Underinsurance
Allianz to help brokers with underinsurance concerns
Brokers are requesting additional insurer support on valuations of businesses including SMEs according to director of digital trading at Allianz UK, Helen Bryant.
Policy Expert focuses on customer retention as top priority
Policy Expert’s COO Adam Powell has stressed that customer retention is its top priority in 2023, as it continues to focus on its organic growth.
Chaucer warns on underinsurance with construction costs at record highs
With rebuild costs 10.4% higher than a year ago, an average property insurance policy set to cover £1m could now be short for the full rebuild value, Chaucer has warned.
In depth: How to reduce underinsurance through effective risk management
Underinsurance continues to be a massive problem. Martin Friel looks at how risk management could help brokers combat this growing trend with benefits for all.
Opinion: Limited or unreliable information can lead to underinsurance
Brokers need to work with policyholders to push for better quality and more frequent surveys to combat underinsurance, argues Paul Mayer, valuations manager at Sedgwick.
Brokers upbeat on growth but underinsurance concerns persist – Aviva research
Brokers are markedly more optimistic on growth, with 76% expecting their business to expand in 2023, up from 43% that had a positive outlook in 2022, according to Aviva.
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
Biba reveals ‘Managing Risk – Delivering Stability’ theme for 2023 manifesto
The British Insurance Brokers’ Association has set out its agenda for 2023 with the launch of its manifesto titled ‘Managing Risk – Delivering Stability’ containing 37 commitments and 32 calls to action.
Only 14% of smaller SMEs have business continuity plans: Aviva
Aviva has urged brokers to keep having the conversations needed with clients on business continuity plans as the insurer revealed only 28% of firms have one in place.
Lawyers urge brokers to be vigilant about their own E&O
Law firm RPC has warned brokers to be vigilant about their own errors and omissions, and to stay on top of documentation against a backdrop of customers potentially opting for cheaper, but less protective insurance, in the cost-of-living crisis.
Loadsure boosts freight offering with Tokio Marine Kiln capacity backing
Loadsure has received capacity backing from Tokio Marine Kiln to enhance its freight protection offering.
Brokers urged to tighten safeguards amid threat of client underinsurance backlash
Brokers are being urged to tighten safeguards amid the threat of businesses, suffering problems from underinsurance, taking legal action.
Half of all UK businesses underinsured: Aviva
As many as 50% of all UK businesses are underinsured, according to Aviva estimates.
Video Q&A: Close Brothers Premium Finance on how brokers can grow business in challenging times
Seàn Kemple of Close Brothers Premium Finance discusses the factors affecting business growth in the current market and the opportunities afforded by premium finance
Gallagher calculates 40% of commercial properties underinsured
Gallagher has assessed that two in five commercial properties in the UK are currently underinsured with the problem hitting a record high.
Ten ways to combat underinsurance
Brokers play a key role in helping businesses get the right amount of cover and in times of inflation, more than ever, this role becomes absolutely crucial in avoiding underinsurance, argues Nick Hobbs, chief distribution and regions officer at Allianz…
Blog: Lending through the cycle helps brokers to support their clients
Given the economic uncertainty, customers’ ability to preserve cash is likely to drive demand for insurance financing option argues Elliott Hayes, director of sales, commercial lines, Close Brother Premium Finance.
RSA survey reveals underinsurance concern among brokers
Research which was conducted by Censuswide among 207 brokers on behalf of RSA last month, has revealed that 93% of brokers believe underinsurance poses a major threat to UK businesses during economic unrest.
News analysis: Agriculture – how can brokers help the sector face up to risks, old and new?
Whether it is inflation, weather, rural criminals or staff shortages, the agricultural market has certainly borne the brunt when it comes to feeling the force of social and climate change. Martin Friel investigates how the insurance sector is helping…
Blog: Inflation and underinsurance – the silent claim assassins
The spiralling cost of materials in the construction industry means devastating consequences for reinstatement claims, says Lee Goodwin of Oakleafe Claims Loss Assessors
FCA warns insurers to support customers’ wellbeing during cost of living crisis
The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.
Biba launches second guide on underinsurance
The British Insurance Brokers’ Association has teamed up with QuestGates to publish a guide to valuations for members to use with their customers.
In Depth: Underinsurance - data, analytics and trading
Sam Barrett explores how new technology is helping to prevent underinsurance and boost trading
