Analysis

Loss adjusters must use ‘skill’ to ensure sums insured are correct amid inflationary pressures

By Tim Evershed 2022-11-29T12:09:00

inflation (8)

Inflation has driven up the cost of building materials, impacting the claims sector – but loss adjusters have a key communications role to play to mitigate underinsurance

Rising prices across the board have put insurance cover and claims processes under the microscope by making valuations outdated, increasing the risk of underinsurance and inflating the cost of settling claims. In addition, times of economic hardship are often associated with a rise in fraud.

Loss adjusters are on the front line of dealing with claims and play a crucial role in mitigating the ramifications of these issues for insureds, insurers and brokers.

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