A CHANGING MARKET – The challenging future facing UK Insurers and business
COVID-19 is going to have a long lasting impact on the insurance industry and we are already seeing indications of insurance Companies acceptance criteria on risks changing, with one major insurer, Zurich, already adding a list of trades to their management liability decline list, including companies within the following industries:
• ‘Care’ industry: care/residential/mental/children’s homes; retirement communities; home help; respite care etc
• Retail: any and all shops and retailers including motor traders and the like
• Leisure/Tourism: hotels; travel agents; tour operators; camp/caravan sites; B&B’s; tourist attractions etc
• Food & Drink ‘retail’: restaurants; café’s; pubs/bars; takeaway’s etc
• Waste and recycling: waste disposal; recycling plants; refuse services etc
Zurich have also indicated increased in rating with effect from the 22.06.2020 as follows:
• New business D&O rates increase by 40%
• Renewal D&O rates increase by 20%
• Pension Trustee Rates 20%
• EPL rates to increase by 20%
We feel its important for clients to understand the market conditions that we are now facing, and we have created the attached Insight document to provide some background.