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Designed in consultation with London Market practitioners, the CII Level 3 Award in London Market Insurance provides an essential grounding for new entrants to the market, or those who have dealings with it.  The Award provides a broad understanding of insurance process and practice across the London market as well as detailed understanding of technical topics.

Who's it for

The Award is suitable for a range of professionals, including:

  • Employees of London Market insurers and reinsurers;
  • Employees of broking firms placing business in the London Market;
  • Lloyd's managing agents and Lloyd's members' agents;
  • Coverholders anywhere in the world whose business is underwritten in London; and
  • Professional service organisations such as lawyers, accountants, actuaries and loss adjusters.

Entry requirements

There are no entry requirements for this qualification. 

Completion requirements

The Award comprises two compulsory units which provide a total of 25 credits upon successful completion:

  • (LM1) London market insurance essentials; (10 credits) and
  • (LM2) London market insurance principles and practices (15 credits).

Limitations to gaining credits for LM1 and LM2

Due to the extent of syllabus overlap, if you already hold existing Lloyd's and London Market qualifications or withdrawn CII exam units you may not be able to gain further credits by sitting LM1 and/or LM2. Candidates may still choose to sit LM1 and/or LM2 in these circumstances, either to update their knowledge in this area, or in order to achieve the Award in London Market Insurance.

Pdf icon small Find out more about recognition of London Market qualifications in the CII framework here.

Learning support

Unit study materials for this qualification typically include:

  • Study text with updates
  • RevisionMate online study support
  • Key fact booklet
  • Question packs
  • Learn interactive tutorial
  • Revision courses.

Your next step

The links at the top right of this page contain all the information you need to finalise your entry. As you read through this you will learn about the units on offer, the available learning materials, terms and conditions relating to entry, and the different ways you can enter.

Read the Award in London Market Insurance specification »

Introduction

CII qualifications involve the completion of one or more units, each covering an individually assessed topic. Assessment methods vary and depend on a unit's level and subject matter.


Assessment methods include:

  • Multiple-choice exams - the assessment method for Award, Certificate, and Diploma in Regulated Financial Planning units R01-R05 assessed in the UK. Exams are delivered on-screen at a network of over 40 public centres across the UK. Sittings are available year-round, often on a weekly basis.
  • Written exams - the assessment method for some Diploma and Advanced Diploma units and all units examined outside the UK. Sittings are typically available twice-yearly in April and October at over 50 public centres throughout the UK and over 120 public centres outside the UK.
  • Coursework assessment - available for a select number of Advanced Diploma in Insurance units, Advanced Diploma in Financial Planning unit (AF6) Senior management and supervision and financial services unit (J09) Paraplanning, coursework assessment involves the completion of three written assignments during a 12 month period.
  • Mixed assessment - available for a number of Diploma in Insurance units and all Diploma in Insurance units by April 2018 (unit codes begin with the letter M). This involves the successful completion of both a coursework assignment and a multiple-choice exam. This has an 18 month enrolment period.
  • Dissertation assessment - available for Advanced Diploma units (991) London market insurance specialisation and (994) Insurance market specialisation. This involves the submission of a dissertation proposal and an 11,000 word dissertation. This has an 18 month enrolment period. 

Find out more

It is essential that candidates familiarise themselves with the guidelines and instructions which are shown on the CII website under the relevant units. In addition candidates should familiarise themselves with the coursework and dissertation policies as well as exam policies (before the assessment) and notes to results (after the assessment).

Key facts

Key facts for the Award in London Market Insurance

Level of qualification Technical
CII credits required to complete (existing credits carried forward) 25
CII credits per unit LM1 - 10 (Certificate-level), LM2 - 15 (Certificate-level)
Number of available units 2 units - LM1 + LM2
Compulsory units 2 units - LM1 + LM2
Exam format Online (LM1 - 1 hour, 50 multiple choice questions (MCQs). LM2 - 2 hour, 55 MCQs + 4 case studies comprising 5 MCQs)
Average study time 50 hours time per unit
Combination of units at any level allowed? Yes Subject to completion requirements
Availability of exam sessions Year-round Availability varies from centre to centre, but typically exams can be sat weekly
Entry requirements? None
Credits available for prior learning? Yes (limitations apply - read more)
Record of achievement issued for each exam pass? Yes
Completion Certificate/Diploma awarded? Yes Award in London Market Insurance
Designation Cert CII (London Market)1 available to CII members who complete the Award and go on to complete the Certificate in Insurance

Ofqual Regulated Qualification Framework (RQF) Level

Note: funding may be available for approved examinations

Level 3

Notes:

  1. Continuing Professional Development and Code of Ethics requirements apply.

Completion requirements

Entry requirements

There are no entry requirements to study for the Award.

Completion requirements

To achieve the Award in London Market Insurance you need to pass both (LM1) London market insurance essentials and (LM2) London market insurance principles and practices.

There is no prescribed order in which units must be taken, but it is recommended that you sit LM1 first to cover the essentials, followed by LM2 to build on your learning.

