The ALS Ice Bucket Challenge has taken over our newsfeeds on all forms of social media this week. From Facebook and Twitter to Instagram and now reaching LinkedIn, even if you've been lucky enough to avoid a nomination so far, you definitely won't have been able to avoid the exposure to this new viral trend.

The #IceBucketChallenge has managed to gain such widespread coverage due to the fact it plays on so many of the personality traits that emerge when using social media.

The first is the attention-seeking narcissistic nature of people on socila media. These tendencies can be seen through the selfie craze and the constant need to be publicly 'like'd.

It encourages a competitive spirit, with each participant trying to make their video funnier, weirder or crazier than the last.

It also plays on the guilty conscience. However absurd you may think the campaign is, once you've been publicly nominated in the name of charity, it becomes very hard to ignore.

The challenge also embraces the community spirit of social media. The notion of jumping on a bandwagon is always successful online, encouraged by the use of popular hashtags and trending topics.

Similarly to the #NoMakeUpSelfie for breast cancer awareness, the low barrier to entry with these types of charitable campaigns compared to events such as Race for Life, which require registration and sponsorship, means everyone can get involved and pat themselves on the (wet, cold) back for doing their good deed of the day.

Many of these social media traits are also very apparent within the London Market: the competitiveness, the willingness to give to charity and yes, even the big egos.

Here's a collection of our favourite Insurance Ice Bucket Challenges from across the market:

Steve White from BIBA nominated Saxon East from Insurance Times..

Saxon East accepted:

AXA's MD of Underwriting, David Williams got involved:

The Insurance Insider team (you may want to turn your volume down for this one!):

And, not strictly 'London Market' but here's our favourite so far - David Wilkes of Lionheart Insurance:

Have we missed any out? Let us know!

Amidst the fun, it's easy to forget the cause behind the craze. Don't forget to donate via the website.

For any spoilsports who have been nominated and are looking for an excuse to decline the pleasure of drowning themselves in freezing water, here are 21 reasons why the Ice Bucket Challenge needs to end.

photo credit: tomylees