ITIC UK 2019 review

On the evening prior to the conference, welcome drinks were enjoyed by attendees at the Harbour Hotel’s HarBar; a convivial event sponsored by New Frontier Group. Conversation was flowing, as was the bubbly, and delegates were afforded an opportunity to mingle and bed in. 

It was a bright and early start to the conference on Thursday when, following registration and welcome coffees, it was time to broach everyone’s favourite topic, Brexit, in a session entitled ‘Brexit Impact Assessment’. Matt Francis, Director, KPMG; Alisa Dolgova, Manager, Brexit, Association of British Insurers; and Nel Mooy, Head of Travel, AXA Insurance took to the stage to discuss what the uncertainty surrounding Brexit means for insurers and how they have been preparing. Matt discussed the options available following the Brexit extension, covered the implications of deal versus no deal (which he explained are virtually the same), highlighted options available to insurers and described the ‘patchwork quilt’ of different approaches countries are taking. Alisa discussed what insurers have been doing to prepare for a no-deal event and leaving the single market, and also explored what the future UK/EU relationship might look like. She said that insurers have been taking steps to ready themselves for Brexit and that UK insurers are, on the whole, quite prepared. Looking on the bright side, she said that there are some opportunities associated with Brexit, such as building on new emerging areas such as fintech and deepening existing relationships. Planning for Brexit was very much the cornerstone of the session, with Nel offering a travel insurer’s perspective on this. She discussed the importance, should a no-deal Brexit occur, of ensuring the customer continues to be covered in an uncertain world, and also discussed the expected impact, with AXA believing that the cost of premiums will increase.

It is important that each insurer looks at its own customer base and pays more attention to where their customers are travelling to

The following Q&A session focused on the lack of choice surrounding increasing costs in the market and the fact that, generally speaking, concerns around competition are minimal, as everybody is in the same position. “There is no choice as an industry,” said Carl Carter of Voyager. “The costs are not of the magnitude that can be absorbed.” Alisa said that it is important that each insurer looks at its own customer base and pays more attention to where its customers are travelling. 

There are some opportunities associated with Brexit, such as building on new emerging areas such as fintech and deepening existing relationships

After a networking coffee break, it was time to regroup for the next session: ‘Cruises: Opportunities and Challenges’. The expert panellists were Nigel Lingard, a cruise and travel industry management consultant; Kate Huet, Managing Director of International Travel and Healthcare Limited; and Dr Lynn Gordon, Chief Medical Officer, MBBCh, CEGA. Nigel opened by saying that despite its reputation as a ‘sexy and newsworthy business’ the cruise industry is actually limited: “It’s a surprisingly small industry with a long way to go,” he said. He also explained that the industry has failed to make significant inroads on family markets. “There are too many wheelchairs on cruise ships for younger people to want to join in,” he stated. 

Kate spoke about the market’s ‘younger fraternity’ who are ‘prone to do some slightly bizarre things, especially when alcohol is involved’. She discussed what occurs on cruise ships should an outbreak take place, such as an occurrence of norovirus, in the event of which, infected passengers are required to go to their cabin until they are virus-free. She also covered the repercussions of missed ports, power cuts, and natural disasters, as well as dangers such as slips, trips and falls, which she said tend to lead to some of the largest claims.