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Despite the Odgen rate largely being billed as the ‘problem of the insurer’ in the press, it is the broker that will likely see the fall out when the customer is presented with a much higher price than usual for their cover. To minimise the pain of these difficult conversations, below is a guide to the where’s, why’s and what fors:
The rationale behind the rate…
It’s the first Loop-e of 2017 so I’ll cut straight to the chase… Ogden. It’s been a tough market for insurers and brokers alike and now that the new discount rate has been thrown into the mix it feels like, as an industry, we’re in the mouth of Jaws about to be devoured in one nasty bite. To quote the infamous line from the blockbuster, “We’re gonna need a bigger boat”.
One of my many responsibilities as Group Commercial Director is to represent Markerstudy at various industry functions and events. And, contrary to popular belief, these aren't all held at football grounds and on fairways!
In the past few weeks I've attended the two principal conference and networking events for our fellow insurers and brokers; the Insurance Age UK Broker Summit and the Insurance Times Broker50.
Markerstudy Insurance Services Limited registered in England and Wales (No. 2135730) with registered office at 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB. Authorised and regulated by the Financial Conduct Authority (No. 475572).