Inflation and the Insurance Considerations

The Insurance Institute of Northern Ireland is happy to announce that their next CPD session will focus on inflation and insurance considerations.

This session will consider what affect increasing inflation has on business insurance – what clauses and cover, issues brokers and insurers need to consider for various classes of cover.

It includes:

General effect on insurance

• Solvency Margins
• Rate increases

Sums Insured/limit issues

• Underinsurance and average
• Policy limits including inner limits
• Fair Presentations

Cover

• Declared value, index linking, adjustable limits, first loss on property/construction policies
• Declaration link on BI, suppliers’ extensions
• Motor – market value
• Credit

Claims Issues

• Supply chain increasing costs, delays
• Reserving

Learning objectives:
Delegates will be able to identify:

• The affect inflation has on insurance
• Claims issues caused by inflation
• Which cover provides clients with protection against the effects of inflation