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!! The presentation will be delivered by Alan Chandler who is one of the most popular presenters in the UK insurance market.
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.
Learning Objectives:
By the end of this session, attendees should have an understanding of:
- 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 how some risks may struggle to get any cover.
Speaker Profile: Alan Chandler
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. Ten years ago 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 well over a thousand people to become ACII qualified including six individuals who have achieved the best ACII completion in the whole of the United Kingdom.
Venue
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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.
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