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Risk Alert - HOW TO REDUCE YOUR EXPOSURE TO ESCAPE OF WATER

Risk Alert - How to reduce Your Exposure to Escape of Water

It’s that time of year again, with snow and ice on the way. And with cold weather comes the risk of burst pipes and escape of water. During winter, frozen pipes account for as many as 3,500 claims every day, costing the insurance industry £1.8 million daily [1]. And, according to the Association of British Insurers (ABI), the cost of these claims is going up year-on-year. Last year, the Beast from the East caused a massive 290% rise in claims from the year before, due mainly to escape of water [2]. All-in-all, insurers paid out a staggering £1.25 billion in Q1 2018.

 

Source:
[1] www.abi.org.uk/news/news-articles/2018/12/is-water-damage-covered-by-insurance/
[2] www.abi.org.uk/news/news-articles/2018/05/beast-from-the-east-leads-to-the-worst-of-the-bursts/