Keoghs has warned insurers to up plan for an increase in subsidence claims following this summer’s heat wave.
A recent forecast by buildings consultants OCA UK warned 2013 was likely to be a “full blown subsidence event year” unless the rest of August is extremely wet.
Insurers spend an average of £200m to £300m each year on subsidence claims, with costs rising to £400m in event years – when periods of particularly high rainfall are followed by very dry periods.
“Given that a surge in subsidence claims in 2013 is a realistic probability, insurers are advised to begin to budget planning for an increase in subsidence claims spend over the next 24-48 months,” said Matthew Rogers, a partner at the legal services firm.
One in five homes are at risk of subsidence according to the British Geological Survey.
The Inspiring Herts “Family Business of the Year Award 2021” was presented by Peter Smits, Managing Director of Ashbourne Insurance …
21 Sep 2021
With lockdown rules ending on July 19th 2021, Ashbourne Insurance has introduced a NEW dedicated advisory service especially to meet the needs …
16 Jul 2021
The majority (86%) of British small to medium enterprises (SMEs) do not have any cyber insurance cover in place, research from Aviva …
11 Jun 2021