Cold weather results in £650m insurance claims
March 12th 17:49 Cost Management
Business owners in the UK could be among those faced with increased insurance premiums after a mass payout over the last few months.
Figures from a recently-released report from the Association of British Insurers have revealed that insurance firms paid out more than £650 million for claims from businesses owners, homeowners and motorists during the cold snap.
While the short-term relief provided by these payouts may have helped to keep some businesses open during the winter, the long-term effect will be higher premiums, it has been suggested.
Steve Foulsham, technical services manager for the British Insurance Brokers' Association (BIBA), said: "However you look at it, there are going to be a lot of claims coming out of the winter months.
"Insurers will be looking at their bottom line in terms of underwriting performance and with the sheer number and cost of these claims we could well see rates rising in those areas."
The news could encourage a number of business owners to adopt external facilities management services in a bid to reduce costs.
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