2023 Event season – Claims update
Vero’s 2023 SME Insurance Index report found that one third of businesses are not taking the opportunity to review and update their insurance at renewal time which, given the high rates of inflation and supply cost increases, creates a risk of under-insurance.
Additionally, only 29% of businesses say they have considered the increasing replacement costs involved with claims when renewing their insurance.
As we approach the critical EOFY period, it’s vitally important to ensure that your clients will be adequately covered in the event of a claim arising for their business.
Claims are a critical part of the insurance industry as is the brokers role during this process. As winners of the Gold Mansfield award for Claims Excellence for the past 3 years, Vero are here to support you and your clients in the moments that matter most, which often tends to be at claims time.
As we approach the end of the 2022/23 event season and reflect on the past two years, it is incredible just how different two individual event seasons can be. The unprecedented and devastating 2021/22 event season saw substantial claim numbers for the Suncorp group, with approximate numbers shown below:
- Vero Commerical Property and Specialty: 4800
- Vero Commerical Motor: 3000
It is pleasing to see that as we edge towards the end of current event season, it has not yielded any significant disasters, particularly as many towns and businesses are still re-building after the tragic flood events. Current approximate claim numbers for the 2023/23 season are:
- Vero Commerical Property and Specialty: 830
- Vero Commerical Motor: 800
As towns rebuild, we are seeing a plateauing of inflationary pressures on building materials however resourcing issues and cost of trades are still high.
Similarly in the motor repair industry, we are seeing high demand and low supply for skilled labour, creating pressure on motor claims.
With a more benign event season, and a slightly reduced trend in some inflationary pressures in some areas, we are hoping to continue to see stabilisation in claims volumes and costs.
For all your Vero claims needs including online lodgement, tools, resources, and case studies, make sure you head to our Claims page.