Inflation and the Insurance Considerations

Inflation and the Insurance Considerations

With Nick Thomas

When: Friday 21st June – 12:00-13:00

Overview:

This session on inflation considers what affect increasing inflation has on business insurance.

What clauses and cover issues brokers and insurers need to consider for various classes of cover.

Objectives:

• Be aware of the affect that inflation has on insurance

• Know which covers help provide clients with protection against effects of inflation

• Be able to identify claims issues caused by inflation

Content & Learning:

General effect of inflation on insurance

• Solvency margins

• Rate increases

How inflation causes sum 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

• Reserving

About the Speaker:

Nick offers a unique combination of skills in the UK insurance training sector – an industry sales specialist and a professional coach and trainer. Nick is an Economics graduate with over 25 years corporate insurance broking experience. He was a highly successful sales producer in the UK broking market before progressing into regional and then national sales leadership roles. As National Development Director at HSBC, Nick was one of only 40 people from a global workforce of 265,000 selected as part of the STARS programme to recognise exceptional performance. He is a highly trained consultative sales specialist, and his experience includes a secondment with a major management consultant to design a best practice sales process”