Why are insurers ignoring data for escape of water claims?

Don’t blame the rain for the growing number of water-related claims in the UK, blame the plumbing.

According to the property insurance research compiled by Post and Verisk, three out of four insurers in the UK have seen increases in the frequency and cost of escape of water claims in the past two years. These claims, often caused by burst pipes and leaks related to property maintenance, are becoming a major concern for insurers.

This short article briefly outlines the factors behind the rising tide in escape of water claims and why many property insurers aren’t fully leveraging external data to help them underwrite this growing risk.