While commercial property insurers have been dealing with the challenge of fire damage for a number of years, they now face an increasing threat from escape of water and weather claims. This brief outlines how claims performed in 2013, which perils contributed the most to the overall costs, and the implications for household insurers.
Understand how claims performed in 2013 within the commercial property market.
Develop strategies to reduce your exposure to the high cost perils.
How did commercial property claims perform in 2013?
How did the storms at the end of 2013 affect the cost of claims for the year?
Insurers need to do more to ensure their pricing models are able to cope with the increase in these unpredictable claims in order to remain profitable.
2013 was positive for weather claims until Q4, when storms battered the UK, which was followed by flooding in Q1 2014.