SCARCITY OF BUILDING MATERIALS AFFECTS INSURANCE COSTS

"An insurance brokerage is offering a reminder to all business owners that the national shortage of building materials has a knock-on effect on their insurance costs.

H&H Insurance Brokers is warning that the UK is undergoing a huge shortage in building materials – mainly due to disruptions caused by the COVID-19 pandemic and partly because of Brexit. The shortage has led to the prices of timber and steel rising rapidly month-over-month. The broker also pointed out that in September 2021, the price of timber surged by 23% – and it is currently 64% higher than its price in July 2020."

(Insurance Business UK - November 2021)