...figures issued by the Association of British Insurers (ABI) outline that ‘escape of water’-focused insurance claims pertaining to commercial and domestic property are costing insurers no less than £2.5 million every day. Across a four-year period, this equates to a total pay-out that climbed to a staggering £930 million in 2018. According to the ABI, there has also been a “steep increase in the average cost of ‘escape of water’ claims, which now stands at £3,242 across both domestic and commercial [property].” So what’s the answer? Michael Wakley goes in search of a solution.
Published by Risk UK on 12th June 2019. By-lined to Michael Wakley, CEO of LeakSafe.
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