Webinar - Commercial Property 2022 Rate Increases
A combination of higher materials and labour costs will mean insurers are likely to need 9% increases just to stand still. 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!
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 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.
Learning Objectives
By the end of the session, participants will be able to:
- Understand what needs to be taken into account in respect of setting Building Sums Insured.
- Understand why property rebuild costs in the UK are increasing at 9% and why UK insurers still need rate strength on top of this.
- Understand the effects of under insurance for clients and how to aid them in mitigating their exposure to under insurance
Alan Chandler - Insurance Training & Consultancy
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 of his recent pieces of work have been published internationally.
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CII Accredited
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.