Tysers a leading independent Lloyd’s broker and a member of the AUB Group warn that changing weather patterns in the UK has led to increased weather and climate related risks for business owners.
“At Tysers, we are working with Insurers to recalibrate risk to account for the changing UK weather patterns. In an upcoming series of articles, we will cover the risks a successful business owner needs to consider in line with the associated changes to our UK weather patterns. We outline the most significant risks and their impact on all our policyholders, the industry and the country moving into the future.”
Sam Towler, Client Director, Tysers Retail
Our UK weather patterns are changing
Climate change and the resulting change in the UK weather patterns, creates a shift in risk and how risk is managed. Helping our customers mitigate the risks associated with changing weather patterns, ensures that you can continue operating effectively and efficiently with the best protection possible.
The Beast from the East (2018): A Case Study
The Beast from the East took place in 2018 and created significant damage across the UK. These extreme Winter conditions were caused by easterly winds coming into the UK, catching everyone by surprise and severely impacting homes, businesses, travel and essential services. Those without the right insurance cover in place were also unprepared for the financial impact of extreme cold and storm damage to their homes and businesses.
Insurers and underwriters also faced an unprecedented rise in claims following the storm, presenting some difficulties as policyholders across the UK were impacted, unlike more typical cases of extreme weather which are usually localized to one region.
Over recent years the UK has seen many shifts in weather patterns, leading to increasing risks associated with extreme weather and flooding. Below is an overview of some of the major changes and how these have impacted policyholders:
We have seen a major increase in our UK rainfall
Parts of our country have experienced more intense rainfall than before. Increased rainfall elevates flood risk levels in regions that would not have previously been considered at high risk of flooding. Furthermore, increased rainfall in the UK creates further risks associated with soil erosion and infrastructure quality. Our crops and livestock are negatively impacted and the distribution of goods and services becomes complicated and more expensive. Increased rainfall also causes higher humidity, making us more susceptible to further health issues and the spread of diseases.
Increased rainfall and risk of flooding has impacted both homeowners and a wide range of commercial sectors. These range from business owners with properties in higher-risk flood areas who may find it increasingly difficult to secure adequate cover, to those working in agriculture, transportation and logistics who face new challenges due to increased flooding risk and soil erosion.
Changes to weather patterns see warmer Winters
Changes in UK weather patterns has also seen the UK experience milder winters with fewer cold spells and an overall decrease in the days we see snowfall. Some regions have been more affected than others, with the southernmost areas of the UK generally experiencing the mildest weather over the winter months. This shift in temperatures has also altered the growing seasons for agriculture, and an increase in the pest population which has a direct impact on growing and distribution of crops. Flowering seasons for plants and crops has also been impacted and bird migration patterns are changing due to the shifting weather patterns. Energy consumption patterns have also changed alongside these changes in temperatures, with a growing need for more robust cooling solutions.
We have seen and experienced more heatwaves than ever before
Our changing UK weather patterns also include a higher frequency of more intensive heatwaves, which has also negatively impacted our agricultural sector. These changes mean that on average Spring arrives sooner each year and Autumn lasts longer into the year. The risk of wildfires has also increased with more frequent spells of hot, dry weather, which has the potential to impact homes and businesses as well as decreasing the air quality levels. Water resources are also put under increasing pressure during spells of hot, dry weather meaning water saving measures such as hosepipe bans are increasingly needed. Changing weather patterns have also disrupted the wildlife ecosystems in the UK causing a growth in pest populations and diseases.
Combined, our UK weather patterns have changed
The changing weather patterns in the UK have combined to change the risk profiles we have grown accustomed to. A host of new risks must be considered:
- Increased rainfall creates flooding.
- Water resources are changing.
- Our ecosystems are changing.
- Energy patterns and the consumption of energy are changing.
- Heat and health-related risks and diseases are more prevalent.
- The distribution of products and services is impacted as costs spiral.
- Infrastructure quality and the impact of soil erosion are now carefully considered.
Speak to an expert
At Tysers, we pride ourselves on being at the forefront of changes to trends and we consider risk management very carefully. Adverse and significant weather patterns affect us all. At Tysers we are engaging with all concerned stakeholders to consider closely the impact of these extremely unpredictable and difficult-to-plan-for risks that affect our policyholders the most. We work with our policyholders and concerned citizens to review and update their risk management portfolio. Please visit our website or call +44 (0)161 419 3000. We are offering you an opportunity to review your risk cover and how your current cover means you are prepared if it comes to that. Follow us for more information about the impact of the new UK weather patterns that will possibly affect you.