The changing business risk landscape is driving new trends in UK commercial insurance, as reported by insurers and brokers in a recent Commercial Insurance Risk Survey conducted by Insurance Post, in conjunction with CRIF.
In particular, AI and cyber developments are causing emerging risks that many businesses are not adequately covered against. Client exposure is changing and more is expected from the insurance products purchased by commercial customers. Many companies have diversified their operations and income streams due to the pandemic and the current economic climate, creating challenges for brokers to ensure all their customers’ business activities have adequate insurance cover.
Underinsurance is seen as a significant risk: 44% of survey respondents stated their belief that insurable assets are undervalued by business owners by between 10% and 24%.
As a result, the ability to engage, assess, advise on risk and price accurately is vital to remain competitive in today’s commercial insurance market.
This content sheds light on the changing face of UK commercial insurance, and how insurers and brokers can create a smoother journey for commercial insurance onboarding.
• Emerging risks.
• Challenges when onboarding a new business.
• FCA Consumer Duty regulation.
• Top tips for onboarding new commercial lines customers.
• Data verification and assessing business risk profiles.
• Anticipated trends within the commercial insurance market.