Price Writer May 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 148 of 2024. Are your objectives on track, or do you need a bit of encouragement? This is an ideal moment to pause and review our progress.?Plus, catch up on the latest inflation and Keating Index updates.
Price Writer Conference and Leaders Retreat
Last month we announced the dates of the much-anticipated Price Writer Conference and Leaders Retreat. It is set for September 25th and 26th at the illustrious Farmers & Fletchers in the City, London. Read the conference brochure and book your place here:?https://www.thepricewriter.com/conference2024 .
A special thank you to our sponsors Quantee and Ascentia Partners who make?our event possible.
Free Monthly Masterclasses
Come to the next FREE Masterclass, it will be about one of the Price Writer Nine Steps for?Become a Highly Successful GI Pricing Leader.
?? When: Tuesday, June 25th
? Time: 10:00 to 10:30 AM UK time
?? Register Now:?https://tally.so/r/mVzY0N
??Join our next FREE Masterclass for a chance to win a place at the Price Writer Conference. This includes a year-long membership in our comprehensive training program, worth ￡449, providing continuous professional development.
?? Returning Participants: If you've joined us before, no need to register; we'll send an invitation directly to you.
Podcast: Outstanding Claims
Ralph Clayton
Join me as I interview Ralph Clayton who took the most unusual route into insurance of any of our guests so far... He choose a career in insurance at the outset. Ralph is a true expert on pricing and data science. Discover Ralph's journey from starting in insurance pricing to embracing cutting-edge techniques in data science and cloud computing.
Inflation update
???The latest figures from the ONS are out and UK CPI inflation has dropped to 2.3%.
??The ONS says insurance inflation is down to 14.3%.
?? 25.4% 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.
????Maintenance and repairs of personal vehicles is 6.9%.
?? 1.6% 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 0.7%???
?? Materials for repair are at 0.2%.??
?? Tradespeople services are averaging about 1.2%.??
?? BCIS Private Housing Construction Price Index (PHCPI) is 1.7% at the end of Q4 2023.
?? 3.5% for travel insurance.?
?? Holiday inflation is at 9.9%.??
?? Hotels are at 6.8%.
?? UK Camping, holiday resorts, and centres have increased by 13.7%.??
???9.7% for health insurance.
???Hospital services are at 7.5%??
???Medical products at 6.8%.??
???Outpatient services are at 5.2%.??
?????Veterinary and other services for pets are at 10.3%.
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