Opinion: Alphabet soup?

Working in the insurance industry does have the effect of familiarising people with a veritable alphabet soup of initialisms and acronyms. 

New entrants to the sector can get initially lost in conversations as seasoned pros talk a mile a minute about the likes of COR (combined operating ratio), GWP (gross written premium) and EVs (electric vehicles) – but quickly learn as they get stuck into their careers. 

One initialism that will be familiar to most, however, is ESG (environmental, social and governance). 

In the insurance industry and further afield in business generally, ESG has fast become one of the most vital issues that UK firms must tackle. 

This is more easily said than done, however, and many hurdles must be tackled before the insurance sector can justifiably claim it is wholly supporting UK firms in their ESG journey. 

Here, deputy news editor James Cowen discusses the bumps in the road ahead for environmentally-friendly motor policies for this issue’s In Focus Big Story, while reporter Chantal Kapani explores how insurance firms can better support sustainable development here. 

For this month’s cover story, Insurance Times also speaks to the one of the most important organisations that forms the industry’s alphabet soup – Biba chief executive Graeme Trudgill.

And here, columnist Stuart Reid examines just how important the trade bodies that form the bulk of that alphabet soup are to the industry.

On a personal note, I would like to bid the loyal readers of this monthly leader column adieu. It has been my pleasure to put together the physical issue of Insurance Times in editor Katie Scott’s absence but, now that she has returned, will be handing back the reins from next month.

Do join me in welcoming our esteemed editor back and please continue to send me your stories, opinions and insurance-related jokes as I step into the position of deputy editor for the brand.