Almost half of UK commercial properties underinsured – Gallagher
Research from Gallagher has found that more than four in 10 (46%) commercial properties are underinsured, with the average shortfall being 40%.
The broker flagged the gap was being caused by factors including a 36% rise in the cost of materials since 2020 and labour costs increasing 7% in the last year.
Our research shows that the issue of underinsurance is not going away and has actually increased over the last five years.
The findings were drawn from a survey of 300 claims managers that have a responsibility for commercial property claims.
Six in ten (63%) of the claims managers cited the rising cost of materials and half highlighted
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