Can you explain to your client the twenty percent premium increases following the Government change in the discount rate (1)

The recently announced change in the discount rate will cost the UK Insurance Industry in the region of £5.8 billion and this amount will have to be recouped by way of massive hikes in insurance premiums. Increases of 10-20% will become the norm and high risk personal injury policies such as construction, haulage fleets and motor trade will see increases of well beyond this range.

It is essential that brokers can fully explain these increases to their clients and this presentation will equip brokers to do just that. Remember, even claims free risks will see premium hikes.

This lunchtime presentation run by Alan Chandler, UK insurance trainer, Chartered Insurer will explain the difference between special and general damages in liability claims and focus on how the change in the discount rate will completely transform the General Insurance market. Alan will explain how certain elements of the liability claim gets changed by the Ogden tables (known as the discount rate).

Learning Objectives

• understand the difference between special and general damages in liability claims

• understand how the Ogden table rates affect liability claims
• understand how the recent change in discount rate will affect premiums in the market place
• understand the capital implications for insurers following the Ogden table change

To view our image and video capture consent statement, please click here.