An expensive winter for the insurance industry may mean that small businesses operating in the UK may face insurance premium hikes over the next few months.
The most recent figures from the Association of British Insurers (ABI) show that the extreme snowy weather conditions experienced throughout December and January has led many insurance companies to pay-out £650 million.
According to the figures insurance firms handled over 335,000 claims in the first two months of the year alone. A massive £395 million went to motor insurance claims and a further £255 million went to homes and businesses for property damage.
The technical services manager for the British Insurance Brokers’ Association (BIBA), Steve Foulsham,stated that it would come as no surprise if some form of rate hikes occured in the market as a result of the severe weather leading to such a large volume of claims.
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