Here are some ways how insurance has been affected by the pandemic
With the larger insurers- I must admit, the likes of Aviva, the Axis and Ageas, the biggest impact I’ve seen is really they’re just scaling back the risk. So we get a lot of renewals, the large composite insurers, which are the Aviva’s and Axis, and all that type. Ageas. They’re scaling back their risk exposure. So they’re not keen on offering renewals.
Scaling back risks
That’s obviously due to the pandemic, a direct result of the pandemic in the sense that they’ve had large business interruption claims that they’re possibly going to have to payout. So perhaps maybe, they have a risk, where- I’ll just take a simple example. Maybe a property is right beside the sea. They see that now as a risk or more of an exposure than before quite simply because there’s a risk of flooding. They don’t want to take that risk anymore because of the large expenditure they’re having to put into paying out business interruption claims. So that’s a common example.
So you’ll see now at the moment, there’s a lot of- in the insurance industry, what we call obviously is the rekeying. So we’re rekeying lots of risks, which basically means getting information from insurers that don’t want to offer anymore and then having to go and find other markets for it. So that’s a large issue for more of the larger insurers. And it’s quite common.
Can you sort of put that down to purely the business interruption situation? Or are there other areas where we’re seeing patterns prop up as well?
I think at the moment, it’s more closely down to the business interruption, the idea that they’re gonna have to payout claims in the future, and they’re just basically wanting to- I mean, insurance is by risk. So they want to just reduce their risk. And they say they’re gonna be paying out, and quite simply, they don’t want to take the risk with other possible perils that- happen now and again, storms, floods.
So they’re addressing older flood maps, and they’re really looking to address the flood maps and making sure that the risks that they have are not in areas where they may have to payout in the future. I think it’s purely due to the fact that they will be paying large sums of money in the future. It’s just a reduction exposure of risk.
It could be other factors obviously, that we’re not aware of quite yet because there’s still a lot of uncertainty. And there’s no final clarity in regards to things between third companies and whatnot. So, we’ll just have to wait and see on that one.
Did you notice anything over the last, let’s say, a year, six months to a year, Rob- any different patterns in regular customers coming back to renew? Were they changing any of their own wishes in terms of how they were looking for their policies?
Insurance is largely unscathed. There was a dip in business and no doubt about that, but it was probably around three to four percent, in terms of the number of policies. And what we’ve seen is people are just leaving their property uninsured.
Why choose the Property Insurance Centre
Independent advice by approachable staff online or by phone
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Specialists in Commercial & Residential Insurance
We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.
Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.
Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
Get In Touch:
[contact-form-7 id="12585" title="New Callback"]We accept most payment types including:
Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.
Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective.
The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks.
His in-depth knowledge of various methods of construction has enabled him to easily identify which insurer’s underwriting criteria would best fit each client’s needs and provide the correct levels of cover.
Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.
He is a member of the Chartered Insurance Institute (CII) and qualified to Level 3 with the CII.
As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6).
As a condition of CII membership, Robert continues his professional development by keeping abreast of the latest industry developments.
Contents
- 1 Here are some ways how insurance has been affected by the pandemic
- 2 Scaling back risks
- 3
- 4 Insurance under one roof
- 5 We are specialists in many types of insurance
- 6 Can you sort of put that down to purely the business interruption situation? Or are there other areas where we’re seeing patterns prop up as well?
- 7 Did you notice anything over the last, let’s say, a year, six months to a year, Rob- any different patterns in regular customers coming back to renew? Were they changing any of their own wishes in terms of how they were looking for their policies?
- 8 Block of Flats
- 9 Unoccupied
- 10 Home Insurance
- 11 Residential Landlord
- 12 Land Liability
- 13 Commercial Property
- 14 Lockup Garage
- 15 Restaurant
- 16 Takeaway
- 17 Classic Car
- 18 Mixed Use
- 19 Tradesmen
- 20 Why choose the Property Insurance Centre
- 21 Independent advice by approachable staff online or by phone
- 22 Access to a wide range of insurers to source suitable insurance cover for your needs
- 23 Bespoke Insurance Schemes & Portfolio Policies available
- 24 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 25 Competitive Premiums
- 26 Cover available for the buildings while the property is being converted, renovated or extended
- 27 Over 40 years experience working with the best insurers in the UK
- 28 Excellent communication so that you understand what risks you are insured against
- 29 Why choose the Property Insurance Centre
- 30 Independent broker with staff you can speak to by phone or online
- 31 Access to a wide range of insurers to source suitable insurance cover for your needs
- 32 Bespoke Insurance Schemes & Portfolio Policies available
- 33 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 34 Competitive Premiums
- 35 Cover available for the buildings while the property is being converted, renovated or extended
- 36 Over 40 years experience working with the best insurers in the UK
- 37 Excellent communication so that you understand what risks you are insured against
- 38 Why choose the Property Insurance Centre
- 39 Independent broker with staff you can speak to by phone or online
- 40 Access to a wide range of insurers to source suitable insurance cover for your needs
- 41 Bespoke Insurance Schemes & Portfolio Policies available
- 42 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 43 Competitive Premiums
- 44 Cover available for the buildings while the property is being converted, renovated or extended
- 45 Over 40 years experience working with the best insurers in the UK
- 46 Excellent communication so that you understand what risks you are insured against
- 47 Specialists in Commercial & Residential Insurance
- 48 Get In Touch:
- 49 We accept most payment types including:
- 50 UK Call Handlers & Dedicated New Business Team
- 51 Call Us on 0800 085 3761
- 52 Robert Fisher
