As quoted in The Guardian, costs continue to escalate, and with Hurricane Maria hitting British territories in the Caribbean, insurers are facing record claim pay outs this year.
Romero Managing Director Simon Mabb commented:
“The devastation caused by the recent Hurricanes in the Caribbean and America has already started to affect the insurance market in the UK, with some insurers already withdrawing from certain classes of business and breaking long term agreements to impose premium increases in line with market trends.
Reinsurance costs will no doubt increase from January 2018, which will have a significant impact on commercial insurance premiums from 2018.
It will be prudent for businesses to obtain an alternative quotation in respect of their insurance arrangements to ensure they minimise the impact of any increases.”
Romero Insurance Brokers can provide confidential review of your insurance programme enabling you to benchmark your arrangements without disturbing your relationship with your current insurance provider. This will ensure you obtain the best possible terms for your business and protect against further increases.