Property Insurance, premium increases
A combination of higher materials and labour costs will mean insurers are likely to need 9.6% increases just to cover rebuild cost inflation in the UK. However, given most need additional rate strength of around 6% to balance their loss-making property books, this will mean policyholders looking at rate increases of around 15% in 2022 on top of the 2021 increases!
Imports of sawn wood increased by 73% during 2021, steel sections by 60%, the current inflation rate for rebuilding materials is 20.3% which is a record 40 year high. Policyholders MUST understand why this is happening and whether it will continue. This presentation will provide the answers.
Given the rebuild cost inflation is so high the already significant worry of property under insurance in the UK is going to get worse. It is estimated that over 80% of policies have incorrect property sums insured and that is before the 2022 cost increases. This presentation also looks at the major issue of under insurance in the UK property insurance market, why it is getting worse and how to help your clients avoid the under-insurance trap.
The presentation, delivered by Alan Chandler one of the UK's most popular insurance presenters, will look at what clients need to take into when settling Buildings sums insured. Alan will explore why under insurance is so common, the effects of under insurance for the client and why under insurance is an increasing cause of Professional Indemnity claims against brokers.
By attending this webinar, delegates will be able to identify:
- why property rebuild costs in the UK are increasing at 9.6% and why UK insurers still need rate strength on top of this.
- what needs to be taken into account in respect of setting Building Sums Insured.
- the effects of under insurance for clients and how to aid them in mitigating their exposure to under insurance.
Alan has undertaken operational management roles in three major global companies - NatWest Insurance Services, RBS Insurance Group and Allianz Insurance. He has run underwriting, broking and claims functions.
Eleven years ago he set up his own training company, something that he had always longed to do as he is passionate about training. 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 and is driven by a passion to see increased professionalism within the insurance industry.
Interested, but can't attend?
Don't worry if you can't make the date/time of this webinar, it is being recorded. Please book a place as per normal and use the webinar link to access a recording post event.
Please note: This event is a regional collaboration between the local institutes in the area. Your booking details will be shared with the Insurance Institute of Chelmsford and South Essex, which is acting as the host institute for this event.
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.