The word from Prestige Underwriting as they take the temperature on broker attitudes to claims costs;
The latest Prestige Underwriting Non-Standard Survey has identified a concerning trend with a majority of brokers (70%) across the market reporting an increase in claims costs. Of those brokers, almost a third (31%) indicated that claims costs have risen higher than expected, while 69% noted that the increases were within their expectations.
When examining which sectors experienced the highest levels of claims inflation, 35% of brokers identified the home non-standard market. In contrast, the non-standard commercial sector saw the least increase in claims costs, with only 17% of brokers noting significant rises.
The survey also underscores a significant challenge faced by brokers in the motor market, with 62% reporting that policyholders have experienced delays in getting their vehicles back on the road following a claim.
Tim Baxter, Head of Broker Development & Partnerships at Prestige Underwriting, said:
“Rising home insurance claims costs and delays in vehicle repairs are impacting both brokers and policyholders. At Prestige Underwriting, we are committed to supporting brokers and policyholders in navigating these challenges. It is essential that all insurers focus on streamlining claims processes as well as enable both brokers and policyholders to gain a better understanding of the factors contributing to delays in vehicle repairs. By fostering transparency and keeping brokers and policyholders informed, we can work together to improve the overall experience and efficiency in the non-standard market.”
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