Bulletin Board


Insurance Rates

Market Rates for all classes of insurance have continued to rise dramatically and the Professional and other Errors & Omissions liability sector has par ticular ly suffered. Various factors have contributed to this situation including: significant claims payments; poor investment returns preventing insurers from subsidising underwriting losses from investment income; and a reduction in the number of insurance companies.

opdu has received several claims, notifications of potential claims, with the largest claim paid to date being approximately £550,000 which involved members selecting a par ticular option that was misdescribed in the scheme booklet. However, with its unique position in representing a large number of well-run pension schemes, opdu has found itself well-placed to shield its insured members from excessive increases while maintaining its position as market leader in terms of the benefits and cover provided.