Units Exam format Length of exam Study hours Exam sessions
LM1 50 multiple choice questions 1 hour (70% - nominal passmark) 40 Year round (UK only, international sessions held during Apr and Oct)
LM2 55 multiple choice questions and 4 case studies, each comprising multiple choice questions. 2 hours (70% - nominal passmark) 60 Year round (UK only, international sessions held during Apr and Oct)

Notes: The recommended minimum study hours are shown in the table above (this will vary according to your experience and ability). The nominal pass marks are also shown. However, the actual pass marks may vary slightly from one session to another to ensure that the pass standard remains constant. You may sit as many exams as desired at a single sitting.

How you are tested

Online testing

Enrolment on either LM1 or LM2 includes the study text, access to RevisionMate and one exam entry. You can either select the date you want to sit the exam at the time of enrolling, or sit at any time in the following year.

Entering for an online exam

We recommend booking at least six weeks in advance to give the best chance of getting your preferred exam date and venue.

Within the UK both LM1 and LM2 are available to sit at over 60 centres. Dedicated exam sessions for LM1 and LM2 are also availabe to corporate clients at the CII's Face-to-Face Training centre in Fenchurch Street, London, twice weekly.

Paper-based exams

Outside the UK, both exams are available to sit as paper-based exams held in April and October each year. This is offered at over 100 exam centres worldwide.

Syllabuses

Syllabuses for LM1 and LM2 


Pdf icon small LM1 Syllabus 2016

Pdf icon small LM2 Syllabus 2016

 

 

 

Important deadlines

Multiple choice on-line examinations - UK only

Applications for examination entry can be accepted up to seven working days before the day of the examination you wish to sit or typically up to three months in advance.

Changes to examination entry or cancellation of examination entry can be accepted if received, at least 21 days before the date of the exam for which you have entered.

  • Cancellations received at least 21 days before - 50% refund
  • Changes to entry received at least 21 days before - £41.00 administration fee required

Absence from an exam due to illness - written application, with medical evidence, may be made for either a 50% refund of the original entry fee or for your entry to be transferred. Application is to be received within two months of the date of the original exam.

London Market Education Group (LMEG)

The London market Education Group (LMEG) advises the CII on the quality and relevance of its learning provision for all sectors and disciplines within the London market. It is made up of highly experienced practitioners and specialists who have deep knowledge of training and development programmes tailored for the London market.

The group meets four times a year, ensuring that the CII's London market provision, including the Award in London Market Insurance, continues to meet the needs of those who work in or with this vitally important sector of the insurance business.

Nick Gooding FCII (Chair)

Nick Gooding

Nick has just completed 39 years in the London insurance market. The majority of his career has been spent in underwriting marine cargo insurance at Lloyd's. He is currently Senior Cargo Underwriter at XL London Market Ltd having previously held similar positions at Sturge and Wellington syndicates.

He has been involved in London market training initiatives for over 20 years.

 
Alison Cooper FCII Dip PFS

Alison Cooper

Alison is an independent training specialist, running her own successful consultancy ACT One Training Services for the past 10 years.

Alison has over 20 years insurance experience, working in the City of London, having started her career with Phoenix Assurance. ACT One develops and delivers insurance courses for both the general insurance and financial planning sectors and operates on the basis that learning can be fun! Alison is currently chair of the CII Learning Development Forum and as a Chartered Insurance Practitioner, has recently achieved CII Accredited Trainer status.

Charlotte Warr Solicitor, ACII, Chartered Insurer, Associate of the AAA

Charlotte Warr

Charlotte has been in the London market for 24 years, handling claims across a variety of classes of business for both companies and Lloyd's syndicates. 

She is now a full time trainer and consultant and teaches clients from all parts of the market both in the UK and internationally on a number of topics including technical training on various classes of business and also market processes and systems. Charlotte is a solicitor and also a Chartered Insurer.

Geraldine Wright

Geraldine Wright

Geraldine is a barrister and has worked for the London and International Insurance Brokers Association (LIIBA) in its various forms for 25 years. 

She is responsible for the LIIBA's Education and Training Committee and sits on the joint London market committees responsible for Marine Education (MIEC) and Reinsurance Education (RITEC).


John Hobbs FMS, MCIPD, MCMI

John Hobbs

John has worked in the London market since 1976 in various operational and project management roles, including 11 years as an HR and training specialist with a Lloyd's managing agency and a Lloyd's broker.

He is currently Director of Market Services at the International Underwriting Association, where his responsibilities include educational and training initiatives in conjunction with member companies and various London market educational bodies.

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.

Syllabuses

LM1 London market insurance essentials

This unit provides an essential grounding in the workings of the London insurance market and is ideal for anyone starting their career in this area. It can serve as a standalone learning programme for anyone in a support function such as HR or finance, or it can be the first stage of a more in-depth learning pathway for those employed in a more technical role. 

This unit is worth 10 credits at Certificate in Insurance level in the CII qualification framework.

Read about updates that will affect Certificate in Insurance units »

LM2 London market insurance principles and practices

This unit provides a broader understanding of insurance process and practice across the London market.

Read about updates that will affect Certificate in Insurance units »