The New Discount Rate - what you need to know
The recently announced change in the discount rate will cost the UK Insurance Industry in excess of £7 billion as a one off adjustment 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 the reinsurance premiums double which they are likely to do .
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 and underwriters 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.
In response to this, Alan Chandler, who has trained many of the UK's top ACII prize winners in the past five years, has created a presentation to help brokers and underwriters clearly understand and explain to clients the discount rate change.
The presentation also includes details of how liability can arise, including understanding negligence, nuisance, strict liability and statutory liability which will enable brokers and underwriters to place their clients liability covers more accurately.
Alan comes highly recommended, he has run many courses across the UK for a wide range of different local insurance institutes, obtaining outstanding feedback.
Understand the difference between special and general damages in liability claims;
Understand how the Ogden table rates affect liability claims;
Understand how the recent change in discount rate will affect premiums in the market place;
Understand the capital implications for insurers following the Ogden table change, as some Insurers will struggle to stay in business due to their inability to raise the additional capital needed for Solvency II following the Ogden change;
Understand how customers can be sued in the torts of negligence, nuisance, strict liability and statutory liability
The presentation will be followed by lunch and a chance to network with the other delegates.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
4 hours' 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.