Flooding Insurance Claims Now a Major Risk
A new report by EMB, the actuarial and business consultancy, has stated that flooding, the 'act of nature', now poses the highest risk to the UK insurance industry.
EMB consulted with the countries leading insurance companies and has revealed that flooding has moved into first place, ahead of heat and wind as the major insurance claim.
Before 2007 the most common insurance claim was subsidence, which was caused by heat but the combination of increased rainfall coupled with inadequate drainage has lead to flood claims racing ahead.
Flooding used to be restricted to people living close to rivers and coasts, but since last year previously never at risk areas have fallen victim to the weather. With this in mind, all pricing strategies have been modified.
If you have been hit by the weather and need to make a claim, make sure that you get the best possible settlement available to you and entist the help of a loss assessor.
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