Driven by global events and new economic dynamics, the risks of property damage claims are rising dramatically. The flooding in Cumbria over the 2015-16 winter has made headline news, with recent figures from the Association of British Insurers suggesting that payouts will reach £1.3bn. However, this only scratches the surface of potential claims and costs that could be accrued in the coming years.
Against an economic backdrop of cautious optimism, political changes can have dramatic consequences. Cuts to government budgets in flood defences have already turned out to be a costly decision, and with the focus firmly on reducing the budget deficit, further reductions could lead to a growth in property fraud claims as struggling business owners look to avoid insolvency.
To read the full article, please click here to be directed to Post magazine's blogs.