Category Archives: Insurance

Insurance, News

Policy Powerhouse launches the fastest holiday let insurance quote platform in the UK, for purchase in under 5 minutes

Policy Powerhouse, a new digital broker, has today launched the fastest quote platform in the UK for holiday let insurance. Designed and built for busy holiday let business owners, it offers them the ability to get a quote for, and purchase, holiday let buildings and contents insurance in under 5 minutes.

The ability to insure one or many properties on a single policy with a single policy fee and discounts for multiple properties is also unique for a fully online service.

Add to that a highly competitive price point, and minimal need for manual data input, and Policy Powerhouse successfully simplifies the lives of holiday let business owners.

CEO of Policy Powerhouse, John Bibby says, “We’re really excited to launch what we consider to be the most intuitive insurance platform on the market, which will transform the frankly, rather tedious holiday let insurance buying process, making it much faster and easier to obtain competitive pricing and a choice of coverage level to suit holiday let owners”

He goes on to explain, “Having been in the insurance market for most of our lives, we saw a gap in 4 critical areas of insurance: cost, speed of purchase, the ability to insure multiple properties on a single policy and range of products, particularly where requirements don’t quite fit the typical mould. This is where Policy Powerhouse comes in.”

The UK based digital broker, founded in 2021, aspires to bring non-standard insurance products within easy, fast, and cost-effective reach of buyers to save them time and money. Taking the hassle out of the insurance-buying process and delivering straightforward claims processes, with enhanced underwriting data and performance is core to their business model.

“Typically for non-standard insurance products like holiday let properties, owners need to hunt around for providers that offer the right protection, then undergo lengthy phone calls / processes to obtain a quote –which can ultimately end up in rejection. It can be very frustrating when you know what you want in an insurance product, but you aren’t able to purchase it easily,” explains Bibby.

Because holiday let properties can be left unoccupied for longer than 30 days and have multiple short-term tenancies, they are seen as a higher risk than standard home insurance. This means that standard home insurance policies typically do not provide adequate cover, which is where Policy Powerhouse’s ‘Holiday Lets’ insurance fits.

A simple 5 step process for obtaining a policy has been developed by Policy Powerhouse, minimising manual data input beyond any other platform to date through partnering with leading property data supplier WhenFresh.

The buyer only needs to enter the address and all necessary property and risk related questions are instantly “pre-answered” within the Policy Powerhouse platform, by pulling in data via the WhenFresh API. This removes the need for buyers to complete lengthy, complex forms, making the process of obtaining a quote much faster and simpler.

Step 1: A maximum of 10 fields to fill in, 4 of which are drop-down options, gathers basic contact details for the property owners.

Step 2: A quick postcode search to find the property address/es that you want to insure, allowing you to select your property, plus the policy start date, is all that’s required.

Step 3: You’ll be presented with a range of products and prices, with the ability to select additional cover options to customise your quote.

Step 4: Review your policy details and confirm.

Step 5: Pay for your policy, using either a credit or debit card or monthly instalments.

You’ll get immediate access to a Policy Powerhouse portal containing saved quotes, policy details and all your documentation.

Policy Powerhouse is committed to making a difference to the insurance buying process, but they also want to make a difference to people’s lives. By giving £1 of every policy purchased or renewed to the Make-A-Wish charity, they’ve set an initial target of raising £100,000 to help provide children living with critical conditions with the opportunity to make a wish that’s unique to them.

Holiday Lets launches on the 16th of June 2022 and is the second product brought to market by Policy Powerhouse. Their first insurance product, Cancel Cover, offers holiday let owners protection against the risk of guests cancelling their bookings, allowing them to refund guests up to 95% of costs incurred and reclaim that refund via Cancel Cover. Holiday let owners can therefore compete with Online Travel Agents and protect their financial position.

COO of Policy Powerhouse, Steve Dixon, has worked on the idea behind the platform. “We envisaged a central platform where customers can manage all their insurance policies with ease, and also log their holiday booking for Cancel Cover protection. Insurance doesn’t stop when a customer has purchased, it is also about making the claims process as fast and easy as possible to reduce admin time.”

Dixon goes on the explain, “Efficient use of API’s mean that the customer experience is fast and frictionless, and our insurer partners gain enhanced insight into the risks that they accept. Our Holiday Lets product is supported by A+ rated insurance capacity. Whilst we have focused upon making the platform as intuitive as possible, we recognise that some customers will need additional support, so all lines of communication are open at Policy Powerhouse, including via live chat, instant messaging, email, and phone. We are always there to support our customers and prospective customers”

WhenFresh CEO Mark Cunningham adds: “It’s great to see Policy Powerhouse innovating in the Holiday Let insurance space. It’s a market that’s been poorly served in the past and this is a great example of how smart technology and WhenFresh property data can be brought together to massively simplify and speed-up what has, before now, been a complex and painful experience for buyers.”

