Have you seen your premiums increase in 2020 and are you concerned about further increases in 2021?
Are your current insurance brokers keeping you in the loop with market trends and looking to re-negotiate with insurers due to changes in your business and turnover as a result of the pandemic? Are they providing you with their marketing strategy, considering alternative approaches to managing your risks and ensuring they obtain the most suitable cover for you at the best price?
Commercial sectors have benefitted from low insurance rates and premiums over the last 7-8 years, but since 2019 the market has reversed. Premiums have been increasing rapidly and going forward further premium increases can be expected, along with more restrictive terms.
2019 saw the insurance market shift towards a hard market on many policy lines for a variety of reasons. Further market hardening was expected in 2020 and this has been exacerbated by the impact of Covid 19 on the insurance industry and the economy more generally. The hard market is likely to continue and in many areas worsen until such a time as the global economy has settled. Some experts predict that this could take up to 10 years.
The CEO of Lloyd’s of London stated back in April that the pandemic is “no doubt the largest insurance challenge the industry has ever faced”. Lloyd’s forecast in May that the pandemic would cost the insurance industry £166billion worldwide. There is no doubt that the impact of Covid-19 will have accelerated the hardening of the market and made the impact on policyholders more drastic.
During a hard market, it is more challenging for businesses to find the right covers at the right price and it is our sole duty to assist you through this difficult period.
UK have strong, longstanding relationships with various insurers both in the London market and the regions. These allow us connections with the right people for your business needs, whether it is a simple or complex risk. We also have relationships, and in some cases binding authority agreements, with numerous specialist insurers allowing us to provide competitive terms on unique and niche risks and exposures.
Our team exhibit a diverse range of expertise and experience across many sectors. Our knowledge, combined with our supporting markets, allows us to place complex portfolios for a broad variety of clients. Portfolios range from Liabilities, Contractors All Risk and Fleet for heavy construction risks to Professional Indemnity, Cyber and Directors & Officers for firms of Architects and Surveyors. For a full list of policies we can place, please visit our Risks page.
We act as an extension to your business and can assess whether you have any existing gaps in cover, need assistance with risk management, claims management and Health and Safety guidance.
We have dedicated teams in Chester, London and North Wales to accommodate any queries you may have and we look forward to hearing from you.