Insurance Market Organisations

Question 1

Association of British insurers (ABI)

Answer 1

They promote their own words ‘best practice, transparency and high standards within the industry’.
The ABI requires that any vehicles have been categorised as being ‘total loss’ must be entered into the MIAFTR.
The ABI describes its role to include:
Using their experience and expertise to engage in public policy debate
To publish policy documents and research reports for the insurance industry
To support a competitive insurance industry
To promote the highest standards of customer service

Question 2

International underwriting association of London (IUA)

Answer 2

Act as the focal representative for Non Lloyd’s international and reinsurance companies operating in the London market
Priorities are:
Process efficiency and business attraction to London
Promoting expertise and innovation in underwriting and claims
Influencing public policy and compliance

Question 3

British insurance brokers association (BIBA)

Answer 3

Represents the interests of around 2000 insurance broker and intermediary members
It’s aims:
Offering advice and guidance to insurance brokers and intermediaries
Influencing the relevant decision markers and policy writers
Keeping members informed of relevant issues and providing them with a forum for discussion and exchange of ideas
Supporting their members

Question 4

London market regional committee (LMRC)

Answer 4

Representing Lloyd’s brokers working in the UK and international insurance and reinsurance markets
Priorities are:
Engaging in dialogue with the FCA, EU and international bodies to develop regulatory framework
Advising and offering support to the London market as it works to improve its client services and to increase competitiveness and efficiency

Question 5

Association of insurance and risk managers in industry and commerce (airmic)

Answer 5

Association for everyone with responsibility for risk management and insurance for their organisation
Their aim
Training and research 
Information sharing 
A programme of events 
Encouraging best practice
Lobbying activities

Question 6

Institute of risk management (IRM)

Answer 6

Risk management diploma course suitable for risk management professionals from all sectors
Their aim:
Recognition knowledge networking and career support for risk management professionals

Question 7

Lloyds market association(LMA)

Answer 7

They are independent of the Lloyds corporation and aim to represent the interests of the Lloyds market and partnership with the Lloyds corporation and related organisations

Question 8

Chartered insurance Institute (CII)

Answer 8

Is the largest professional body dedicated to insurance financial services. Awarding professional qualifications to those in the industry.
Benefits to its members are:
The professional status of being a member of a respected organisation
Access to educational and professional development resources
Access to technical training
Advice on careers

Question 9

Chartered Institute of loss adjusters (CILA)

Answer 9

Organisation which represents the interest of loss adjusters.
The Institute engages with many regulatory and government level entities to further develop the industry for its members and clients

Question 10

Institute and faculty of actuaries (IoFA)

Answer 10

A chartered professional body for the education training and regulation of actuaries.

Question 11

Motor insurers bureau(MIB)

Answer 11

All companies who offer a motor insurance in the UK must be a member of the motor insurers bureau.
Set up in 1946 to compensate victims of negligent uninsured and untraced drivers

Question 12

UK information centre(UKIC)

Answer 12

The motor insurers bureau operates the motor insurance database to reduce the number of UK uninsured drivers under its subsidiary the UK information centre