A Perfect Storm - Solvency II/Ogden Tables
The UK insurance market along with the rest of Europe is completely changing because of Solvency II. Since its implementation it has largely gone under the radar, however it is causing massive changes to the UK insurance market place and what we are seeing is only the beginning.
The change in the Ogden table rate has speeded up the changes caused by Solvency II and together they are causing the perfect storm.
The following are just a few of the examples of how Solvency II and Ogden are changing your market place:
- LV seek out Allianz’s massive cash pile despite its operation running well
- Markerstudy are turning to the vast wealth of Qatar Re to keep them going
- ERS pull of haulage fleet despite being one of the ‘go to’ markets in the beginning of 2017
- Gable disappear completely
- Amlin pull out of a number of classes of business
- Two Danish insurers recently go under
- There is a rush to the exit door for motor trade and construction business for many insurers and minimum premiums are increasing massively.
This presentation will be delivered by Alan Chandler, Chartered Insurer, who is widely regarded as one of the top insurance trainers in the UK, and through his role he has got to see how the market place is reacting to Solvency II and Ogden.
Alan will explain, in plain English, the background of why solvency margins are so important. He will show how Solvency II operates and how it is changing our market place.
He will also use this presentation as an opportunity to build on his well-received Ogden presentation last year to explain where we are now with Ogden, what may or may not happen next and how the combination of Solvency II and Ogden will continue to create lots of changes in the market place, with insurers reducing appetite in high risk classes of business and how many insurers and MGA’s may well struggle unless they have a great business model.
- Understand Insurers Solvency margins
- Obtain an overview of Solvency II
- Understand the current position of the Ogden table changes
- Understand and be able to explain to your clients how Solvency II and Ogden is affecting the cover and premium being offered by the market.
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.