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Award in London Market Insurance (ALMI) LM1 (2 Days)

Level:Introduction Duration:2 Days CII CPD Hours:12

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

This two-day London market workshop mixes presentations with practical exercises. As the course progresses, delegates undertake multiple-choice questions to check their understanding of the topics covered. The course concludes with a mock exam featuring 50 multi-choice questions.

  • Workshop Content Day 1

    1. 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

    2. Basic insurance legal principles and terminology
    Contract law
    Insurable interest
    Utmost Good Faith
    Cancellation of insurance contracts
    Proximate cause

    3. Main classes of business written in the London Market
    Marine insurance
    Non-marine insurance
    Aviation insurance

  • Workshop Content Day 2

    4. The insurance cycle
    Supply and demand in the insurance market
    Why the insurance cycle varies

    5. Structure of the London Market
    Company Market
    International aspects of the London Market
    Market Associations
    Flow of business in the London Market

    6. 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)

    7. Regulatory processes, systems and controls
    Impact of UK, EU and US regulation
    Data protection
    Anti-money laundering

    8. 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

    9. Underwriters
    Role of an underwriter
    Functions of an underwriter
    Subscription market.

    Enquire about course availability

    What You Get

    A thorough introduction to the London market
    Background on insurance principles and terminology
    Overview of London market structure and practices
    Legal and regulatory issues in the London market
    The roles of London market underwriters and brokers
    A mix of presentations, practical exercises and questions

    Contact Us

    0117 244 7221