With customer service being an important element to Policy Powerhouse, the ‘new kid off the block’ is certainly looking to disrupt the insurance market.

Electric Vehicles, EVs and Automotive News, Insurance, News

Record high for green car registrations

Record numbers of motorists are switching to electric vehicles according to new research from the Department for Transport.

Plug-in vehicles are leading the race with a 77% increase for new registrations in 2021 compared to the year before. They accounted for 327,000 car registrations out of a total of nearly 1.7 million.

Hybrid Electric Vehicles were next with 264,000 registrations, a 57% increase over the same time period.

Battery electric made up 11% of all new registrations with 190,000 cars, and plug in hybrids were 7% of the total, some 114,000 motors.

By contrast, there was a 10% fall for petrol cars, and a 36% drop for diesel cars.

Looking over a five-year period, petrol cars decreased by 32% and diesel by 85%. However, 54% of all new registrations in 2021 were petrol cars – 12% were diesel.

 

Greg Wilson, Founder of Quotezone.co.uk, one of the UK’s leading car insurance comparison sites, comments: “Even though it will be 2030 before the ban on the sale of new petrol and diesel vehicles in the UK, the pace in the uptake of electric vehicles and Hybrids is already impressive.

“Lockdown factors may have played a part, with the shift towards remote working cutting or eradicating commuting journeys, encouraging many to try greener driving solutions that were once not practical.

“However, it’s interesting that over half of all new registrations are still for petrol cars – showing there is still work to do on expanding the electric infrastructure.  The rising cost of living and ever-increasing energy prices are likely to slow the move to electric vehicles, so households need further government grants and incentives to help make this green revolution a reality for all.”

 

Households should check which vehicles are eligible for government grants, which sees up to £1,500 taken off the price of these new low–emission vehicles.  There’s also support available to install at home chargers, up to 75% of the cost of installation from the Office for Zero Emission Vehicles.

Average CO2 emissions for cars registered for the first time in the UK decreased by 11% in 2021 compared to a year earlier.

Quotezone.co.uk compares a huge range of auto insurance products, such as motor trade insurance, fleet insurance, motorbike insurance and van insurance, helping around 3 million users every year, with over 400 insurance brands across 60 different products.

Education, Insurance, News

Towergate Insurance Brokers becomes Corporate Engagement Partners for Baglan Primary

Towergate Insurance Brokers has been named as one of 2B Enterprising’s new Corporate Engagement Partners, supporting them with their ‘The Bumbles of Honeywood’ programme at Baglan Primary School.

‘The Bumbles of Honeywood’ is an enterprise skills programme created by 2B Enterprising to support the next generation of young people with the skills required for both work and life.

Under the new Curriculum for Wales, primary school teachers are required to teach enterprise activities and ‘The Bumbles of Honeywood’ is an accessible, creative and inspirational portfolio of resources to support their delivery, designed by teachers and enterprise experts.

Businesses like Towergate Insurance Brokers, one of the UK’s leading independent insurance brokers, engage in the programme to support schools with these resources, covering the cost of the hundreds of interactive enterprise activities, lesson plans and classroom decorations.

Towergate Insurance Brokers, which has over 60 offices nationwide, has a strong Welsh presence and a long-standing reputation for contributing to the community in which it works.

Scott Mewse, Account Executive at Towergate Insurance Brokers, said: “We’re so pleased to be able to help Baglan Primary School access The Bumbles of Honeywood programme, so that all children have the opportunity to gain essential skills in a fun, engaging way.”

Jayne Brewer, CEO at 2B Enterprising, said: “We’re very happy to be partnering with Towergate Insurance Brokers to develop the key enterprise and life skills of the young people at their chosen school, Baglan Primary.

“Our Corporate Engagement Partners bring knowledge and experience from the boardroom to the classroom to help raise the aspirations of young people across Wales, and their investment in our future generations is celebrated.”

Towergate Insurance Brokers is one of the UK’s leading independent insurance brokers and risk management advisors. Boasting an experienced team of insurance specialists, Towergate Insurance Brokers has built a solid reputation for understanding many business sectors and industries, and the everyday risks that they face in today’s increasingly complex world. They also look after the insurance needs of private individuals and families seeking tailored personal covers.

