Ogden Tables (discount rate changes on PI claims) by Alan Chandler
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The recently announced change in the discount rate will cost the UK Insurance Industry a one off adjustment of £7 billion and £2 billion per annum thereafter. This amount will have to be recouped by way of massive hikes in insurance premiums. Increases of 10-20% will become the norm, especially after reinsurance treaties are renewed, and high risk personal injury policies such as construction, haulage fleets and motor trade will see increases of well beyond this range.
It is essential that brokers can fully explain these increases to their clients and this presentation will equip brokers to do just that. Remember, even claims free risks will see premium hikes.
This morning workshop will be run by Alan Chandler, Chartered Insurer who is one of the leading UK insurance trainers. He will explain the difference between special and general damages in liability claims and focus on how the change in the discount rate will completely transform the General Insurance market. He will also explain how certain elements of the liability claim gets changed by the Ogden tables (known as the discount rate).
By attending this event, delegates will be able to identify:
- the difference between special and general damages in liability claims
- how the Ogden table rates affect liability claims
- how the recent change in discount rate will affect premiums in the market place
- the capital implications for insurers following the Ogden table change
Bio - Alan Chandler
Alan has undertaken operational management roles in three major global companies. NatWest Insurance Services, RBS Insurance Group and Allianz Insurance. He has run underwriting, broking and claims functions. Ten years ago he set up his own training company, something that he had always longed to do as he is passionate about training. Since then he has trained well over a thousand people to become ACII qualified including six individuals who have achieved the best ACII completion in the whole of the United Kingdom.
For more information on Alan Chandler go to: www.alanchandler.co.uk
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.