After many years of low and stable inflation, the UK’s 2022 inflation figures exceeded 10%, for the 12 months to September 2022.
Both Business/Commercial and Household policyholders need to be aware of this because it could well increase the cost of replacing contents or repairing/reinstating buildings.
If sums insured are not increased, clients could be under-insured, which means that claims could be proportionately reduced by the insurer (known as ‘application of average’).
We would encourage clients to contact our office if they would like to discuss this. We can assist with information and have access to discounted survey reports.