an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
a thing providing protection against a possible eventuality
Today, June 28, marks Insurance Awareness Day. Having worked in recruitment for the industry for over twenty years, one thing I have learned is that Insurance impacts every single aspect of our lives. From our holidays to our health; from our companies to our cars. There’s almost nothing that cannot be insured (and the policies out on Fernando Alonso’s thumbs and Gordon Ramsay’s tongue and taste buds are testament to this).
So, as we mark this industry awareness day, I thought it was apt to reflect on some of the lesser known facts about Insurance.
There are over 100,000 people working in Insurance in the UK
From home insurance to life cover, there are over 100,000 insurance company employees working within the UK. The market has certainly had its ups and downs over the past few years but it is still thriving industry to work in. New tech and new policy requirements mean that all of my candidates are constantly learning and adapting.
The first ever Insurance policy was written in the 14th century
Despite the fact that Insurance has probably always existed in some form or another, the first written policy can be traced back to Genoa, Italy, in 1347. Whilst it’s not known exactly what the policy was for, a good guess would be land, a personal estate or marine insurance.
Fraud is costing the UK a fortune
In 2021, roughly 89,000 fraudulent claims were detected in the UK, valued at around £1.1 billion. Insurance fraud impacts every type of policy – from fake crashes to exaggerated injuries. Insurance fraud can impact the cost of policies for honest customers. Whilst the industry is working hard to tackle these claims, and is using ever more sophisticated technology, it remains a serious issue.
The industry is always adapting
Twenty years ago, the very thought of cyber insurance seemed like something from a science-fiction novel. But as we continue to conduct our lives – and our businesses – online, the need for these types of policies becomes ever more critical. Ransom attacks and data leaks are a real threat to businesses, in particular, with an estimated $20.6 billion gross written premiums by 2025.
Where there’s blame …
Some of the strangest claims ever made via an insurer include a family receiving an £8,000 pay out for damages caused to their home by a pigeon; a driver being compensated for rogue potatoes spilling out of a tractor and bouncing on to their car; a pensioner claiming for lost teeth, which fell out of their mouth and over the side of a cruise ship; and a Devon livestock owner who needed a replacement mobile phone when theirs fell into the, ahem, rear end of a cow.
There's never a dull moment in Insurance.
If you would like to speak to me about a career move or a critical hire in the Scottish General Insurance market, I’d be delighted to help. To set up a confidential chat, drop me an email.