Price Writer April 2024
Jeremy Keating
Author of "Price Writer: The nine-step method to becoming a highly successful general insurance pricing leader" | Founder of Price Writer | Podcast Host | I empower pricing professionals
Knowledge and skills for great pricing results
Day 114 of 2024. Are you on track with your goals, or do you need a boost? It’s the perfect time to pause and evaluate our progress towards the goals we've set. Plus, catch up on the latest inflation and Keating Index updates.
Also, mark your calendars for the upcoming 2024 Price Writer Conference and Leaders Retreat on September 25-26. This event is tailor-made for industry leaders like you, offering unique opportunities for networking, learning, and development.
Price Writer Conference and Leaders Retreat
Mark your calendars! The much-anticipated Price Writer Conference and Leaders Retreat is set for September 25th and 26th at the illustrious Farmers & Fletchers in the City, London. This exclusive event promises to be a cornerstone for growth and networking in the GI pricing industry.
?? Day 1 is tailored exclusively for leaders, packed with sessions that sharpen your strategic edge. Day 2 welcomes all GI pricing professionals, offering insights and discussions that impact your day-to-day operations.
?? Exclusive Membership Included: Attendance grants you a one-year membership to the Price Writers Training Programme, providing ongoing support and resources to fuel you and your team's continuous professional growth.
?? Details Coming Soon:?Register your interest now?for information on speakers, joining, and more at https://tally.so/r/waBOKb .
?? Don't miss this transformative two-day event designed to propel your pricing capabilities and drive your organization forward. Join us in London this September!
Free monthly masterclasses to build your pricing knowledge and skills
Data Masterclass
We’re thrilled to invite you to our upcoming Data Masterclass, focusing on the crucial systems and setups essential for accurate pricing. Whether you’re refining your skills or just starting out, this session will provide valuable insights into this foundational aspects of pricing.
?? When: Tuesday, May 21st
? Time: 10:00 to 10:30 AM UK time
?? Returning Participants: If you've joined us before, no need to register; we'll send an invitation directly to you.
?? Secure Your Spot: Please ensure you register now. Click the button below to book your slot
Podcast: Outstanding Claims with Jeremy Keating
Rick de Jager
Tune in to the latest episode of Outstanding Claims, where I spoke with Rick de Jager from Maven Blue for an enlightening discussion on the evolving landscape of insurance pricing. Discover Rick's unique path to becoming a driving force in insurance pricing, fueled by a passion for quantitative sciences and risk management.
Inflation update
???The latest figures from the ONS are out and UK CPI inflation has dropped to 3.2%.
??The ONS says insurance inflation is down to 15.4%.
?? 29.6% for car insurance. While this is a rise on an annual basis the month-to-month change was -0.5%.?
?? ABI says car is?up 34% at the end of 2023.
?? Confused says car is higher by 43% compared to a year ago. But is down -5% on last quarter.
?? Consumer Intelligence says car is up by 56.4% for the year but only +0.5% for the quarter.
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????Maintenance and repairs of personal vehicles is heading up again at 9.4% compared to 7.9% last month.
?? 2.1% for home contents insurance.
?? ABI says Home is up by 19% at the end of 2023.
?? Consumer Intelligence says home insurance rose by 40.6% to January 2024.
?? Repair and maintenance of property is at 0.9%???
?? Materials for repair are at 0.7%.??
?? Tradespeople services are averaging about 1.2%.??
?? BCIS Private Housing Construction Price Index (PHCPI) is 1.7% at the end of Q4 2023.
?? 5.6% for travel insurance.?
?? Holiday inflation is at 11.0%.??
?? Hotels are at 5.4%. Back up from 4.5% last month.??
?? UK Camping, holiday resorts, and centres have increased by 16.2%.??
???9.3% for health insurance.
???Hospital services are at 7.1%??
???Medical products at 7.2%.??
???Outpatient services are at 4.5%.??
?????Veterinary and other services for pets are at 10.4%.
The OBR forecasts are
?? 2024 Q2 -?2.0%
?? 2024 Q3?- 1.6%
?? 2024 Q4?-?1.4%
?? 2025?Q1 -?1.1%
?? 2025?Q2?-?1.6%
?? 2025?Q3?-?1.6%
Keating Index
The Keating index is only available online. Read it here in the Price Writer Newsletter .
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Have a better than great day.
Jeremy