Events

The IIJ Annual Dinner will be held at the Radisson Blue Hotel on 20th September 2019! Please click on the link to view the night's itinerary and book your tickets. This year we are introducing a discounted ticket price for all members aged 35 and under!

The IIJ annual Dinner will again be held at the Radisson Blue.

The 2017 annual dinner was held at The Radisson Blu hotel on Friday 29th September and celebrated the 50 year anniversary of the Jersey Insurance Institute.

We are pleased to confirm that we will be running a lunchtime CPD session as follows:- What is the Motor Insurers Bureau and how does it affect Jersey claims? Where: Jersey Museum – Ouless Room When: Wednesday 5th July 2017 What Time: 1pm start Further Information:- The MIB is a UK Guarantee Fund that compensates victims of negligent uninsured or untraced drivers (commonly known as Hit and Run accidents). The bureau is funded from the payment of insurance premiums, with the typical cost at around £15 to £30 per policy. Since its inception in 1946, the bureau has paid out in excess of 2 Billion pounds in compensation to victims of uninsured or untraced driver led accidents. But what is its impact on the local market? Advocate Lee Ingram FCII will provide an informative and educational talk on the standing of the Bureau in Jersey and how it assists with compensation for certain victims, where insurers do not respond. Please confirm if you wish to attend by replying to this email before 26th June 2017.

The Financial Services Ombudsman (Jersey) Law 2014 and the Financial Services Ombudsman (Bailiwick of Guernsey) Law 2014 each provided for a Financial Ombudsman in the individual Islands. The Ombudsman’s full powers came into effect on 16 November 2015.

Advocate Lee Ingram FCII will provide an informative talk concerning the rationale behind the need for a discount rate and why the recent changes for the UK will have a long lasting effect on the local insurance industry. On 27 February, the Lord Chancellor announced that the discount rate used to calculate claims would be reduced from 2.5% to -0.75%. This was to take effect from 20 March 2017. The decision implies that the Government expects that a plaintiff investing his/her damages settlement over their remaining life would get a negative return on investment, and the insurer must top up the expected loss. The change in the rate will have significant impact on insurers of motor and liability policies. The announcement was met with criticism from across the insurance sector, highlighting the implications of the significant drop in the rate, and the fact that this will transmit to higher premiums for 36 million motor and liability policy holders, particularly those with higher risks such as young drivers or commercial users.