Inflation, climate change impact to residential property insurance

Lockton has spoken with high-net-worth specialist insurers to gauge the state of the household residential insurance market in 2023, and the effect it may have on premiums.

Fuelled by inflation, insurance rates for property and contents have risen significantly as we move into 2023 and may continue to rise throughout 2023. Awareness of claims trends and the effect of climate change and evidence of effective and consistent risk management processes are now crucial to lessen the potential increase in renewal terms. 

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