The Aldermanbury Declaration

On 4 March 2010, the Insurance Profession Task Force published the Aldermanbury Declaration. The Task Force, chaired by CII president Barry Smith, comprised senior individuals from the general insurance sector, and spent many months shaping a common framework for professional standards.

It requires that firms signing up to it commit to meet common professional standards covering:

• Commitment to excellence
• Training and development
• Professionalism within insurers
• Professionalism within brokers
• Broking, underwriting, claims and management standards.

Taken as a package, the Task Force argued these standards would lead to important improvements to the sector:

• Better outcomes for customers
• Improved standards of risk management
• A more confident, trusted profession
• More talented people attracted to a career in insurance
• Increasingly rewarding careers for those within insurance
• Reinforcing the reputation of the London wholesale market.

"This Declaration, we believe, represents something unique."

Barry Smith - Chief Executive Officer, Fortis UK