Media Release 26 April 2016

IUA LAUNCHES NEW PROFESSIONAL INDEMNITY INSURANCE EXAMINATION



A new qualification for professional indemnity practitioners in the UK market has been developed by the International Underwriting Association. The first candidates have already taken the examination and new courses are now being made available.

The IUA’s Professional Indemnity Forum (PIF) decided to establish its own test in response to requests from the association’s member companies. It is designed to provide entry-level candidates with a grounding in the subject. A specifically designed course study text and training modules explain the main professional indemnity classes of business, how to understand and draft policy provisions and key legal concepts affecting the market.

Chris Jones, IUA’s Director of Market Services said: “The insurance industry is already well served by a number of general liability qualifications, but IUA companies have felt for some time that a dedicated examination would be useful for professional indemnity practitioners. Members of the group have therefore put together a study programme that enables candidates to develop a better understanding of the key risks within this class and the structure of the market.”

Russell Newell (AmTrust), Chairman of the PIF Test Steering Committee, stated: “The first staging of the examination has been a success with more than 40 individuals from a range of underwriting, claims, broking and legal backgrounds taking the paper. We now look forward to welcoming more candidates and evolving the syllabus to ensure it remains practical and relevant. As part of this we will be engaging with other market associations and interested parties to ensure that the Test is widely published in London and the UK regions. There is also the potential to export the Test to other jurisdictions.”

Daniel Prince (Hamilton Underwriting Limited), Chairman of the IUA’s PIF commented: “Our controlled and strong start of PIF Test Part 1 provides an excellent platform to further develop and promote the qualification. We are already a long way to completing Part 2 which will concentrate on the underwriting characteristics of key professions and will run concurrently with the first Test. We look forward to introducing this in the early Autumn 2016 in addition to a further run of the Part 1 Test.”

Les Telford (Senior Underwriter, Markel), who took the Part 1 Test said: “Professional indemnity accounts for a significant proportion of the London liability market but, until now, the only way young practitioners could get to know the class was to learn on the job. As part of the rollout, I was delighted to take Part 1 of the PIF Test. It was a true test of knowledge, you needed to read the text book and do your homework even if, like me, you have 30 years in the market. The great thing is that the high quality study texts and training modules will give entry level candidates a short cut to a really robust knowledge of the class. It’s a good development for the market.”

The PIF Test comes with self-study texts which are supported by training days organised by IMC Events Ltd. A course syllabus is available from Chris Jones, Director of Market Services at the IUA (email piftest@iua.co.uk).

Ends

Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07876 758 637
E-mail: scott.farley@iua.co.uk

Notes to Editors:
About the IUA

The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2014 was £22.943bn. Gross premium written in London totalled £15.855bn while a further £7.079bn was identified as written in other locations but overseen by London operations.

About the IUA’s Professional Indemnity Forum
The Professional Indemnity Forum is one of IUA’s underwriting committees and is constituted of more than 25 insurance companies and Lloyd’s managing agents. It meets monthly and the purpose and scope of its activities are:

• To provide a forum for discussion and a medium for the circulation of guidance and information between members on matters relating to professional indemnity insurance.
• Promote sound principles for and best practice of professional indemnity insurance;
• To provide education to its members and to others on issues considered to be of interest or concern to the PI Market;
• To communicate the views of its membership to other interested market bodies or organisations (including governmental, regulatory and industry bodies) on issues of interest or concern to the PI Market;
• To establish working groups to review, assess, develop, or comment upon policy wordings or clauses of interest to the PI Market;
• To organise and sponsor annual conferences for all interested parties related to the PI Market, whether members of PIF or not, including, but not limited to, brokers, lawyers, adjusters and risk managers.