"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)

"Utilising educational institution career fairs and in-house development are key ways to attract new, younger talent to the sector.

A lot has happened within the property insurance market within the last year. For example, an influx of business interruption claims and storm losses saw UK property insurers record underwriting losses for the second time in three years in 2020, according to analysis of the industry’s latest Solvency and Financial Condition Reports (SFCRs) conducted by Insurance DataLab last month."

(Insurance Times - November 2021)

"Due to the digital interconnectedness companies now have, the risk of cyberattacks and data breaches have only increased. It is now much easier for criminals to shut down a company’s network, steal personal or financial information, or put entire supply chains at risk.

This is where cyber coverage spills over into the liability space, as cyber insurance is also influencing the directors and officers (D&O) space, according to McIntosh."

(Insurance Business - October 2021)

"In Insurance Times’s April 2021 issue, Aviva’s head of cyber insurance Neil Arkle discusses the importance to all businesses of having cyber security in place and how brokers can help clients reduce their vulnerability.

The recent Aviva Risk Insights report identified cyber security and cyber incidents as the fifth-largest major risk facing UK businesses today, and the exposure to cyber risks will only increase."

(Insurance Times - April 2021)

"Gerry Glombicki, director in the insurance division at Fitch Ratings, said underwriters had been badly hit in 2020 by the rise in both the number and scale of cyber attacks.

Speaking during an online seminar this month as part of the credit rating firm’s Monte Carlo Reinsurance Rendezvous 2021 series, Glombicki said the figures outlining the cyber threat were now significant."

(Insurance Times - September 2021)

“It’s more important than ever to build a sustainable future for the construction market. That is the crux of the message delivered by the AXIS Capital construction insurance team during their recent IB Talk podcast, where they emphasised the need for practical, actionable solutions to achieve that sustainable future.

Raj Brar, senior underwriter of delegated and CPE at AXIS Capital, noted that previous sharp exits of capacity in the market left a lot of clients and customers without carriers who could see their project through to the end, and impinged on binders and coverholders who couldn’t get renewals. He believes that this has highlighted the need for a sustainable, profitable market that can survive even the most tumultuous of market cycles."

(Insurance Business UK - September 2021)

“Sedgwick’s newest report on building repair costs in the UK reveals how the COVID-19 pandemic exacerbated issues the sector was already experiencing even before the coronavirus hit.

According to the firm’s Q1 UK building repair cost review, there was a 5% increase in repair costs during the period. Sedgwick noted that during the quarter, many manufacturers operated at reduced output as a result of the pandemic. The report also suggests that cost increases could continue to rise to 7% by the end of 2021."

(Insurance Business UK - September 2021)

“Since insurance is entwined in every level of economic activity, our industry will be at the forefront of that response. And, more specifically, insurance brokers will be pivotal in helping the world achieve its net zero ambitions by 2050.

We (LIIBA) work with clients from the point where they begin to assess the risks faced by their business. More and more these risks will be climate related – and already insurance brokers lead the field in the ability to model that threat. We will then work with clients on ways to best mitigate these risks. That will involve building resilience and sustainability into operations and, only once that has been deployed as a solution, looking to insure the remaining risks – through policies that themselves – in negotiation between broker and underwriter – will need to become more climate aware."

(Insurance Business UK - September 2021)

“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)

“To protect assets, companies should invest in adding cyber insurance to business policies.

The average loss of British businesses who have experienced a cyber attack is £223,516, according to the findings from the latest survey commissioned by SJL Insurance Services.”

(Insurance Times - July 2021)

“Recession, cyber threats and regulatory intervention are insurance professionals’ biggest concerns.

Despite 94% of insurers planning to write the same or more business in the professional indemnity (PI) market over the next 12 months, recession, cyber threats from remote working and continued regulatory oversight are top of the insurance industry’s list of concerns for this sector, according to global law firm Clyde and Co’s latest market report.”

(Insurance Times - July 2021)

“Four years on from the Grenfell Tower fire, industry experts debate the draft Building Safety Bill and what has been done so far to address fire safety

Hikes in insurance premiums only add to the financial stress of the fire safety problems that were exposed after the Grenfell Tower fire in 2017, according to Neil O’Connor, director of building safety policy at the ABI and part of the Ministry of Housing Communities and Local Government (MHCLG).”

(Insurance Times - July 2021)

“Despite the bill being welcomed, insurance industry leaders highlight concerns for buildings under 18 metres tall as ‘fire does not respect arbitrary height limits’

The government published its Building Safety Bill yesterday (5 July 2021), aiming to create lasting change and a clear pathway for the future on how residential buildings should be constructed and maintained.”

(Insurance Times - July 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 lettings industry is facing a ticking time bomb over fire risk in residential blocks, a new report has highlighted just a few days before the government’s post-Grenfell Fire Safety Bill becomes law.

Services giant JLA, which has drawn up the lengthy report into competency and attitudes to fire risk across several industries including property management, says it found that despite being seen as a reliable source of information for advice, 22.2% of estate agents and letting agents admitted to not knowing how to carry out a full fire risk assessment.

This figure is all the more shocking given the current national debate around safety in residential blocks following the Grenfell Tower tragedy..”

“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)