WEBINAR: The Perfect Storm
This presentation, aimed at those working in commercial insurance, 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.
The presentation will be delivered by Alan Chandler who is one of the most popular presenters in the UK insurance market. Alan has presented the Cii diploma programmes in both Perth and Glasgow so is very well known to the Scottish market.
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. It is vital brokers understand that it is not just Covid-19 that is causing rate increases there are so many more factors in play.
- 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 underwriting 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.
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.