As UK Consumer Price Inflation has hit levels last seen in the late 1980s1 and the base interest rate has risen steadily, many businesses are seeing their risk profile and the insurance markets they access to transfer and mitigate against risk in a state of flux.
In a series of short articles, we take a look at the implications for certain businesses and classes of risk, how insurers are likely to respond and what businesses can do to guard themselves from the worst effects of a new higher inflationary period and the uncertainties it inevitably generates.
As an introduction to a new series of articles that go into more depth on inflation impacts, we sat down with WTW’s Global Head of Broking, Hugo Wegbrans to discuss actions businesses can take now.
WTW’s P&C wordings expert explores the implications of the high inflation environment on contracts, whether insurers will introduce limitations, and where vigilance over wordings could pay off.
Economic inflation is ramping up the pre-existing pressures of claims inflation in the UK commercial motor segment.
As UK inflation and interest rates have entered unseen territory, the fundamental effect has been to raise questions about the value of money.
Global conditions have increased scrutiny on risk and insurance managers’ decisions.
Rising inflation could leave businesses underinsured and facing unwelcome surprises. It’s time to reassess sums insured, limits and indemnity periods to avoid unexpected gaps in cover and keep control of premiums.
At WTW, we’re seeing more organisations facing unexpected problems when they claim on their property damage or business interruption policies. How can you avoid these issues?
