There may be £700 millions’ worth of reasons why insurers need to carefully adjust the wording of their policies, according to experts on a Re/insurance Lounge panel.
The industry needs to talk to clients more carefully about the products they are buying and ensure that their clients know exactly what they are covered for. January’s UK Supreme Court ruling represents a tipping point for the insurance industry and will require far-reaching changes in future.
But at the same time, how do insurers cover a systemic event and how will they take the lessons learned and collaborate more in future?
The nature of risk is changing and so is the nature of products, so policies must change as well. Those are among the main takeaways from a panel discussion titled “Implications of the Supreme Court Business Interruption ruling” held on Intelligent Insurer’s Re/insurance Lounge.
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