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Risk and insurance – an intro
Caspar Bartington – CII
What is risk about?
– Helping to restore a situation after an event
– Working to prevent future incidents– Providing peace of mind – risk transfer
Why risk touches our lives
– When bad things happen, they often cost money to put right
– Crashed car could mean no job– Burgled house could mean no TV– Broken oil pipe, flood damage,
terrorism…
The ones you know
– A car– A house – the bricks and what’s inside– Your health – Your pets– Your holiday– A business
What’s the link?
Body parts
– Aon insure Kylie’s legs (£2m) and various Manchester United players (Aon are the new shirt sponsor – another risk company)
– Glencairn insure Costa Coffee’s chief taster’s tongue (£10m)
Risk – other examples
– Shopping centre being burned down– Glastonbury being rained off– A ship’s crew being taken hostage– The London Eye - £5 million – FIFA World Cup 2010 - $6.2 billion!
Supporters include
Big business
– Over 310,000 employed in the UK– Employs over 30% of all people in
financial services– The UK’s 2nd biggest export– The UK is the world’s 3rd largest risk
market– The UK is the world’s largest market for
special risks
Different jobs
Wide range of roles, including:
Before an event happens– Underwriter – listening to a risk from a
broker and deciding if you want to cover it
– Broker – presenting a risk to an underwriter on behalf of a client
– Risk Manager – visiting buildings and assessing risks
Be the underwriter
Imagine you are an underwriter and three brokers come to you with a risk:– A firework factory in China– A cargo ship sailing from Africa to India – An airline’s planes that fly around the UK
Which risk would you accept, and why?
Different jobs
Wide range of roles, including:
After an event happens– Loss adjuster – going to a site to see if
a policy covers the loss– Claims manager – processing the
claim
Plus marketing, HR, IT, finance etc
What subjects do you need?
– Maths, business and economics help– Languages are also useful– In fact, no subjects are essential, apart
from English and Maths GCSE – you learn the technicalities once in the job
A risk career is about your skills and qualities
What skills do you need?
– Communication – spoken and written– Analytical mind– Negotiation– People person– Flexibility – Commercial awareness
How do you get into it?
– Do same work experience– Join straight after school
(Apprenticeship)– After a degree – many graduate
schemes
Where can you work?
Anywhere!Big cities…Small towns…
UKEuropeAsiaPlus the rest of the world!
Professional qualifications
• Just like accountants and doctors need technical qualifications, so do people working in risk
• CII Certificate (A level/BTEC National) • CII Diploma (degree yr one)• CII Advanced Diploma (degree) – also
known as ACII• Chartered status for those at the top
Salaries
• School leaver with A levels - £15k • University graduate - £25k• 5 years’ experience - £35k+• Lots of London jobs £70k-£300k+• London tends to pay the most in the UK • Other countries charge less tax…• If you’re good, rapid increases…
