Airmic 2015: How it was reported

The Airmic conference has become one of the big media events of the year for insurance and risk management journalists. More than 40 members of the press registered for this year's Liverpool event, and several others who did not attend covered it. Jessica Titherington gives a flavour of how Airmic 2015 was reported.

On the surface, many of the main media themes of the conference will have had a familiar ring: the growing importance of risk management, the need for bolder innovation from the market, and insurance pricing.

Fighting several fronts

But, dig a bit more deeply, and it was possible to detect a feeling that things had moved on from previous years: there were some real progress to celebrate for many of the campaigns that Airmic and the wider profession have been fighting for so long.

“Fighting on several fronts at once”, ran the lead story in Strategic Risk’s conference special, picking up on comments from the Airmic chief executive’s opening speech: “The campaign to put risk management and insurance firmly on boardroom agendas has made significant advances in the past 12 months,” the article read.

Meanwhile, Commercial Risk Europe’s front page featured the headline, “Chartered status to boost member profile”. The article noted: “Airmic sees the CII move as part of a wider campaign to raise the profile of risk and insurance management.”

Two of the association’s reports The Changing World of Risk and Business Critical Insurance which were launched at the conference andbring together much of what Airmic has been doing over the past 18 months to get risk and insurance up the corporate agenda, gained extensive coverage.

Airmic’s guide to reputational risk was also a hot topic at the conference, with Commercial Risk Europe highlighting the broad support for this campaign: “All of the insurers and brokers CRE spoke to for this article welcomed Airmic’s initiative and would be prepared to work with the association on reputational risk transfer.”

“Dreaded” legal system

The 2015 Insurance Act was also given significant column inches. “Updated insurance law to bring more clarity to U.K. buyers,” Business Insurance wrote, but noted it will “create more work for buyers and brokers in presenting risks to underwriters.” Meanwhile, Reactions picked up on the work the association is doing to bring in the effects of the new regime immediately: “The industry body has developed a new clause for its standardised insurance contract, which it says builds on the Insurance Act.

Risk leadership

Airmic’s call for a rethink to risk leadership got a ringing endorsement from one of the most respected business commentators in the national press. Writing in a special report published by Raconteur in The Times, Anthony Hilton gave an insightful overview of the risk challenges facing today’s businesses.

Referring to Airmic’s belief that businesses should consider appointing a senior executive to take on responsibility for risk leadership, Hilton noted:  “We cannot tell at this stage how many companies will be prepared to take such far-reaching steps or how many will find an executive willing to take such a job. But companies that refuse to think along these lines are themselves taking a big risk.”

Insurance cycles are dead

Insurance pricing is another old chestnut, but again a very different spin. Many headlines picked up on the fact that the Insurance Leadership Debate – generally reported by the press to be one of the best ever – declared the insurance cycle dead, something that Airmic has been saying for years. “Insurance pricing cycles a thing of past, warn brokers,” ran a header in SNL Financial:“The historical swings between hard and soft insurance pricing are now a thing of the past, and the current soft environment is the new norm”. 

And the presence of a high-profile risk professional calling the shots on behalf of policyholders – especially on the subjects of broker transparency and claims handling – was warmly welcomed. According to Post Magazine: “This year’s Airmic panel debate benefited from the presence of a risk manager in the form of BP insurance manager Lesley Harding.”

And as CRE noted, “Ms Harding was also unequivocal when the issue of claims certainty was raised: "I am not interested in the claims philosophy of an insurer, other than are you going to pay the claim when it happens, in a timely fashion, for the full amount?"

“Inspirational”

The strong presence of high-calibre female speakers did not go unnoticed, especially after criticism last year that there were no women in the leadership debate. Helen-Clare Pope has been particularly strong on flying this flag during her year in the chair.

The Twittersphere was especially appreciative: “It's great to see three (hugely successful) #women out of five people on the Airmic forum debate panel. #Airmic2015”, Vicky Beckett, senior reporter at Reactions Magazine tweeted. Meanwhile, tweeting from the ladies lunch, Business Insurance senior editor Sarah Veysey enjoyed the talk from Britain’s only female Formula 1 driver: “Susie Wolff: inspirational story, great shoes and she told us all to eat our pudding. What's not to like? #Airmic2015”.

TOP TWEETS FOR #AIRMIC2015

‏@CandyHolland2  Fabulous talk #Airmic2015by @karren_brady, an inspiration for working mothers, juggling and determination are top attributes for success

‏@MarshGlobal  There are two types of companies, those that have been hacked, and those that will" 
#cyberattack@MarshGlobal 
#Airmic2015

‏@AJG_Intl  Have traditional #insurancecycles bit the dust? Our CEO says 'yes', as @strategicriskreports in #Airmic2015 story

‏@TerryRenouf Great #Airmic2015 
Conference. Well done to John and all the team @Airmic. Can't wait for Harrogate 2016 @BLM_law

‏@Kasperulf The time is now - we need to manage reputation risk - Patrick Smith - New Chairman of Airmic #Airmic2015

‏@Reactions_Vicky  A cyber criminal is probably on yor system for 299 days before they do anything: #Airmic2015 K&R seminar

‏@insurancebod  Insurance knowledge and understanding is far more critical than most company boards think says @AirmicCEO #airmic2015

‏@Post_Rachael @Airmic's Helen Pope says insurance needs to attract the brightest young talent #AIRMIC2015

‏@alparask The new AIRMIC chairman vows to help members in bringing #riskand insurance in the heart of strategy #Airmic2015

@samh_wraggelaw thanks @Airmicfor another great conference. The best yet. #Airmic2015