Webinar Event - The Negative Ogden Rate and its Impact

The Insurance Institute of Cardiff invite you to a webinar on - The negative Ogden rate - Why existing limits of indemnity on EL/PL and Products can no longer remain the same

Event Details:

Thursday 10^th December 2020 12:00 – 13:00PM

The webinar will be run via Zoom, a global web-conferencing solution. Zoom is easy to use, a link and joining instructions will be sent to you prior to the webinar.

About the session:

Brokers/Insurance company staff if you do not understand the long-term implications of a negative Ogden in the market place then you will be failing your clients – this presentation will help you understand why Parliament’s decision to create and stick with a negative Ogden rate has an impact on ALL major liability injury claims. Even the traditional EL limit of £10m is now looking too small let alone PL limits of £2m.

Back in 2017 the Ogden rate was changed from a discount to a load on all major personal injury claims causing major losses to insurers across the UK. Most commentators felt this was an overreaction by the Government and even the Ministry of Justice themselves stated that the rate would soon revert to a discount rather than load. To the shock and dismay of the UK insurance industry it was announced that the rate in England and Wales long term would be -0.25 still a load, worse was to follow, the Scottish government have said they will retain the rate at -0.75 meaning Scotland has the potential to see the highest court awards in the whole of Europe! Yet even this could be beaten if the Northern Irish proposal to make it -1.75% goes ahead.

This presentation will explain in plain English what Ogden is, and by way of examples, demonstrate why brokers need to be advising their clients on taking out larger limits of indemnity going forward.

This presentation will be delivered by Alan Chandler, Chartered Insurer, who is widely regarded as one of the foremost insurance trainers in the UK, and through his role he has got to see how the marketplace is reacting to Ogden and why failure to talk through Ogden with you clients could lead to E&O exposures for brokers.

Remember you advise on future protection not the past.

Learning Objectives

• Understand the history of the Ogden rate.
• Understand how the Ogden rate change is causing significant premium increases.
• Understand why it is essential that brokers inform their clients that existing limits of indemnity may not be enough going forward, even EL.

Further information.

A link will be sent via your email address supplied at the time of the booking. PLEASE DO NOT share this with anyone else.

Please note that this webinar will be hosted on the Zoom platform which may be restricted by some employers. Members may need to utilise their own personal devices in these circumstances to access the platform.