It’s no “Insurance for Dummies”, but a new book published by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) hopes to take some of the guesswork out of decision-making for managers and directors from non-insurance backgrounds.

“Creating Value in General Insurance”, compiled in partnership with Finity Consulting, provides a guide for boards and executive officers to the cut and thrust of insurance, focusing on the strategic outcomes needed to succeed.

ANZIIF CEO Joan Fitzpatrick says changing regulations and a new level of director responsibility highlighted by the new action against James Hardie board members and managers make the book an invaluable guide.

“The general insurance business is difficult, complex and cyclical,” she said. “It is influenced by a series of elements that are not always typical of commercial enterprises.

“Directors are supposed to have a very high level of understanding of a company’s operations – ignorance is no excuse. “Creating Value” focuses on outcomes and results, and it will appeal to all those working in the insurance industry who have come from a different industry or professional background.”