The FCA have warned insurers to value insured assets properly both in personal and commercial lines.

(Article by Insurance Business UK - January 2023)

“As many as 50% of all UK businesses are underinsured” reports Aviva. How inflation is affecting true insured values and resulting underinsurance.

(Article from Insurance Age - December 2022).

"The regulator has warned that customers’ mental and physical health may suffer when struggling to pay bills

The FCA has written to insurance industry chief executives to warn that they should ensure customers are protected from unecessary costs associated with products, add-ons or unfair penalities as financial pressures mount.

Where poor practice is found, the FCA has stated it will quickly intervene to protect customers from harm.

The regulator has made this move out of concern that underinsurance may become an issue as customers seek savings by cutting back on cover."

(Insurance Times - September 2022)

"Brokers are therefore vital for providing advice to protect businesses through economic headwinds

Small to medium-sized enterprises (SMEs) are being left open to significant levels of uninsured risk due to the UK’s challenging economic environment, Aviva has warned."

“SMEs will obviously be paying close attention to their expenditure as a result. But cutting corners on insurance leaves them exposed to considerable risk – we estimate that 50% of UK businesses are underinsured to some degree and 45% of policies with buildings have at least one premises suspected to be underinsured by 20%.”

(Insurance Times - September 2022)