WEBINAR: The Perfect Storm
This presentation, The Perfect Storm, will explore why capacity is draining out of the UK insurance market and why we are moving into a very hard market where niche covers will be difficult to place. John Neal CEO Lloyd’s of London has estimated Covid-19 will cost the insurance industry $203 billion nearly twice that of Katrina, making it by far the worst incident ever in the history of insurance, no wonder Oliver Bate CEO of Global giant Allianz has used the expression ‘the virus has hit insurers like a meteorite’.
It is difficult to imagine a worse start to a year for the UK insurance market than 2020, and the problem is that the market was already in all sorts of trouble coming into 2020!!
Alan will explore how Solvency II, the recent stock market crash, the Ogden change , soft rating , recent floods and now Bi and Covid-19 have all combined to create the perfect storm and how rates will have to significantly increase with many high risk businesses facing the prospect of getting no alternative quotes.
- Delegates will be able to understand
- How Solvency II has taken capacity from the insurance market
- How the recent stock market crash will make capacity issues worse
- How insurers have struggled because of the Ogden rate change and soft rates
- How Insurers have probably had the worst start to a year from an underwritng perspective ever and what this will mean for rates and coverage
- How the market will change following Covid-19 and how some risks may struggle to get any cover
Alan Chandler, Chartered Insurer, is widely regarded as one of the leading insurance presenters and trainers within the UK. He is well known to the Insurance Institute of Bristol for the previous seminars he has provided. He has trained many national ACII prize winners and travelled frequently across Europe (when that used to be possible) presenting on technical insurance matters.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.