Metal theft claims at Ecclesiastical down 60% in Q1

Metal theft has fallen to a seven-year low, according to the latest claims figures from Ecclesiastical.

The specialist church and historical buildings insurer received 143 claims in the first three months of the year, down from 358 claims in the first quarter of 2012 and 615 in 2011.

It is the lowest number of claims Ecclesiastical has received since the problem of metal theft escalated in 2007. The insurer puts the drop down to a combination of greater public awareness and vigilance, changes in scrap metal regulation and government investment in a specialist metal theft taskforce. Risk management measures including the distribution of forensic metal marking kits to 16,000 Church of England churches and the installation of wireless roof alarm systems at some of the most at-risk churches also cut thefts, Ecclesiastical said.

“It is encouraging to see this reduction in claims, but the numbers are still higher than they were pre-2007 and obviously we’d like to see zero theft of metal claims for our customers. We’ll no doubt continue to identify and provide risk management solutions to our customers until we get there,” a spokeswoman said.  

Meanwhile, Ecclesiastical’s new chief executive Mark Hews (pictured) has spoken of plans to drive the group’s investment division. Hews said there had been a step change in the amount of money invested in its investment funds, with over £2bn under the group’s management.

Last year net inflow to its investment arm surpassed £200m, while gross written premium on the insurance side was £500m. “Quite possibly net new money from investments could overtake GWP. That’s no bad thing. We’re keen to grow all aspects of the business and build a diversified financial services group,” Hews said.

“We want all elements of our business to return to profit in every year. But the reality is that markets come up and down and insurance is very unpredictable. There will be some years when investments do well and there are catastrophic losses on insurance, and other years it will be the opposite.

“It’s partly because we’re owned by a charity that we take a very long term and prudent view in how we run the business.”

Hews, who was promoted from chief financial officer to chief executive this month, said he was currently covering both roles while looking at the options for the board.