(GI) CPD Webinar - The negative Ogden rate - Why existing limits of indemnity on EL/PL and Products can no longer remain the same.
Brokers/Insurance company staff if you do not understand the long-term implications of a negative Ogden in the market place then you will be failing your clients – this presentation will help you understand why Parliament’s decision to create and stick with a negative Ogden rate has an impact on ALL major liability injury claims. Even the traditional EL limit of £10m is now looking too small let alone PL limits of £2m.
In 2017 the Ogden rate was changed from a discount to a load on all major personal injury claims causing major losses to insurers across the UK. To the shock and dismay of the UK insurance industry it was announced that the rate in England and Wales long term would be -0.25 still a load. The Scottish government have said they will retain the rate at -0.75 meaning Scotland has the potential to see the highest court awards in the whole of Europe! Northern Ireland had a proposal to make it -1.75% but are now reviewing.
This presentation will explain in plain English what Ogden is, and by way of examples, demonstrate why brokers need to be advising their clients on taking out larger limits of indemnity going forward.
This presentation will be delivered by Alan Chandler, Chartered Insurer, one of the most popular presenters in the UK, and he will outline why failure to talk through Ogden with you clients could lead to E&O exposures for brokers. Remember you advise on future protection not the past!
- Understand the history of the Ogden rate.
- Understand how the Ogden rate change is causing significant premium increases.
- Understand why it is essential that brokers inform their clients that existing limits of indemnity may not be enough going forward, even EL.
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.