Start your learning journey
Award in London Market Insurance (ALMI) LM1
(2-Day Programme)
- 12 CPD Hours
- Introduction Level
- Online or Face-to-Face Workshop
Summary
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
Consideration
Insurable interest
Utmost Good Faith
Cancellation of insurance contracts
Proximate cause
Indemnity
Contribution
Subrogation
Main classes of business written in the London Market
Marine insurance
Non-marine insurance
Aviation insurance
Reinsurance.
Day 2 Workshop Content
The insurance cycle
Supply and demand in the insurance market
Why the insurance cycle varies
Structure of the London Market
Lloyd’s
Company Market
Brokers
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
Sanctions
Data protection
Anti-money laundering
Bribery
Role of the broker
Legal basis of the broker’s role
Regulation
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.