Driving, Insurance, News

Drivers risk losing personalised plates if car is stolen or written off

With the DVLA holding a new personalised number plate auction this and next week, motorists are being warned to check with their insurer to see if they are covered for damage to, or theft of, their new registration plates.

There isn’t a fee to register new personalised plates nor are they viewed as vehicle modifications like branding or alloy wheels that could potentially raise premiums.

However, Greg Wilson, Founder of Quotezone.co.uk, one of the UK’s leading car insurance comparison sites comments: “Most insurance providers won’t specifically ask if a driver has a personalised number plate.  With comparison sites such as ours, most of our insurance partners provide a customer services phone number right beside each quote, so drivers can chat to the chosen insurance provider directly, in order to tailor the policy to suit them – and ensure their number plate and indeed their investment, is covered.”

If a driver’s car was stolen or written off in a road traffic accident and the insurance provider paid out for the claim, that insurance provider would then own the vehicle, the physical number plate and the actual right to that registration number.

It’s often possible for policyholders to buy a car that has been written off back from their insurance provider, but even if they don’t want to buy the actual vehicle, they might still have to pay to buy back the registration number, since that reg would belong to the insurer after the insurance pay out.

However, if the car was stolen and the vehicle was never recovered, things get a little more complicated, because the driver would have to wait for a period of 12 months from the date of the theft before they could apply for the DVLA to transfer the registration number to their new motor.

The DVLA’s first sold number plate was the 99 MG, sold for £8,000. Sales now bring in over £100 million yearly.  Businessman Saeed Abdul Ghaffar Khouri spent $14.5 million to secure the number ‘1’, making it the world’s most expensive number plate.

Personalised number plates are especially popular in Northern Ireland as the region is the only one in the UK to start with three letters – giving more opportunity to personalise.  They are also increasingly popular amongst celebrities:

  • Jay Kay of Jamiroquai – JAY IK
  • Russell Watson – T3 NOR
  • Sir Ian Botham – B33 FYS
  • Vinnie Jones – 100 VJ
  • Amir Khan – BOX 111NG
  • Alan Sugar – AMS 1
  • Chris Eubank Jnr – 1 KO
  • HRH Princess Ann – 1 ANN
  • Prince William and Kate Middleton – JU5T WE

Quotezone.co.uk compares a huge range of motoring insurance policies such as classic car insurance, young driver and van insurance, helping around 3 million users every year, with over 400 insurance brands across 60 different products.  -ENDS-

IMAGE: Photo courtesy of iStock.com susandaniels.

Insurance, News

Chartered Insurance Institute Swansea announces new President

Sally Hendricks has been announced as the Chartered Insurance Institute (CII) local institute in Swansea’s new President.

 

Sally has worked in the insurance industry for over 30 years, starting in a high street broker which was taken over by a larger firm and is now Towergate Insurance Brokers, where Sally currently works as an Account Handler.

 

Her experience lies in the lifestyle department, with some sideways moves into complex commercial and small business account handling positions.

 

In 2017, she was approached to attend a local CII meeting and offered a place on the council, where she was selected as Dinner Secretary, organising the annual black tie dinner event that raises money for local charities.

 

She has shown her passion and commitment and has moved up the ranks, starting her term as President this month.

 

Sally said:

“Joining the CII was never something I thought I would do, as I held the misconception that the CII was something only insurance companies could be involved in; I soon realised I was very wrong about that!  I enjoy my job at Towergate Insurance Brokers immensely and have a great rapport with both colleagues and clients, some of whom have become lifelong friends, so I’m glad that I can continue my day job whilst serving as CII Swansea President.

“I am very much looking forward to seeing the return of the annual dinner and cannot wait to see everyone again; it’s a fantastic opportunity for everyone to socialise and network in person after the remoteness of the last two years due to the pandemic. My chosen charity this year is the Fire Fighters Charity, in tribute to my late father who served in the fire brigade for over 30 years.

“This year is a special year for me, as achieving such a personal goal in becoming CII Swansea President as I approach my 50th Birthday feels like I’ve reached my career aspirations – it really is the icing on top of the cake.”

 

Gary Stevens, Area Managing Director Wales at Towergate Insurance Brokers, said:

“We’re so proud of Sally, becoming the CII Swansea President is quite an achievement. We look forward to celebrating with her and the team and can’t wait to attend the annual dinner to support her chosen charity.”

