risk and insurance – an intro caspar bartington – cii
TRANSCRIPT
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Risk and insurance – an intro
Caspar Bartington – CII
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What is risk about?
– Helping to restore a situation after an event
– Working to prevent future incidents– Providing peace of mind – risk transfer
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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…
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The ones you know
– A car– A house – the bricks and what’s inside– Your health – Your pets– Your holiday– A business
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What’s the link?
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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)
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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!
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Supporters include
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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
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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
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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?
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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
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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
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What skills do you need?
– Communication – spoken and written– Analytical mind– Negotiation– People person– Flexibility – Commercial awareness
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How do you get into it?
– Do same work experience– Join straight after school
(Apprenticeship)– After a degree – many graduate
schemes
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Where can you work?
Anywhere!Big cities…Small towns…
UKEuropeAsiaPlus the rest of the world!
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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
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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…