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.

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How insurance has been affected by the pandemic

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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.

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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

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