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Step into Careers in Insurance Friday 27 April 2012 Ben Baker Manager, Professional Standards

Step into Careers in Insurance Friday 27 April 2012 Ben Baker Manager, Professional Standards. Step into Careers in Insurance . Topics The difference between wholesale, reinsurance and retail insurance markets

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Step into Careers in Insurance Friday 27 April 2012 Ben Baker Manager, Professional Standards

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  1. Step into Careers in Insurance Friday 27 April 2012 Ben Baker Manager, Professional Standards

  2. 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

  3. Step into Careers in Insurance Structure Wholesale Buyer Broker Underwriter Example Brokers and Underwriters make up the Lloyd’s and London Insurance Market Global insurance, Marine, Non Marine, Aviation

  4. Step into Careers in Insurance Structure Retail Buyer Underwriter Example Personal Motor, Household, Private Health,Travel, Legal Expenses, Pet Insurance

  5. 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%

  6. Step into Careers in Insurance Reinsurance Insurer Insurer Definition Part or complete insurance from another insurer for a risk already insured.

  7. 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

  8. Step into Careers in Insurance Key Features • Predominantly a “people business” • Regulated • Professional Qualifications • Specialisation • Underwriting • Broking • Claims • Actuarial • Loss Adjusting • Lawyers

  9. Step into Careers in Insurance Areas of involvement Property Motor Aviation Marine Life Specialist • Credit and Political Risks • Terrorism/Piracy • Kidnap and Ransom • Fine Art

  10. 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

  11. Step into Careers in Insurance Key Resource Lloyd’s Market Association • www.pcal.com • www.graduates@lloyds.com

  12. Step into Careers in Insurance

  13. Step into Careers in Insurance

  14. 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

  15. Step into Careers in Insurance A Career in Insurance

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