A long, hot, dry summer means one thing to property insurers and their suppliers: subsidence.
“Surge” is the dreaded word on their lips, and with claims already up 400% on last year there are widespread fears that 2018 could be a very bad year for subsidence underwriters.
Everyone is dusting off their surge plans from 2003 – the last time the industry faced a major spike in subsidence claims – though a lot has changed since then. New techniques and processes, new supplier relationships, local authority cuts to tree officers and the rise of social media are just some of the factors insurers must get to grips with – and fast.
This report sheds light on the factors driving subsidence claims in the UK and how insurers can mitigate the impact.
• Subsidence hazard in 2018.
• Causes of subsidence.
• New methods and techniques deployed to tackle subsidence claims.
• Managing subsidence claims.
• Approaches to mitigation.
• Data and management information.