According to the Association of British Insurers, the first quarter of 2018 saw insurers pay out some £1.25bn across domestic and commercial property cover. Over a quarter of the figure (£361m) resulted from storm, flood and burst pipe damage, compared to £93m in the previous quarter, while claims handled rocketed to 86,000, compared to 29,000.
The combination of Storm Emma and the ‘Beast from the East’ — the cold wave which settled across Great Britain and Ireland in late February and early March — was the primary contributor to the spike in claims activity. Not only did these events heap financial strain on the insurance sector, but also put pressure on the loss adjusting sector both in terms of assessing the huge number of claims and securing the necessary contractors to repair the vast array of damage types.
These events drive home the importance of ensuring that the loss adjusting firm you rely upon not only has the resilient capacity to maintain high service delivery in the most challenging of loss scenarios, but that they also have access to a network of contractors who can meet demand.
Over the last two years, Contractor Connection in the UK has expanded its network of contractors from 40 general practitioners to more than 100 specialist providers. The network spans a full range of accredited builders, restoration partners, content suppliers and other contractors. We operate one of the most stringent credential checks in the sector to ensure all our service providers deliver the quality service, customer care, technical capability and expertise that our insurers and their clients demand.
However, we also recognize that during times of higher demand, such as what was experienced at the beginning of the year, even our 100-strong network might be stretched. That’s why in tandem with our regular network we have identified a similar number of contractors with solid market credentials that we class as ‘active’ and that we can call upon when our network starts to feel any strain.
Our contractor services are not just limited to the post-loss environment, but also include a range of pre-loss capabilities aimed at reducing loss exposure. Insurers are increasingly calling upon us to provide policyholders with proactive services such as active block management, compliance and gas leak prevention to help prevent claims from occurring.
As multiple factors combine to increase the potential for more frequent and severe loss events, it is essential that the loss adjusting and damage remediation capabilities you rely upon are robust enough to cope. At Contractor Connection, the resilience of our capacity is as secure as the contractual commitments we make.