 

Towergate Insurance Brokers is one of the UK’s leading independent insurance brokers and risk management advisors. Boasting an experienced team of insurance specialists, Towergate Insurance Brokers has built a solid reputation for understanding many business sectors and industries, and the everyday risks that they face in today’s increasingly complex world. They also look after the insurance needs of private individuals and families seeking tailored personal covers.

 

—

Towergate Insurance Brokers is a trading name of Towergate Underwriting Group Limited.

Registered in England No.4043759. Registered Address: 2 Minster Court, Mincing Lane, London, EC3R 7PD.

Authorised and regulated by the Financial Conduct Authority.

Insurance, News

How Businesses Can Save On Rising Insurance Costs

The government has warned that with the fallout from the war in Ukraine and energy prices constantly rising – inflation could be pushed to a 40-year high of 8.7% by the final 3 months of 2022. Insurers have increased the costs of insurance premiums following changes introduced to tackle the loyalty penalty, getting rid of many of the biggest discounts on the market. Research also shows that global insurance costs rose by 13% in the last quarter of 2021.

With this in mind, the business comparison experts at Bionic have put together some advice for businesses on how they can save on their insurance premiums.

Les Roberts, Content Manager at Bionic has advised the following:

1) Demonstrate that the business is well run

Insurers are more likely to charge lower premiums for businesses that are well run. It’s important that you can show evidence of this through:

  • Your own risk assessments: Conducting your own risk assessments help you to recognise and control hazards in your workplace, helping you prevent possible accidents. Risk assessments also allow you to save costs by being proactive instead of reactive – something that insurers will look out for as this could potentially minimise your insurance claims.
  • Quality control procedures: Not only is quality control important to maintain a certain level of quality and performance within your organisation, it also allows you to ensure that the products sent out to customers are not defective, lowering the risk of product recall. If you have a service-based business, quality control will also include the level of training of your employees in order to maintain a high quality service and reduce the risk of accidents.
  • Financial accounts that are filed on time: A business who shows that they may be financially unstable is at risk of higher insurance premiums. For example, a company that declares bankruptcy may be at risk of their insurance policy being cancelled, leaving them without cover.
  • Audits: Audits are important as it provides credibility to a set of financial statements and gives insurers the confidence that the business’ accounts are true and fair.
  • Professional accreditations and qualifications: Ensuring that your employees are sufficiently trained and qualified for the job is important. This minimises the risk of any mistakes and accidents when it comes to handling machinery or heavy equipment. Training and personal development also shows insurers that the business is willing to invest in their employees and ensure quality control is always maintained.

2) Consider using an insurance broker

Insurance is often a difficult market to navigate without professional advice. A broker can help you select insurance cover that’s tailored to your business’ specific needs. Brokers work on your behalf and will search the market to find the right insurer for your business, saving you time and money doing it yourself.

3) Compare rates each year

It’s important to do a lot of research on insurance companies in order to ensure that your business gets the best deal. However, while price does play a part in determining your insurer and insurance policy – the most important factor to consider is getting the right cover for your business over price to ensure that you’re covered for everything you might need. Bionic compare insurance policies for businesses

4) Underinsurance

As mentioned, getting the best deal possible is important when deciding on an insurer and an insurance policy – the most crucial factor is ensuring that you are not underinsuring your business. This can significantly affect any claims that you make should your business suffer a loss.

Reducing premiums and exposing your business to future losses is a false economy that could result in your expenses being even higher to rectify the loss.

5) Make safety a priority

It’s important to stay on top of new procedures and technologies as they become available and implement those that offer the greatest benefit to your business and employees. This can also be done by training and educating your employees regarding safety practices in the workplace. It is recommended to put together your own training or bring in a third party to conduct a workshop on the new procedures.

6) Consider a comprehensive package

Combining all essential business coverage into one package can save on premiums – this is something that you can talk with your insurance company about. If that’s not possible, look at bundles that other companies offer to find out if you’d be better off switching providers.

Insurance, News

Insurer Generali Receives 314% ROI in First Year Deploying UltimateSuite Task Mining

Insurance company reaps significant business efficiency and cost saving benefits using tool to improve internal business processes and manage performance

Prague, The Czech Republic – APRIL 25th, 2022 – UltimateSuite, the task mining company, today announced the results of a successful deployment by its customer Generali, which has seen a 314% return on investment from deploying task mining in the first year of usage. Generali is the largest and oldest insurance company in the Czech Republic with more than 4 million customers. The company looked at several process mining vendors but opted for UltimateSuite’s Task Mining solution as it could be securely deployed onsite rather than in the cloud and provided granularity for identifying specific tasks to be made more efficient, using its existing RPA software. Generali deployed UltimateSuite’s Task Mining software to create a digital twin of its back-office, contact center and claim management department to map the work agenda of more than 500 employees.

