The Chartered Insurance Institute (CII) New Generation Programme 2023/24 London Market Group has published a new report that considers how the insurance profession can help to build public confidence. The group uses case studies of the sector’s response to previous global and national events to identify three core principles through which the London Market can help to build public trust in insurance: ‘Collaboration, Certainty and Creativity’.
The report, titled ‘When uncertainty calls, how does insurance answer?’, considers the reputational impact from the London Market’s response to the war in Ukraine, IRA bombings and the Grenfell Tower disaster. The authors note that the establishment of the Ukraine Grain Facility and PoolRe were seen to positively impact public perceptions of insurance, encompassing examples of innovative work and specialist knowledge that benefitted society. However, the response of the insurance profession to the Grenfell Tower disaster was seen to negatively impact the sector’s reputation, with a lack of market collaboration identified as the reason for a failure to deliver a fair, affordable, and timely solution.
The report recommends that the London Market should apply the principles of ‘Collaboration, Certainty and Creativity’ to evolving risks such as systemic cyber risk, in order to create solutions for consumers that build further trust in the insurance profession.
Commenting on the report, Matthew Hill, CII Chief Executive, said: “The CII New Generation Programme provides an excellent opportunity for talented individuals at the start of their careers to demonstrate thought leadership and shape the future of our profession. Public Trust is a vital component of insurance, and I commend the New Generation group for examining these case studies and identifying the lessons we can all learn, and helping to build and maintain public trust in the process.”
The CII New Generation Programme 2023/24 London Market Group report is available here.