In terms of General Liability, rate increases will likely continue to moderate in 2022, but widespread rate cuts are unlikely. Alongside this, we are still in a hardened PI market. So, how can we limit these increases or aid the moderation of them if you have a settled or active claim?

Some ways we can highlight the positives taken from a claim:

1. Health & Safety Amendments

If the insured can demonstrate a clear understanding of where there was a gap in their health & safety and close this ‘gap’, underwriters will view this in a positive manor.

2. In depth understanding of the events of the claim

Likewise, if the insured can display clear knowledge on what they know went wrong & how they can stop this happening again, this will support them. Underwriters need to see clear acknowledgement of a claim and actions taken to fix this.

3. Provide reserve figures where possible

Obtaining figures from the current insurer allows all parties to see where the claim currently sits, which usually displays the extent of the claim from the holding insurers perspective. With event information alongside this, a clear image of what has happened and is now happening can be made.

4. Other details to stop reoccurrence

Aside from H&S, you may have things such as registers, spot checks & extra procedures put in place to aid the business. Any information that may be relevant is usually relevant.

Summary

As humans we all make mistakes and, in some cases, these lead to claims. It is from these claims that we develop a greater understanding of the correct way to operate and by this, I mean that if a company has a claim, they then need to put the correct procedures and checks in place so this doesn’t happen again or at least mitigates the chance of a similar loss. Doing so & demonstrating this will certainly assist in putting an Underwriters mind at ease in terms of the risk they are reviewing.

Written by Callum Sullivan