Memory-loss over claims threatens market stability

The insurance industry is finding it increasingly difficult to assess the true risk to commercial and personal lines property owners due to the ever widening extremes of the weather in the UK according to Allianz Cornhill.

Last year, insurers enjoyed a year of few claims for damage to property caused by the weather. However, the company believes that insurers must change the way that risk is priced, from the historical claims model, to one more focused on the potential for weather extremes