Biba's head of corporate affairs looks at post-riot priorities
The riots have been difficult for everyone involved. The spotlight’s been pointed firmly on the insurance industry, with journalists and broadcasters focusing on how claims may not be covered.
The riots have presented an opportunity for the insurance industry to respond positively and prove the doubters wrong, explaining how we cover the majority of homes and businesses affected and the Riot (Damages) Act covers much of the rest. The industry can be pleased with how it has reacted. Brokers, insurers and loss adjusters have responded speedily and there’s been a sympathetic view from many insurers about extending notification periods.
Reputation is everything with financial services, so riot insurance has become a hot topic. The ultimate test of the industry will be proven over time, but early indications from one Biba member are that property insurance enquiries have increased. Good news for both clients and the industry.
Graeme Trudgill is head of corporate affairs at Biba