Underinsurance
When did your clients last review their Sums Insured or Business Interruption period? In today's landscape, underinsurance is a growing risk. We're seeing inflation rising alongside increasing fuel and energy prices - factors which can have an impact on building materials and supply chains.
Through utilising data, our underwriters are able to share personalised insights that can help to identify customers who are at risk of being underinsured. Backed up by Specialist Partners and risk management expertise, we're here to support you in helping your clients understand why underinsurance is a concern to their business.
Did you know?
50%
Aviva estimates 50% of UK businesses may be underinsured.*
40%
of properties haven’t updated their level of cover within the last three years.**
21%
of businesses have reduced, or considered reducing, their cover over the last year. **
*Data based on internal Aviva claims and policy data
**Statistics from Aviva’s Risk Insights Report 2023 (page 14)
Videos from our experts
Latest underinsurance news
20 Jan 2023
Underinsurance – claims examples
16 Dec 2022
Using technology to tackle underinsurance
5 Dec 2022
Video mini-series: Underinsurance
24 Oct 2022
Cyber: Underinsurance vs Uninsurance
1 Sep 2022
Underinsurance – the rising threat
1 Sep 2022
Underinsurance – how is data helping?
Specialist Partner Support
Through our Specialist Partner network, Aviva policyholders have access to reinstatement assessments at preferential rates. These can help to evaluate and set indemnity and maximum indemnity periods.
Barrett Corp & Harrington
Building reinstatement cost assessments - including site visits,
e-Valuation and reporting.
Cardinus
On-site and desktop Reinstatement Cost Assessments of buildings plus Fire Risk Assessments, Health and Safety Assessments and Consultancy.
Charterfields
Assessment to understand and report values for any type of asset category including plant, machinery and contents.
Sedgwick
Building reinstatement cost assessments including site visit and reporting.
Helpful resources
Underinsurance Guide
Claims case studies
Rebuilding period & valuation guide
Business Interruption Calculator
Aviva Risk Management Solutions
More information on our Specialist Partners and resources to help protect businesses visit our dedicated risk management website.
