Expert panel will talk through the implications on the insurance sector of the cost of living crisis, inflation, Consumer Duty and building resilience in closing keynote

BrokerFest 2023: Intermediary organisation The Clear Group, market research firm Consumer Intelligence and consultancy KPMG UK are gearing up to debate the macroeconomic challenges hitting the UK general insurance market, as well as preparing to flag how insurance firms can weather these financial fluctuations, at BrokerFest 2023 this Thursday (23 February 2023).

BrokerFest 2023 is a one-day conference hosted by Insurance Times. This year’s event – due to be attended by brokers, insurers, MGAs, insurtechs and other sector suppliers - will be held at Etc.venues St Paul’s from 9am.

inflation (7)

Read: Briefing - ‘Inflation is not fundamentally bad for the industry’ despite uptick to 11.1%

Read: Broker CEO Forum - ‘Difficult to manage’ economic turmoil will last until 2024 – RSM

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The closing plenary session – entitled Economic and political turmoil: Industry impact so far and future next steps – will see chair and Insurance Times editor Katie Scott quiz Catherine Carey, head of consumer strategy at Consumer Intelligence, Huw Evans, KPMG UK partner, and Philip Williams, chief operating officer at The Clear Group, on the economic factors impacting insurance firms today and what they therefore need to consider to move ahead.

An industry moving forward

A key conversation point within the session, which will start at 3.30pm, will be the cost of living crisis.

Carey will explain the impact of this on insurance customers, based on Consumer Intelligence’s research, before the panel digs deeper into the resultant ramifications of the cost of living crisis on insurance companies and what firms need to do to balance the needs of their business against the struggles of financially stressed consumers.

The expert panellists will also debate the resilience of the insurance sector and question whether today’s economic environment is really any different to what the industry has weathered in the past.

Evans, for example, believes that today’s challenges are not “unprecedented” and that the industry has a fighting chance to make plans and invest to ensure its future relevance in the face of climate change, the UK’s ageing population and digitalisation.

He added: “Insurance companies and brokers are set up to deal with and help people manage and navigate change.”

Brokers can attend BrokerFest 2023 for free. Register your place today by clicking here or read more BrokerFest 2023 content here.

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