Is home insurance fit for the future?
How the growing number of claims from floods, fires, and faulty technology has put traditional home insurance policies to the test is the focus of the latest Insurance Post Podcast.
Aaron Woodhams, chief underwriting officer at Iprism, said insurers are being forced to rethink pricing strategies to ensure home policies reflect today’s risks.
“The market is under pressure from these climate-related risks,” he said. “We are seeing rising claims from flood, storm, and premiums going up because of this.
“We need to make sure we are always at the forefront for pricing to be correct for factoring in these increased risk exposures. In addition to that we are seeing faulty green technology and claims coming through for things like fire claims for batteries and electric vehicle chargers.”
Alison Unwin, director for home adjusting and domestic major loss at Sedgwick, noted while safety standards for things like wiring have improved over the decades, the sheer amount of technology in modern homes brings fresh risks.
“It is the technology we have in our homes these days that are leading to the different causes of fires,” Unwin explained.
The episode also examines challenges around sums assured for non-standard build properties, supply in the alternative accommodation market, plus the impact of using sustainable – but costly – building materials for repairs.
Download the episode from your podcast provider of choice — Apple, Google, Samsung, Spotify, Audible, and more — by searching Insurance Post.
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