Post Blog: Six reasons you cannot miss Claims Club meeting 3

It has been five months since the last meeting, during which time a lot has happened that has consequences for the claims space.

Some of these key developments will be picked up at the Claims Event in October, which you should definitely sign up to attend if you haven't done so already.

But here are six very good reasons, why I think you need to be at the next Claims Club meeting on 3 September:

1) Periodical Payments Orders - Are we any clearer over the long term impact?

In April this year The Institute and Faculty of Actuaries estimated 10% of all claims in the £1m-£2m bracket and 70% of claims between £5m and £10m are settling as PPOs, with the remainder being taken as lump sum payments.

As such a survey of 158 insurance companies surveyed by the IOFA found three quarters of respondents felt PPOs should rank as one of the top three concerns for insurers underwriting UK motor or liability business.
We had hoped the Motor insurers' Bureau would be able to offer some insights from the research that it's undertakinginto PPOs, but unfortunately it will not be ready in time.

Instead, we have secured someone who has a significant amount of knowledge in this area - David Brown, a non-life actuarial partner in KPMG's insurance practice (who was previously employed by Direct Line Group) to separate fact from fiction in what is an increasingly fraught area.

Don't fret if you wanted to hear from Paul Ryman-Tubb, he has promised that when he is ready he will present to the Club, alongside the largest PPO compensator - the NHS Litigation Authority.

2) Law Commission Review - Did the government bottle it?

In July HM Treasury introduced the long-awaited Insurance Bill to reform commercial contracts. A Bill that was described as "watered down" and a "missed opportunity" in some quarters; while others hailed it a "big win".

Bruce Hepburn, chief executive officer of the Mactavish Group, is in the former camp, and it will be interesting to hear his views on why he thinks the insurance industry has exerted "unreasonable pressure" in order for the Bill to be less contentious and qualify for accelerated passage through parliament.

3) Business Continuity Planning - Don't act like an ostrich

Since I have worked at Incisive Media I have be uprooted from my desk by a number of unforeseen incidents including a massive fire on Earlham Street in 1999 and then an attempted terrorist attack outside Tiger Tiger on Haymarket in 2007.

On the first occasion we all went to the pub, but by the second incident we had matured to the point where it was possible to work remotely, and it was a good test for our business continuity planning.

But how would you react in the same situations? Is your BCP plan up to scratch?

In August 2013 a fire at AIG's office at 58 Fenchurch Street meant the insurer had to relocate functions, including claims to alternative locations.

Geoff Godwin, UK & Ireland senior claims officer, AIG Property Casualty, will offer his own insights into how the business managed to cope when disaster struck, and what learnings AIG took away from how it dealt with the expected and unforeseen circumstances.

4) Scottish Independence Vote - What might happen if the country says "Yes"?

In July I chaired an insurance focused debate on the Independence Vote in Glasgow with an audience of brokers.

What I took home from that event - and this is borne out by even the most recent polls - is that there is still a significant number of people who are undecided, and it is these people that will swing the vote.

So with just a fortnight to go until the landmark vote on 18 September, we will hear from Bill Speirs, partner & head of BTO's Insurance Group, on what the implications could be for the insurance market; and more specifically how claims might be handle, if the undecided are swing to the ‘yes' camp in the coming days.

5) Has Swifty shaved of his beard?

It has been a warm summer hasn't it?

6) Football deadline deals, Kate Bush's return and other random stuff

Don't forget there is ample time to network at the meeting, and you don't have to talk claims. With football deadline day looming, you might want to moan about your club's lack of activity; and as Kate Bush prepares to return to the stage for the first time in 35 years, are we not a little bit intrigued as to what her show will entail?

Hopefully I have whetted your appetite to attend.

To do so click here.

Jonathan Swift
Post Claims Club chair