News & Insights
Welcome to your source of useful information and platform for open discussion around the latest issues in the insurance world.
It’s impossible to escape the impact of inflation rates in the UK. The effect is harsh and wide-reaching, and insurance is no exception. Increased cost of claim settlements and their subsequent effects on premiums are the most visible impact but, unfortunately, not the most dangerous.
Firth & Scott join the rest of Great Britain and the Commonwealth in mourning the passing of Her Royal Highness, Queen Elizabeth II.
We thank her for her decades of unwavering service to her country and for her Patronage of The Chartered Insurance Institute, of which we are members.
As a business, we shall be respecting the period of National Mourning and so, Firth & Scott will be closed on Monday 19th September 2022.
We would like to say a big congratulations to Jamie-Leigh Birtley for achieving her first industry accreditation with the CII!
Jamie-Leigh has worked hard to pass her Certificate in Insurance, and we could not be more proud of her!
You may have read recently that inflation is currently at its highest rate for 30-years – With Brexit, the global pandemic, and now the war in Ukraine, inflation is set to be an estimated 7.25% by the end of April 2022. We are all seeing the effects of this on the wider economy; on energy bills, fuel, raw-materials shortages and, then there is the impact within the insurance industry.
Caused by the aforementioned factors; index linking and claims inflation are resulting in rating increases or higher premiums. In this post, we delve into why these may be causing your premiums to rise.