“By using UltimateSuite we have been able to identify opportunities for cost optimization, including bottlenecks and workarounds being used in workflows. It has also helped us to define best practice, update our knowledge base and increase productivity while improving both the customer and employee experience,” said Jan Eisler, Senior Business Analyst at Generali. “The return on investment that we’ve seen in the first year has been considerable and we’re now looking at how UltimateSuite’s new Task Discovery tools can make it even easier to take these insights and rapidly turn them into automation and robots.”

Unlike competitor products which rely on optical character recognition and are based in the cloud, or measure limited processes across few workstations, UltimateSuite’s platform can be deployed on site at scale – making it ideally suited for use in secure data environments and to help identify tasks to optimize across organizations. The company’s software captures data including frequency of task, number of users and total time spent on an activity. It then processes that data to identify activities based on repetitive patterns which can be eliminated, streamlined or automated to make cost savings. It can also help suggest routine, mundane tasks better suited for a computer, freeing employees of boring activities and creating more fulfilling work.

“There are a number of options for financial services organizations looking to remove process bottlenecks and improve efficiency within their back-office and customer contact centers. However, many solutions based on process mining are cloud-based and use OCR, both of which can have significant setbacks in a sector that relies heavily on the use of sensitive data, making data security critical,” said Robert Samanek, CEO and Founder at UltimateSuite. “Our technology has allowed Generali to identify bottlenecks and time-consuming tasks that are ripe for automation, while at the same time having the peace of mind that it’s being locally deployed within their own security umbrella. We’re delighted with the results they have seen and look forward to our continued relationship bearing more fruit.”

Driving, Insurance, Logistics Tech, News

DCL Camatics Tranforming Fleet Insurance Sector With Video Telematics From Visiontrack

DCL Camatics, the specialist commercial motor insurance solution from Direct Commercial Ltd, is taking advantage of VisionTrack’s video telematics expertise to deliver a unique insurance proposition within the fleet marketplace. DCL Camatics has seen an average improvement of 17% in the frequency of claims and 36% reduction in claims cost, resulting in an average fleet claims performance improvement of 47%. This is enabling vehicle operators to achieve a reduction in insurance premiums of up to 20% annually, while also gaining driver behaviour insight to mitigate fleet risk and support duty of care.

“We have been partnering with VisionTrack for over three years and the results to date have been staggering, dramatically lowering claims costs, improving loss ratios and cutting premiums for policyholders,” explained Adam Marsh, Head of Agency & Business Development at Direct Commercial Ltd. We are delivering insurance fused with industry-leading video telematics technology to over 500 brokers, to reduce collision frequency, accelerate claims reporting and drive down costs.”

DCL Camatics’ fleet policyholders can monitor driver behaviour and identify risk through the award-winning IoT platform, so they can check on driver welfare, pinpoint road safety issues and determine training requirements. The company is also quickly accessing irrefutable evidence when a collision occurs by way of video footage and supporting data. This means it is possible to mitigate the impact of fraud, while achieving faster first notification of loss (FNOL) for at-fault claims, which is helping to minimise third-party costs by cutting repair and replacement vehicle charges by up to 40% and 70% respectively.

Originally, the video-enabled fleet insurance solution was only available to policyholders on a three-year basis, with premium reductions in year two and three dictated by the loss ratio in the previous year. At the end of 2021, a 12-month only service was launched along with the introduction of a host of other enhancements including a new 4G forward-facing camera, secondary camera options – driver, side or rear facing – and a self-fit solution.

Richard Kent, Sales Director of VisionTrack commented: “Our multi award-winning video telematics solution is continually evolving to transform how insurance businesses support their fleet customers. We are working closely with our valued fleet customers and insurance partners to continually push the boundaries of what is possible and make the road network a safer place. This is enabling fleet solutions such as DCL Camatics to make a real difference and deliver exceptional service levels by helping to reduce collisions, while making significant cost, time and resource savings.”

Driving, Insurance

Rod Stewart: Why The First Rut is the Deepest

It has been a good week for Rod Stewart, the veteran rocker’s pothole problems will be sorted out by Essex County Council in April.

The singer – who had his greatest UK chart success with ‘Sailing’ – complained that “people are bashing their cars up” because of the potholes and that includes his Ferrari.

