Tysers, a leading independent Lloyd’s broker and a member of the AUB Group warn that the impact of changing weather patterns in the UK has impacted both insurers and the reinsurance sector, leading to increased costs for business owners.
“The increased risks associated with shifting weather patterns and more frequent extreme weather events is impacting UK insurers through higher payouts and rising reinsurance costs. For business owners it is now more important than ever to get the advice of an experienced insurance broker who will take the time to understand your individual risks and search the market for the most comprehensive cover at the best value price,” advises Sam Towler, Client Director, North of England & Scotland at Tysers Retail.
Insurance payouts have increased to cover extreme weather-related events. Claims for flooding damage in the UK between 2000 and 2019 led to over £5billion in insurance claims payouts.
In response to the increase of extreme weather events, reinsurance costs have also increased which further impacts UK insurance companies financially. These factors create market conditions in which it is more difficult and more expensive for business owners to find the necessary cover for weather-related risks.
Despite these challenges it is important for business owners to consider the potential impact of weather-related damages their business.
There are many benefits to ensuring you have adequate cover in place. Financial protection against paying high out-of-pocket costs to repair damages and replace stock, cover for business disruption and peace of mind are all invaluable to any business who may be impacted by extreme weather events.
Find out more: Changing Weather and the Impact on the UK Insurance Market - Tysers Insurance Brokers