UK Insurance Market
• 1,005 general insurers• 309 long term – investments and pensions• UK Insurance Industry Employs 290,000• Represents one quarter of all financial services jobs• Contributes £10.4bn in taxes to the UK annually• Premium income from overseas: £56bn• 3rd largest insurance market in the world• Largest insurance market in Europe
• Source: ABI 2010 results
Step into Careers in Insurance
Key Features• Predominantly a “people business”• Regulated• Professional Qualifications• Specialisation
• Underwriting• Broking• Claims• Actuarial• Loss Adjusting• Lawyers
Step into Careers in Insurance
Areas of involvementPropertyMotorAviationMarine LifeSpecialist• Credit and Political Risks• Terrorism/Piracy• Kidnap and Ransom• Fine Art
Step into Careers in Insurance
How do you get into insurance?
You used to “fall into” insurance!
Now much more targeted
• Apprenticeships• Graduate recruitment• Internships
Step into Careers in Insurance
Key Resource
Lloyd’s Market Association
• www.pcal.com
Step into Careers in Insurance
Step into Careers in Insurance
Step into Careers in Insurance
SO Where else could you have been involved with?
• The Titanic• Manganese Nodule Mining in the South Pacific• The voice of Bruce Springsteen• The taste buds of the Head of Tasting at Costa
Coffee• Cars, buildings, ships, satellites, life, health,
pensions• All aspects of daily life
Step into Careers in Insurance
A Career in Insurance