The Insurance Museum held a fundraising event at the Association of British Insurers (ABI) headquarters last month, with the aim of gathering support for its initiatives and highlighting its mission to connect with young people and the wider public.
The event brought together existing members and potential supporters, showcasing the museum’s vision and its focus on education, professional development, and public engagement.
Bronek Masojada, the 2023 to 2024 City of London Sheriff, delivered the keynote speech, emphasising the importance of workforce diversification and early succession planning in the insurance sector.
Masojada pointed to the need for initiatives that engage students and young people in discussions about insurance, not only as a career path but also as a critical component of personal financial planning.
The museum’s director, Howard Benge, also highlighted the role of museums in delivering education and career programs that introduce primary and secondary school students to the insurance industry.
The museum noted that it used the event to encourage not only direct donations but also corporate sponsorships and connections with potential funding sources. The proceeds will support the museum’s objectives, including developing school programs, engaging the public in discussions about insurance, and expanding continuing professional development (CPD) offerings.
The fundraiser has already generated positive results, with an increase in membership and donations. The museum is now working to establish partnerships with corporate sponsors.
The Insurance Museum highlighted that it continues to deliver CPD lectures, webinars, and tours throughout the autumn, covering the history of insurance and its relevance to contemporary practices.
Recent tours have been held for the Insurance Institutes of Southampton and Bournemouth, as well as the Belk College of Business at the University of North Carolina Charlotte. Webinars have been delivered to groups such as the Managing General Agents’ Association (MGAA) Next Gen programme.
The sessions examined historical milestones in the insurance sector, including the 1906 San Francisco earthquake and its impact on Lloyd’s reputation in the US market, the 1988 Piper Alpha disaster that reshaped the industry, and the evolution of fire insurance and life assurance policies.
Discussions also connect these events to contemporary issues, such as climate-related risks and infrastructure failures like the collapse of the Francis Scott Key Bridge in Baltimore, which may shape future insurance practices.
In a message reflecting on historic storms, Reg Brown (pictured above), chairman of the Insurance Museum, recalled the Great Storm of 1987, officially designated "87J."
The storm caused widespread damage across southeast England, with gusts of up to 120mph recorded in Shoreham, West Sussex. It also resulted in 22 fatalities in England and France and significant losses for insurers, including Brown’s own syndicate.
Brown noted the challenges of categorising storms based on severity and impact, especially in the context of climate change, which has increased the frequency and intensity of extreme weather events.
He questioned whether the Great Storm would continue to hold its status as a "once in a hundred years" event given subsequent storms like "90A" in 1990 and the growing unpredictability of severe weather patterns.
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