Analysts warn of further hit to UK property insurance market in 2023

claims-blocks

Increasing weather-related claims and soaring rebuild costs will damage the profitability of UK property insurers this year, according to analytics company Globaldata.

The specialists noted that retail property claims in the third quarter of last year had already reached £702m after rising by 33%.

8%

Commercial property claims increased by 8% to £542m compared to Q2 2022

The firm cited figures from the Association of British Insurers, which showed commercial property claims increased by 8% to £542m compared to Q2 2022.

Shabbir Ansari, senior insurance analyst at Globaldata assessed that subsidence is one of the major areas of claims for retail

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