What causes a market cycle and are we heading into a soft market in 2024?

This presentation, delivered by Alan Chandler, one of the UK industry’s most popular presenters, looks at what causes market cycles in the insurance industry and what is likely to occur in 2024.

Alan correctly called the hard market in 2020, providing a presentation on the seven reasons why the market would harden. Rates have now got much higher; investment returns are now at very healthy levels and underwriting in the UK looks a lot better proposition than it did back in 2020. New entrants will be attracted to the market and existing players will look to expand capacity to take advantage of the current favourable investment conditions.

Rates will not crumble over night, but Alan predicts 2024 will see a change in demand and supply, where insurers will have to start having to fight more for business, and there will need to be a change in the way insurers operate, which may result in home working underwriters actually answering the phone to brokers!

Alan will also explore how brokers and underwriters can be successful in a softening market. Brokers have a fiduciary duty, and this means insurers cannot ask brokers to be loyal without also providing genuine benefits at renewal for the policyholder.

Whilst many people will not want to see the hard market end, history tells us it will, and not mentioning it will not stop a soft market cycle starting. This presentation will equip you for the change in the market that is on its way.

Online Booking
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The session will be run using Zoom technology and a link to the meeting will be sent to those who register at the time of booking.

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 normal and we will send you a link after the event to access the recording.

Learning Objectives
By the end of this event delegates will understand:

• what an insurance market cycle is

• what causes a market cycle change

• where the market is heading in 2024

• how brokers and underwriters can best manage the changing market cycle

• the broker’s fiduciary duty in a softening market and why insurers cannot expect blind loyalty from brokers

About our Speaker
Alan has been an operations and project manager in three large global companies: Nat West Insurance Services, Royal Bank of Scotland insurance group and Allianz. In the last ten years running his own training company he has taken more than 1,000 people to ACII including six who achieved the top ACII pass rate in the whole of the UK.

He has trained national prize winners in almost all CII subjects, has been a CII examiner and has a pass rate of 96% in CII training.

His website is www.alanchandler.co.uk

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