BIBA airs concerns over cutbacks in commercial lines cover
New research from the British Insurance Brokers’ Association (BIBA) shows the extent to which UK businesses are cutting back on insurance cover during the recession.
According to the body, more than half of BIBA brokers surveyed have seen commercial customers reduce their level of insurance protection during the economic downturn.
Of this group, 45% reported that clients were reducing cover or taking on more risk themselves.
When asked which classes of insurance were most involved, 20% of respondents named commercial combined as one of the most affected classes.
A further 20% believed cuts were primarily being made in commercial liability cover and 14% reported that cut were occurring across all areas of commercial insurance.
BIBA is warning both businesses and individuals that reducing insurance protection without advice from a broker can have devastating consequences and the Association’s chief executive, Eric Galbraith, is urging brokers to “demonstrate the value that they add to clients” at a time when the focus on cost is increasing because of the recession.
Category: BIBA News, Business Insurance News, Insurance News
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