The CII reported 2005 as a record year for turnover with an 18% rise to £26.8m.

CII director general Sandy Scott said investment in new products in 2006 would increase by 5% above the £1.5m investment made in 2005.

"We are forecasting an increase in our turnover to £29m-£30m in 2006 and to £34m-£35m in 2007," he said.

"We expect to make several announcements over the next six months concerning the CII's role at the heart of professional development in the UK."

It comes as the institute announced the introduction of a new test designed for entrants to the Lloyd's market.

The Lloyd's and London market introductory test has been formulated with the support of the International Underwriting Association, London Market Brokers Committee, and the Lloyd's Market Association (LMA).

The test replaces the Lloyd's introductory test which has been the test for new entrants to the market since 1968.

David Gittings, chair of the LMA professional standards committee, said: "This will enhance the market's standing and equip it for the challenges associated with regulation.

"It is also important that London as a whole strives to raise the bar in terms of knowledge and overall capability."