President's Message

A changing world requires Courage, Innovation and People to embrace the opportunity!

A core principle of insurance is that the many contribute to protect the few. The pandemic has turned this on its head as – the few contribute to protect the many. A catastrophe or 1 in 200-year event which in insurance terms could be likened to a war time risk, simply isn’t what insurance is designed for. It is even too big for the Government to underwrite without huge budget deficits and strains on public finances. However, that isn’t a challenge which can be swept under the carpet.

The pandemic has brought incredible challenge to the world of risk but this also brings monumental opportunity. As a nation we are all more aware than ever before of the possibility of unknown risks re-shaping our lives, through health and wealth and this can only be a positive in the future choice of protection and reliance on professionalism from advisors. 

Change lies ahead for the financial services sector, whether with businesses, policies or our ways of working.  The future needs are an exciting opportunity to build back better. The CII and PFS are not a commercial business so can help build future practices and policies which in turn create trust and a stronger reputation. Your Local Institute and your membership values input to help drive and influence change.

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Paul Exton Cert CII
President at the Insurance Institute of Sheffield

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