BIBA works with Allianz to create a guide to help reduce the risk of underinsurance

How-to-avoid-underinsurance

The British Insurance Brokers’ Association (BIBA) and Allianz have created new guidance that supports insurance brokers in helping their customers avoid the risks associated with being underinsured.

Underinsurance remains a persistent and widespread problem. The Chartered Institute of Loss Adjusters estimates underinsurance to be present on over 40% of claims and the degree of underinsurance to be around 35 to 45%.  BIBA made a commitment in its 2022 Manifesto to highlight the dangers of underinsurance and welcomed the support from Allianz to produce updated guidance for BIBA members and their clients.

The new digital guide will be distributed to BIBA members and Allianz’s panel of brokers and is available to view at the BIBA 2022 Conference in Manchester.

Graeme Trudgill, BIBA Executive Director said: “This new guide couldn’t be more timely. Not only do we know that underinsurance is already an issue, but the current economic climate, supply chain problems and rapidly increasing inflation could all mean that people and businesses are underestimating the amounts that they need to insure. Allianz’s input on this vital topic will help us raise awareness and the information in the guide will help to reduce the problem.”

The easy-to-read guide explains why getting the right level of insurance is vital; what might cause underinsurance; and how to assess levels of cover for buildings, contents, business interruption, liability and cyber.

Nick Hobbs, Chief Distribution & Regions Officer, Allianz Commercial, added: This topic resonates with us. Our own 2022 survey of SMEs has revealed practices that would leave businesses without sufficient cover in the event of a relevant loss, so we are committed to working with BIBA to reduce that potential. We want customers to secure the exact levels of cover they need – and it’s our broker partners who provide them with that crucial guidance, the absence of which reveals itself too late.”

To view the how to avoid underinsurance guide CLICK HERE

Authored by BIBA/Allianz

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About Allianz

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group,  a leading integrated financial services provider and the largest property and casualty insurer in the world.  

The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do. 

Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations.  

Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey.  Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz.  youTalk-insurance sharing Allianz Insurance news and video

 

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