Your own claims history is only one factor insurers use when pricing insurance.

A premium can therefore increase even when you have not made a claim.

What else can affect pricing? #

Factors can include:

• Claims trends across your industry
• Increased repair costs
• Higher labour costs
• Higher replacement values
• Legal and expert costs
• Natural catastrophe losses
• Reinsurance costs
• Changes in insurer appetite
• Changes in market capacity

Can changes to my business affect the premium? #

Yes.

Your risk can change even where your claims history has not.

Examples include:

• Increased turnover
• More employees
• Larger projects
• New services
• New locations
• Higher property values
• Increased sums insured
• Working in different industries or locations

An insurer can also change its pricing or appetite for an occupation or industry independently of any change to your individual business.

A renewal increase should therefore be reviewed in the context of both your business and the broader insurance market.

Contact our team if you would like help understanding a premium increase or reviewing available alternatives.