Online event: What causes market cycles in the insurance industry and what is likely to occur in 2024.

The Insurance Institute of Cardiff invite you to a webinar on; What causes market cycles in the insurance industry and what is likely to occur in 2024.

Event Details:

Thursday 1st February 2023 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:

Hard markets usually last around a maximum of three years and this latest one started in 2020.

This presentation, delivered by Alan Chandler one of the UK’s most popular presenters, looks at what causes market cycles in the insurance industry and what is likely to occur in 2024.

Alan correctly called the hard market in 2020, providing a presentation on the seven reasons why the market would harden. Rates have now got much higher; investment returns are now at very healthy levels and underwriting in the UK looks a lot better proposition than it did back in 2020. New entrants will be attracted to the market and existing players will look to expand capacity to take advantage of the current favourable investment conditions.

Rates will not crumble over night, but Alan predicts 2024 will see a change in demand and supply, where Insurers will have to start having to fight more for business, and there will need to be a change in the way insurers operate, which may result in home working underwriters actually answering the phone to brokers!

Alan will also explore how brokers and underwriters can be successful in a softening market. Brokers have a fiduciary duty, and this means insurers cannot ask brokers to be loyal without also providing genuine benefits at renewal for the policyholder.

Whilst many people will not want to see the hard market end, history tells us it will, and not mentioning it will not stop a soft market cycle starting. This presentation will equip you for the change in the market that is on its way.

Learning objectives:

Following this presentation the delegates will be able to:

• What is an insurance market cycle.
• What causes a market cycle change.
• Where the market is heading in 2024.
• How brokers and underwriters can best manage the changing market cycle.
• The brokers fiduciary duty in a softening market and why insurers cannot not expect blind loyalty from brokers.

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

Further information:

A link will be sent via your email address supplied at the time of 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.