’Public trust is a vital component of insurance,’ says chief executive
Public trust in insurance has long been a challenge, with crises often shaping public perception of the industry’s reliability.
From war-related disruptions to national disasters, insurers are frequently scrutinised for their responses.
The Chartered Insurance Institute (CII) New Generation Programme’s 2023/24 London market group aims to tackle this issue in a new report, titled When Uncertainty Calls, How Does Insurance Answer?.
The report, published today (24 February 2025), analyses historical case studies of the industry’s responses to significant global and national crises, including the war in Ukraine, IRA bombings and the Grenfell Tower disaster.
The establishment of initiatives such as the Ukraine Grain Facility and Pool Re is cited as demonstrating the industry’s ability to innovate and provide societal benefits.
However, the report said that the insurance sector’s handling of the Grenfell Tower disaster was critiqued for a lack of collaboration, which contributed to delays in delivering a “fair, affordable and timely solution”.
The findings suggest that enhancing certainty, by ensuring clear communication, consistent policies and predictable outcomes, can significantly improve trust in the profession.
Matthew Hill, chief executive at the CII, said: “Public trust is a vital component of insurance and I commend the New Generation group for examining these case studies and identifying the lessons we can all learn and helping to build and maintain public trust in the process.”
Applying Lessons
The report further recommends that the London market apply the principles of collaboration, certainty and creativity to emerging risks, such as systemic cyber threats.
Read: How can insurers reduce complaints made about them?
Read: CII strengthens leadership team with two executive director hires
Explore more insurer-related content here, or discover other news stories here
The CII said the industry must proactively develop propositions that offer clear coverage terms and efficient responses to incidents, reinforcing public confidence in insurers’ ability to provide reliable protection.
“The CII New Generation Programme provides an excellent opportunity for talented individuals at the start of their careers to demonstrate thought leadership and shape the future of our profession,” added Hill.
“By applying these principles to emerging challenges, the insurance sector can continue to build trust and serve society effectively.”
No comments yet