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Award in London Market Insurance (ALMI) LM1
(2-Day Programme)


Our LM1 workshop provides an essential grounding in the operation of the London insurance market and is ideal for anyone starting out in the market. It provides a valuable standalone learning programme for those employed in support functions such as HR or finance, or the first stage of a more in-depth learning pathway for those employed in a more technical role.
Combining presentations with practical exercises, delegates will undertake multiple-choice questions to check their understanding of the topics covered. The workshop concludes with a mock exam featuring a multiple-choice question and answer set.

Course Content

Day 1 Workshop Content 

  • Fundamental principles of insurance
    Concept of risk and risk transfer
    Risk Management
    Components of risk
    Categories of risk
    Types of risk that can be insured
    Pooling of risk
    Peril and hazard
    Reasons for buying insurance
    Primary and secondary functions of insurance
    Compulsory insurance
    Insurance as a service industry
  • Basic insurance legal principles and terminology
    Contract law
    Insurable interest
    Utmost Good Faith
    Cancellation of insurance contracts
    Proximate cause
  • Main classes of business written in the London Market
    Marine insurance
    Non-marine insurance
    Aviation insurance

Day 2 Workshop Content 

  • The insurance cycle
    Supply and demand in the insurance market
    Why the insurance cycle varies
  • Structure of the London Market
    Company Market
    International aspects of the London Market
    Market Associations
    Flow of business in the London Market
  • Legal and regulatory environment
    Overview of the Financial Conduct Authority (FCA)
    Operation of the FCA
    Overseas regulation
    Lloyd’s Market governance
    Authorisation of new insurers
    Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS)
  • Regulatory processes, systems and controls
    Impact of UK, EU and US regulation
    Data protection
    Anti-money laundering
  • Role of the broker
    Legal basis of the broker’s role
    Services provided by intermediaries
    Broker’s role in the placing process
    Broker’s role in the claims process
  • Underwriters
    Role of an Underwriter
    Functions of an underwriter
    Subscription market.

Learning Objectives

  • Acquire a comprehensive understanding of the London market, including its key features, history, and significance in the insurance industry.
  • Gain familiarity with essential insurance principles and terminology commonly used in the London market, enabling effective communication and comprehension.
  • Gain an overview of the structure and practices prevalent in the London market, including its unique characteristics and market participants.
  • Explore the legal and regulatory aspects specific to the London market, ensuring compliance and understanding of the relevant frameworks.
  • Gain insight into the roles and responsibilities of London market underwriters and brokers, and understand their interplay within the market ecosystem.
  • Engage in a variety of engaging learning activities, including presentations, practical exercises, and interactive discussions, to reinforce knowledge and facilitate the application of concepts.

Ready to book?

Simply complete the booking form with your details and a member of our team will be in touch with the next available dates. 

Any questions?  

If you’re not quite sure if this course is suitable or are looking for further information, call our team on 0117 244 7221.