From Water Claims to Climate Change: Why Property Owners Insurance claims costs are rising

Over the past 20 years, claims costs for Property Owners Insurance have risen significantly, while rates have remained stable or even fallen.  At Travelers Europe, we insure a wide range of commercial and residential property owners across the UK and Ireland. Property Owners Insurance tends to include four main types of cover: property damage, business interruption (loss of rent/alternative accommodation costs), property owners liability and employers’ liability. We are seeing an increase in both the frequency of losses and the cost of claims across these various types of cover – particularly for property damage and business interruption.