Professional body calls for employers and Government to work more closely to improve skills within the workforce.

Outgoing CII president Lord Hunt has called on the insurance industry to make greater use of risk modelling in order to guard against the growing threat of financial instability.

In a statement Lord Hunt said: “The use of ever more complex modelling, such as that employed by Lloyd’s in its capital assessment requirements, is designed to prevent the recurrence of market problems such as the ‘credit crunch’ that is currently dominating the headlines”.

Hunt also reiterated the need for retaining and developing experienced and competent staff during the economic crisis, describing it as crucial for the long-term survival of firms.

In a recent survey of the CII membership, 61 per cent of employers thought that graduates struggled with basic skills including grammar and numeracy.

The CII recently responded to a consultation paper from the Department for Innovation, Universities and Skills, Higher Education at Work, which supported the Government’s drive to increase skill levels within the UK workforce, and welcomed its proposals to better to align the needs of business with educational provision.

The statement added: “At this pivotal time in the country’s economical health, employers and Government must work in ever-closer partnership to improve skills.”