How are businesses prioritising their insurance cover in order to cut costs? This article from Insurance Times investigates firms placing an importance on Cyber and a decrease in Business Interruption cover.

"The limited coverage is characterised by low coverage limits, long waiting periods, narrow coverage triggers, significant deductibles and long claims processes

There is a misconception that the scope of cyber errors and omissions (E&O) insurance covers all cloud downtime losses, according to the results of the latest survey from Parametrix, published last week (8 September 2022)."

(Insurance Times - September 2022)

"Insurance claims from companies have become more severe over the past five years due to factors such as higher property and asset values, more complex supply chains and the growing concentration of exposures in one location, such as in natural catastrophe-prone areas,” said Thomas Sepp, chief claims officer and board member at AGCS. “The future does not look bright anytime soon.”

Read the full article from Insurance Business UK here on trending commercial risks that may impact on business interruption and damage replacement costs.

(Insurance Business UK - July 2022)