Airmic survey reveals 50% of UK insureds expect single-digit increase

Storm damage

Premiums for property damage and business interruption are expected to climb by up to 10% in the next two years, research by Airmic has revealed.

The report found that almost 50% of commercial UK insurance buyers surveyed believed rates would rise by a single-digit figure, while about 15% thought rates would increase 10-20%.

More than one third of the 136 respondents did not anticipate any changes in premium levels.

The report revealed that just over 10% of those surveyed bought limits in the £100m-£500m range in 2012 compared to 40% in 2011.

But buyers in the £50m-£100m range increased to 40% from less than 10% over the same period.

Thirty five percent of respondents spent between £1m and £5m annually on their property damage and business interruption premiums

Topics