Thinking Risk

The challenging backdrop to the 2023 insurance market includes inflationary pressures, the looming threat of recession, continuing fallout from Russia’s invasion of Ukraine, and lingering COVID-19 concerns. Rising reinsurance rates are also contributing to market hardening while adding to primary insurer operating costs.

This article runs through how we anticipate these factors will affect pricing across some key commercial insurance classes.

A perfect storm of inflationary pressures in the construction industry mean that the majority of businesses’ property risks are currently underinsured. This can have disastrous consequences for any business suffering a major property damage claim, as their insurance will not fully cover the loss, threatening their ongoing viability.

Unscrupulous hackers use the “Season of Goodwill” to defraud and extort money from unwary shoppers.

The Construction industry has been through a tumultuous few years - COVID-19, Brexit and most recently the Ukraine war have caused disruptions with project delays, supply chain issues, price inflation and the availability of labour. This article considers how these issues have impacted the construction insurance market, and what businesses can do to help their broker achieve the best possible terms on their behalf.

This summer has seen unprecedented temperatures. On the 19th July 2022, the UK experienced its hottest temperature on record where the thermometer touched 40.3C in Lincolnshire. This month the Met Office have issued a further Amber warning for Central and Southern England and Wales.

The current hot weather may be welcome for holidaymakers, but many workplaces in the UK are not equipped to deal with the current extreme temperatures. It makes sense to consider putting in place some simple common-sense measures to help mitigate the heat, reduce the risks and make your colleagues more comfortable.

Directors and officers of limited companies can have unlimited personal liability for the decisions and actions they take on behalf of their company. The trend is increasingly for senior leaders to be held personally accountable for organisational issues and problems (eg cyber-attacks, environmental incidents and financial failings), making D&O insurance more important than ever.