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2 Chapter
2
The insurance market
Contents Syllabus learning
outcomes
Learning objectives
Introduction
Key terms
A Structure of the insurance market 2.1
B Insurers 2.2
C Protection and indemnity (P&I) clubs 2.3
D Lloyd’s 2.3
E Intermediaries 2.4
F Distribution channels 2.5
G Price comparison websites 2.5
H Reinsurance 2.6 Reference copy for CII Face to Face Training
I Insurance professionals 2.7, 2.8, 2.9, 2.10, 2.11, 2.12
Key points
Answers
Self-test questions
Learning objectives
After studying this chapter, you should be able to:
• discuss the operation and structure of the insurance market;
• outline the features of different types of insurance company;
• describe the structure of the global and regional market including the unique structure of Lloyd’s;
• outline the different distribution channels used for buying and selling insurance;
• describe the basic purpose of reinsurance; and
• describe the functions of underwriters, claims personnel, loss adjusters, loss assessors, actuaries,
risk managers and compliance officers.
