Insurance industry mourns death of ‘inspirational’ Queen Elizabeth II

The insurance sector is in mourning following the death of Queen Elizabeth II yesterday (8 September 2022), aged 96.

She reigned for 70 years and 214 days and remains Britain’s longest standing monarch, having been catapulted to the throne on 2 June 1953 aged just 25, following the death of her father King George VI.

In June, the Queen celebrated 70 years on the throne with her Platinum Jubilee.

Prince Charles – who is aged 73 and next in line to the throne – will become King Charles III following the death of his mother. The new King, Charles III, will address the nation at 6pm today.

Lloyd’s chairman Bruce Carnegie-Brown made an address to the late Queen Elizabeth II among those in the Lloyd’s Underwriting room, which included the ringing of the Lutine Bell to mark her death – this is a salvaged bell from the ship HMS Lutine. 

He said: “It is with profound sadness and sorrow that we learn of the passing of Her Majesty the Queen and offer our condolences.

”We were lucky to call her a friend and a regular visitor to Lloyd’s – all at Lloyd’s will cherish the memories we had together, from her role in dedicating our last two buildings, to her visit to celebrate our 325^th anniversary.

“Her presence, wisdom and laughter will reverberate through our halls and we have rung the Lutine Bell in her honour.

“Our thoughts are with the royal household at the time.”

The Queen’s death follows Liz Truss becoming the new prime minister this week on 5 September. Truss had just flown to Balmoral to meet the Queen. 

An inspiration

The Chartered Insurance Institute (CII) said that it was sending its “deepest condolences” to the royal family.

In a statement, the CII said: “We are saddened by the passing of our royal patron and head of the Commonwealth, Her Majesty the Queen. Our thoughts are with the royal family at this difficult time.”

The professional insurance body explained that “the Queen was inspirational in the way she lived a life of remarkable, dedicated public service”.

For example, she played a key role in the CII’s development in 1987, when she updated the Royal Charter, which requires the professional insurance body to “secure and justify the confidence of the public”.

Two years ago, the CII became an accredited member of the Commonwealth by joining the category of Professional and Civil Society Organisations. Membership saw the CII commit to the Commonwealth’s 16 values and principles, which included a strong focus on gender equality and facilitating access to the profession for people from all backgrounds.

The CII’s statement continued: “The CII was proud to commit to the shared set of values championed by the Commonwealth and made the step to become an accredited member, out of respect for the many years of commitment from the Queen and now her successor, His Majesty King Charles III.

“As we enter a period of national mourning, we will reflect on how our activities in the coming days may need to change so that we can show our respect to our Royal Patron, who has set the standard for future monarchs to follow.”

The CII will be updating members if any exam sittings or other events need to be postponed, once further details of the state funeral and official observations have been announced.

The FCA also extended its “deepest condolences to the royal family,” in a Twitter post.

Broker trade body, Biba said: “We are deeply saddened by the news that Her Majesty the Queen has passed away.

“Our thoughts are with the royal family at this sad time as we join our friends and colleagues in national mourning.”

On a similar note, insurer trade association the ABI said: “At this very sad time, we pay tribute to the service and the dedication that Her Majesty has given to the UK throughout her life and reign.”

Unrelenting public duty

A spokesperson for Insurtech UK told Insurance Times: “On behalf of the UK Insurtech community, we would like to extend our deepest sympathies to the Royal Family on the passing of Her Majesty the Queen.

“As the nation mourns, it is a time to reflect on a lifetime of unrelenting public duty through good times and bad, in a world that has seen significant change.

“That service, commitment and humility represented values that were universally respected and has created a legacy that goes well beyond our shores.”

In a Linkedin post, Penny James, chief executive of Direct Line Group said: “I extend our condolences to the royal family on the death of Her Majesty Queen Elizabeth II. This is a sad moment for us all and I know customers and colleagues alike will be reflecting on the passing of a monarch who had been an unchanging presence throughout the entirety of most of our lives.

“I have been thinking about the late Queen’s resilience in her lifelong service to our country. Coming to the throne at a time when very few women were head of anything – let alone Head of State – must have been daunting, but over the next 70 years she was resolute in doing her duty. She has been and will always be an inspiration.”

The London and International Insurance Broker’s Association (LIIBA) added that it was “deeply saddened by the news” in a LinkedIn post.

LIIBA said: “She [Queen Elizabeth II] has led the United Kingdom and the Commonwealth with dedication for over seven decades and will leave a legacy of duty and devotion.”

Marsh McClennan’s president and chief executive Dan Glaser bid Queen Elizabeth II “farewell” deeming her “one of the greatest leaders”.