Over 50% of high net worth individual clients have been victims of crime in 2022 according to a survey from Ecclesiastical. This has increased the need for crime prevention guidance from insurance brokers and insurers.

Read the full Insurance Business UK article.

Subsidence claims in 2022 after the heatwave have been the highest since 2006 with expected payouts totalling £219m.

Read the full Insurance Age article here.

“It’s not if, it’s when… cyber-crime is almost certain to affect your business, such is the onslaught of attacks from the dark web, says Oliver Wharmby.

Not a days goes by without cyber security being in the press in one way shape or form. Cyber and Cyber Crime claims are now making up more than 50 per cent of all claims in the insurance market and property professionals are by no means immune, yet the complacency around cyber liability insurance remains staggeringly high.”

(Oliver Wharmby - The Negotiator - February 2023)

"The UK has been experiencing the hottest summer since 1976 – the fifth driest on record – leading to the highest levels of subsidence claims over the last 20 years. Fortunately, weather risk management provider EuroTempest has found that the surge in subsidence claims will likely revert to its normal levels for the rest of this year.

The high rainfall levels recorded in mid-August, along with shorter daylight and lower temperatures, have been easing dry ground conditions that often result in subsidence. However, EuroTempest noted that the longer-term forecasts don’t necessarily promise more rainfall in the later months."

(Insurance Business UK - September 2022)

"Headlines across the national press have warned of the prospect of an avalanche of subsidence claims in the wake of the prolonged hot and dry weather seen by the UK in recent weeks. But are these concerns translating into claims figures?"

(Insurance Business UK - September 2022)

"Insurers should brace for weather-related claims as temperatures soar and drought is officially declared across parts of England

UK insurers should brace themselves for a rise in home insurance claims as scorching weather and drought conditions create the perfect conditions for wildfires to spread in the UK.”

(Insurance Times - August 2022)

"Laser hair removal only accounted for 7% of claims but involved the most serious injuries

Eyebrow microblading and tinting blunders account for 37% of salon injury-related insurance claims, according to data published by Zurich today (8 August 2022).”

(Insurance Times - August 2022)

"A rising number of UK homes now face a greater risk of flooding as climate change continues to trigger an increase in catastrophic weather occurrences – a trend that experts expect to carry on in the future.

In England alone, there are more than 5.2 million properties exposed to flood risk, according to data from the Environment Agency (EA). The non-departmental public body predicts the figure to rise in the next few years due to increasingly volatile weather.”

(Insurance Business UK - July 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)

The Association of British Insurers estimates a total of £473m and 169,500 claims in property damages have resulted from UK storms Dudley, Eunice and Franklin in February 2022. This Insurance Age article shows the importance of and how insurance brokers can help during natural emergencies and disasters.

(Insurance Age - April 2022)

"As president of the Chartered Insurance Institute (CII) and group CEO of Aston Lark, Peter Blanc (pictured) has something of a bird’s-eye-view of the UK insurance market – a view that lends itself well to forecasting what the future has to hold for insurance professionals.

“It has been an interesting few years because, as we’ve moved more and more online with so many activities, I’m a bit worried that insurance hasn’t quite found its proper niche yet,” he said. “There’s lots of insurance being sold online where it’s questionable whether the quality of the product is quite as it should be. Of course, one of the big problems with insurance is that you never quite know how good the product is until the point of claim. And the point of claim is far too late to be finding out you bought something that wasn’t quite right.”

(Insurance Business UK - February 2022)

“The partnership aims to build the world’s most advanced digital and technology-led insurance marketplace.

Lloyd’s of London has entered a two-year partnership with geospatial insurtech McKenzie Intelligence Services (MIS).

The new agreement will provide the Lloyd’s market with access to multi-source intelligence, including satellite imagery, through MIS’s Global Events Observer (GEO) platform - this aims to help market participants deliver faster claims decisions and payments for customers.”

(Insurance Times - August 2021)

“In a joint report, the ABI and Flood Re underline the importance of maintaining flood defences

Flooding is the ”greatest natural disaster” risk in the UK, with losses suggested at around £958m a year minus defences, according to a joint report from the Association of British Insurers (ABI) and Flood Re, published today (16 June 2021).”

(Insurance Times - June 2021)

“An expert panel at Biba’s conference last month discusses the current state of the professional indemnity insurance market

Biba 2021: The professional indemnity (PI) insurance market was already incredibly challenging, but soaring prices and trust in the sector being at an all-time low following the FCA business interruption (BI) test case has created a “perfect storm”, said an expert industry panel.”

(Insurance Times - June 2021)

“Insurance broker, MINT, has revealed how an alarming number of agents are at risk of having their licences revoked because of insufficient Professional Indemnity cover.

With an increasing number of agents exploring diversification opportunities and new revenue streams, Mint Insurance Brokers claims that many lack the correct level of Professional Indemnity (PI) cover, leaving many agents exposed.”

(The Negotiator - June 2021)

“Don’t find out the hard way that your PI isn’t up to the job. Oliver Wharmby highlights the danger to agents and explains how to get it right.

Professional Indemnity Insurance (PI) is a compulsory requirement for any estate and letting agent. It provides valuable cover for your business including defence costs and expenses, should you ever be faced with a claim for negligence or breach of duty.”

(Oliver Wharmby - The Negotiator - April 2021)

“The ever-evolving risks affecting the property industry are easily overlooked by a busy agent under pressure.

We know from previous experience that during an economic downturn claims frequency increases. With the introduction of new legislation and looming regulation of property agents (RoPA) the consumer will enjoy added protection and therefore more rights to pursue property professionals.”

(Oliver Wharmby - The Negotiator - March 2021)

“Over the last year and a half, there has been a surge in claims due to tenants’ deposits not being lodged on time

Insurance claims against property agents are surging, according to Mint Insurance Brokers’s latest report.

The broker’s report, Professional Risk Associated with Property Professionals, emphasised that over the last few years there has been “some of the most challenging trading conditions for UK property professionals”..” - Insurance Times (Feb 2021)

“There has been a notable increase in the number of insurance claims made against agents, with some complainants being regular users of ‘no win, no fee’ law firms, according to a new report.

Mint Insurance Brokers, which specialises in servicing the insurance needs of property professionals, reports that the number of claims made against agents has increased owed in part to the economic downturn caused by the coronavirus pandemic.” - Property Industry Eye (Feb 2021)