Task force launched to combat property damage claims surge

A new industry-wide Property Damage Task Force has been launched to bring insurers, brokers, loss adjusters, legal specialists and corporates together to identify emerging issues in the property claims sector, collaborate on claims strategies, and lobby for change in the property damage market.

The new initiative, led by law firm BLM, so far includes representatives from the Association of British Insurers, Aon, Arch Insurance, Hiscox, Pen Underwriting, QBE, Zurich, Sedgwick, Hawkins and GJB.

John O’Shea, partner and head of property damage & recovery at BLM, said: “Property damage claims, across both personal and commercial lines, are on the rise and there is a clear need for a forum bringing different parts of the market together to focus on enhancing risk prevention, claims management and helping mitigate losses, for the benefit of customers and the wider market. The response to the Task Force has been very positive and we look forward to welcoming more members during the year. Fraud is also an area where collaboration is needed – particularly around escape of water - and one where we can bring real insight and data-driven intelligence to the table.”

Laura Hughes, manager, general insurance policy, at the Association of British Insurers, added: “It is great to be involved in this Task Force, bringing together leading figures in the industry to improve awareness and understanding of property claims issues. This is a good opportunity to work collaboratively to improve outcomes for policyholders, insurers and their supply chains. I am looking forward to seeing how this develops.”

    Share Story:

YOU MIGHT ALSO LIKE


Cyber risk in the transportation industry
The connected nature of the transport and logistics industries makes them an attractive target for hackers, with potentially disruptive and costly consequences. Between June 2020 and June 2021, the transportation industry saw an 186% increase in weekly ransomware attacks. At the same time, regulations and cyber security standards are lacking – creating weak postures across the board. This podcast explores the key risks. Published April 2022.

Political risk: A fresh perspective
CIR’s editor, Deborah Ritchie speaks with head of PCS at Verisk, Tom Johansmeyer about the confluence of political, nat cat and pandemic risks in a world that is becoming an increasingly risky place in which to do business. Published February 2022.