Cross-industry property damage task force launched to combat claims surge
A new industry-wide property damage task force is being launched to bring insurers, brokers, loss adjusters, legal specialists and corporates together to identify emerging issues in the property claims sector and to help drive change.
The new body, an initiative led by insurance risk and commercial law firm BLM, so far includes representatives from the Association of British Insurers (ABI), Aon, Arch Insurance International, Hiscox, Pen Underwriting, QBE, Zurich, loss adjuster Sedgwick, forensic investigators Hawkins, GJB Consultancy, as well as a corporate organisation.
The task force has been set up in response to an increase in both the volume and value of property related insurance claims across the UK. It will bring together property damage claims professionals with a clear focus on identifying market trends, generating awareness of emerging property damage claims issues and on the formulation of claims strategies. It will also lobby for change in the property damage market.
The task force will meet quarterly, with the first meeting taking place in April 2021. Its initial focus will be on flooding claims and property flood resilience, but it will debate other eminent property damage claims issues later this year.
John O’Shea, partner and head of property damage and recovery at BLM, said: “Property damage claims, across both personal and commercial lines, are on the rise and there is a clear need for a forum bringing different parts of the market together to focus on enhancing risk prevention, claims management and helping mitigate losses, for the benefit of customers and the wider market. The response to the task force has been very positive and we look forward to welcoming more members during the year. Fraud is also an area where collaboration is needed – particularly around escape of water - and one where we can bring real insight and data-driven intelligence to the table.”
Laura Hughes, manager, general insurance policy, at the Association of British Insurers, added: “It is great to be involved in this Task Force, bringing together leading figures in the industry to improve awareness and understanding of property claims issues. This is a good opportunity to work collaboratively to improve outcomes for policyholders, insurers and their supply chains. I am looking forward to seeing how this develops.”
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