Cross-industry collaboration is critical to contain costs claims

18 May 2021

BLM's Oliver Phillips speaks to Insurance Day about the need to for those across the insurance sector to join forces and recognise property damage claims as one of the leading causes of increasing property insurance premiums and claims costs.

Oliver states that "the volume of escape of water claims, which is set to rise further, continues to post significant challenges to the insurance industry."

He goes on to warn that "while the vast majority of claims are genuine, there is some evidence of an increase in the volumne of dishonest claims, although it is not obvious whether this is because of an increase in fraudulent activity or use of more sophisticated methods available and being used across the industry."

Click here to read Oliver's full article which was published in Insurance Day on 17 May.

Oliver's article comes just days after BLM announced a new Property Damage Taskforce to help combat this claims surge - click here to read the press release.

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

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