Summary
This report details the trends in commercial insurance premiums for the third quarter of 2023, as indicated by the Acturis Commercial Broking Index. It highlights a 5.8% increase in business cover costs compared to the same quarter in 2022, primarily driven by significant hikes in property owners and fleet insurance. The report outlines specific premium increases, noting that property owners insurance rose by 11.3% in Q3, continuing a trend from the previous quarter. Additionally, the report discusses the impact of external factors such as flooding risks and the implications of reinforced autoclaved aerated concrete on insurance costs. It also addresses the challenges faced by brokers and clients due to rising premiums and underinsurance issues, emphasizing the need for more frequent property valuations. The report concludes with insights into the fleet insurance market, which has seen sharp rate increases and is affected by a shortage of drivers and rising claims costs.
