Webinar: The Perfect Storm - how capacity is disappearing fast from the UK insurance market
This presentation entitled the Perfect Storm, will be exploring 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!!
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.
Delegates will be able to:
- Understand 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 the effect it will have on wordings
Alan has undertaken operational management roles in three major global companies running underwriting, broking and claims functions. In order to fulfil a long-term ambition, he set up his own training company, something that he had always longed to do as he is passionate about training. Since then he has trained over two thousand people to become ACII qualified including six individuals who have achieved the best ACII completion in the whole of the United Kingdom, he has also trained many national prize winners.
Alan has delivered training for almost all the institutes in the UK over the past few years with his enthusiastic presenting style proving very popular. He is one of the few individuals who can teach at all levels of the Cii examinations, he teaches almost all certificate, diploma and advanced diploma subjects and is one of the few people who can take someone from certificate all the way through to fully qualified ACII and his pass rates exceeds 96%. Alan has presented across Europe on many technical subjects to companies including Allianz, Zurich, Aviva, Aon, Marsh Willis, Gallagher, Towergate and GRP. He has been involved in the setting up of many diploma and advanced diploma programmes in both the UK and Ireland and is driven by a passion to see increased professionalism within the insurance industry.
More recently Alan has been at the forefront of the webinar revolution delivering large amounts of content across Europe. A number if his recent pieces of work have been published internationally.
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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.