As wintry weather sweeps across the UK, many insurers are cognisant that another potential 'Beast from the East' could lead to a surge in extreme cold weather claims.
With storms Ciara, Dennis, and Jorge all contributing to the wettest February on record, it’s time for insurers to test whether their perils models are fit for purpose.
Learn common ways underwriters might suffer from inaccurate rates, higher loss ratios or unexpected claims costs due to missing or misstated underwriting information.
While the world faces logistical challenges from COVID-19, insurance claims will continue to occur, and weather-related catastrophes will not abate due to the disease.
UK insurers saw a significant spike in escape of water and weather-related claims during Q1 2018 when Anticyclone Hartmut struck Great Britain and Ireland.
Not understanding the quality of a risk can lead to poor attritional loss ratios, which is why it's paramount that Lloyd’s underwriters not lose out to poor-quality data.
When developing a peril-specific rating plan for subsidence, heave, and other ground movement risk, property insurers can’t afford to rely on just one data source.