The latest update from LexisNexis Risk Solutions;
In response to the Association of British Insurers’ announcement that UK insurers have provided over £150 million in support for homes affected by subsidence in the past year, LexisNexis® Risk Solutions is highlighting the urgent need for the market to access fast, accurate property-level risk data at the point of quote.
Analysis of British Geological Survey data from LexisNexis Risk Solutions shows that with the current climate trajectory, 1.2 million more homes in England will be at risk of subsidence by 2050 — a 27% increase on today’s estimated 4.5 million at-risk households.
To help insurance providers meet this challenge, LexisNexis Risk Solutions offers address-level risk scores for subsidence at point of quote and in map form through LexisNexis Map View. This helps to improve quotability, enhance customer service, and strengthen the market’s resilience against growing climate risks.
“The ABI’s latest figures underline the scale and urgency of the subsidence problem,” said Caroline Elliott-Grey, senior product manager, U.K. and Ireland insurance, LexisNexis Risk Solutions.
“By giving insurance providers access to robust perils and property data, we can help the market price risk more accurately and support consumers in understanding the factors that influence their premiums.”
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