Insurance rises averaging 204% since 2015 – AIR

A members survey from the Alliance for Insurance Reform has found that its members’ insurance costs have risen by around 204% on average since 2015.

 

 

 

 

Businesses in the hospitality sector comprise just over one-fifth of AIR’s membership and the survey found some 29% responding that their insurer had increased excesses while 12% found they’d added new exclusions to their policy and 23% responded that their insurer had done both. Another 37% responded that their insurer had done neither.

The impact of these rising insurance costs is threatening the future of the organisations concerned in nearly half the cases (48.6%) and inhibiting AIR members’ ability to grow in 46% of cases.

It’s preventing organisations from providing certain services for members in 33% of cases and making jobs less secure in 26% of cases, with 10% stating that it’s having no impact.

A resounding 95% don’t believe that the Government is doing enough to address the issue of insurance costs.

The online survey was conducted by AIR between 9^th May and 2^nd June 2019.