UMAL warns of likely upward trend for commercial insurance costs
The precursors to hardening insurance rates are amassing warned Allan Guest, Chairman of UMAL at the Conference on University Purchasing (COUP) on 7 September.“Over the last 12 months the global insurance industry has faced a catalogue of catastrophe losses from earthquake and tsunami to severe weather and floods estimated in excess of £60 billion,” he said. “The cost of the disturbances in theUK alone is expected to exceed £750 million.” Increases in pricing are inevitable; the rises in motor insurance over the last year - up to 40% in some cases – further support this, stated Mr Guest.