Pictures of Sir Rod fixing the problem with spade in hand have highlighted a real issue that causes 90% of all insurance claims although it is not all bad news.

The Department for Transport’s latest research, published in November, shows that the road network has been maintained to the same levels for the past five years, with 4% of ‘A’ roads and 6% of ‘B’ and ‘C’ roads needing repairs.

‘Unclassified’ roads fare worse – generally local roads of a basic standard – make up 60% of the road network and 17% of those roads are in need of repair.

The government has recognised the problem and in March 2020 Rishi Sunak said Britain will spend an extra £2.5 billion improving the roads by repairing 50 million potholes over the next five years – as part of a plan to boost living standards outside of London.

Quotezone.co.uk‘s Founder Greg Wilson comments: “Whether you’re a rock star or not, potholes are a real issue for motorists and insurance firms.

“If a vehicle is damaged by a pothole and the driver needs to make a claim, they’ll lose their no claims bonus which could see their car insurance premium increase for several years – until they replenish their no claims bonus.  With nearly a fifth of unclassified roads in need of repair, it could be an ongoing issue for drivers which the government needs to address.

“If the driver does need to claim, it’s important they gather as much detailed evidence as possible such as date, time and location of the pothole, ideally with a photograph and a written assessment of the damage by a qualified mechanic.”

Recommended by 97% of reviewers, Quotezone.co.uk helps around 3 million users every year, with over 400 insurance brands across 60 different products including niche items such as gap insurance, motorbike insurance and road bicycle insurance.

About Quotezone.co.uk:

  • Launched in 2005, Quotezone.co.uk has grown to become one of the UK’s leading insurance comparison platforms. An early pioneer of price comparison systems, the Quotezone.co.uk platform continues to use proprietary comparison technology to help millions of people find better deals on their insurance each year.
  • From its headquarters in Belfast, Northern Ireland, Greg Wilson, CEO, and Ian Wilson, Managing Director, have grown the company to more than 50 team members spread across two European offices.
  • The company has been recognised with six Deloitte Technology Fast 50 Awards, and has been awarded a Deloitte Best Managed Company Award each year for the past three years – topped by the Gold Standard Deloitte Award for Best Managed Company this year (2020) – making it four consecutive wins
Insurance, News

Soaring cost of building materials means that many homes and businesses risk being underinsured

One of the UK’s leading insurance brokers is urging businesses and homeowners to carry out up-to-date property valuations as a matter of urgency as soaring rebuilding costs mean that most properties are substantially underinsured.

In fact, a recent study by Towergate Insurance Brokers has shown that more than 90% of commercial properties in the UK are incorrectly covered, leaving them vulnerable if their property is damaged.

Robert Lewis, Corporate Broking Director at Towergate Insurance Brokers, said, “In the simplest terms, buildings should be insured for the amount that it would cost to rebuild them. However, this shortfall in cover is being fuelled by a sustained rise in construction costs.”

Research by the Office for National Statistics (ONS) has shown that between July 2020 and July 2021 the cost of materials rose by 20%, which is having a tangible impact on the cost of rebuilding.

Data collected by industry specialist RebuildcostASSESSMENT.com shows that on average, buildings are covered for just 68% of their rebuild costs, which is liable to increase over the next few years. These soaring costs would put mounting financial strain on most businesses and homeowners with many likely unable to make up the deficit.

Robert said: “We find ourselves in a perfect storm. The cost of energy is increasing rapidly, which has a major impact on production costs, there is huge demand for building materials, fuelled by a surge in projects here and elsewhere in the world, Brexit and the pandemic have seen a huge drain of foreign workers from the UK, as well as ongoing, well-documented supply chain issues. And while people might be aware of all those factors generally, they could be forgiven for not realising what a big impact they’re having on construction costs and subsequently, on their insurance.

“Of course, some people will be reluctant to alert their insurers to the higher rebuild cost of their property for fear that it will increase their insurance premium. What I say to this is that the rising cost of your insurance premium is likely to be negligible and it will be absolutely nothing when compared to the shortfall in your insurance coverage, should your property be damaged.

Towergate Insurance Brokers is one of the UK’s leading independent insurance brokers and risk management advisors. Boasting an experienced team of insurance specialists, Towergate Insurance Brokers has built a solid reputation for understanding many business sectors and industries, and the everyday risks that they face in today’s increasingly complex world. They also look after the insurance needs of private individuals and families seeking tailored personal covers.