The increasing severity of housing escape of water losses and rise of mid-value claims
According to the Association of British Insurers (ABI), between 2014 and 2018, the average escape of water claim cost increased by 40%.
In 2018, escape of water was the cause of 31% of all Zurich UK property claims - the most common cause of loss. Although escape of water losses are an industry wide issue, Zurich Municipal have found the housing sector to have been disproportionately impacted, with an increasing average cost per claim and rise of mid-value losses.
Following our recent webinar on this topic, we have produced the following key trends and findings following an in-depth analysis into the £8.3m of recent Zurich Municipal housing mid and large loss claims. This includes looking at the cause of the claim, the point of origin and provides support on creating a water risk management strategy.
