Despite pricing pressure in the wider property market following natural losses in 2017, the real estate insurance market remains competitive.
With increased capacity and new entrants, the market continues to soften and we do not anticipate this to change in the next three to six months.
The tragic fire at the Grenfell tower block in west London this year led to more than 70 people losing their lives.
The fire was one of the largest losses seen for some time and triggered an independent enquiry into UK fire safety and building regulations, led by Dame Judith Hackitt.
Interim findings of the enquiry were published in December and called for a “cultural change” in fire safety.
Dame Judith concluded that fire safety regulation is currently “not fit for purpose” and called for an overhaul of fire safety enforcement and regulation in the UK.
Grenfell has already seen real estate underwriters look more closely at construction, especially cladding.
Property owners are also reviewing the public liability limits that they purchase, especially in the residential and student accommodation sectors, and many are now buying higher limits.
Real estate tips for buyers
Buildings are increasingly reliant on technology, creating new cyber risks and liabilities.
Property owners will want to identify the cyber scenarios that may result in losses and talk to a specialist broker to flesh out scenarios and identify which can be effectively transferred through insurance.
For further information please contact Gary Reed, Head of Sales on +44 20 7528 4399 or email firstname.lastname@example.org