Online Event - Understanding how the three different Ogden rates in the UK

The Insurance Institute of Cardiff invite you to a webinar on Understanding how the three different Ogden rates in the UK have so significantly increased liability claims settlements

Event Details:

Wednesday 30^th November 2022 12:00 - 13:00

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 at the time of booking.

About the session:

Brokering staff if you do not understand the long-term implications of a negative Ogden in the marketplace 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.

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, however the MOJ said they would row back from this, but 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 which meant awards would be loaded not discounted. Even worse for the insurance industry the Scottish government have set their rate at -0.75 meaning Scotland has the potential to see the highest court awards in the whole of Europe! But even more alarming if you are an insurer, is that Northern Ireland have set their rate at -1.75% this is the highest differential rate in the whole world!

To give you an idea of how liability claims are affected by Ogden, a liability claim which related to a young person that settled in 2017 for £6,670,000 would now be settling at £16,110,000 in England and Wales and £33,120,000 in Northern Ireland – brokers you cannot ignore this!

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, one of the most popular presenters in the UK, and he will outline 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

Delegates will be able to:

• Understand the history of the Ogden rate and how we have ended up with three different rates in the UK.
• 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 on EL.

About the speaker:

The Course will be run by Alan Chandler.

Alan has been an operations and project manager in three large global companies. NatWest insurance services, Royal Bank of Scotland insurance group and Allianz. In the last ten years running his own training company he has taken more than 1.000 people to ACII including six people who have achieved the top ACII pass rate in the whole of the UK. He has trained national prize winners in almost all CII subjects, has been a CII examiner and has a pass rate of 96% in cii training. His website is www.alanchandler.co.uk