In a recent Insurance Times interview, our very own Julian Boughton helped paint a picture of some of the challenges surrounding insurance in the leisure sector. At A&T, we have a significant number of clients that fall into the leisure sector, from B&B’s across the UK to a Premier League football club and everything in between.
Insurance in the leisure industry has recently come under the spotlight as AXA XL recently ceased working with a company arranging leisure insurance in Ireland. It was noted that AXA XL stopped providing capacity in Ireland due to the fact that pay-outs for personal injury claims were “out of control” partly due to awards being made by the courts.
Whilst the rest of the UK doesn’t currently see the same level of repeatedly high claims awards, there are still some sizeable claims coming from what some insurers may see as historically profitable leisure risks. Certain insurers are becoming more cautious regarding acceptance of risk and we have seen some insurers become more restrictive regarding what they will and will not cover. Some insurers have pulled out of providing insurance for certain leisure businesses altogether.
Our in-house claims team are seeing an upturn in the number of claims involving slips, trips and falls together with claimants looking to engage with third party legal firms to maximise compensation opportunities. At A&T, we continue to promote competitive and effective insurance solutions for all leisure risks underpinned by our philosophy to craft an effective risk management programme to sit alongside insurance arrangements for clients. Due to the claims climate described, insurance underwriters are increasingly looking for businesses that have a view on how to manage their risks. We believe that differentiation involving a robust risk management programme will provide each insured with a longer term stable insurance environment and we can provide an all round solution for business in this regard.
As a client of A&T, you receive complimentary access to our Risk Management portal where you can find tools to help manage the various risks your business might face. One of our most popular tools is a Business Continuity Management toolkit which not only helps you identify your risks but also helps you plan responses to various situations which will help minimise the impact on your operations. We also have various scorecards and calculators to help identify your exposure to certain risks and whether you might want to consider taking action to help manage the risk more effectively.
Our clients in the leisure industry all deal with members of the public on a daily basis and engaging with health and safety legislation is a huge part of running the business. Staying ahead of developing trends will be key to the future and at A&T we are able to provide assistance in managing these risks and providing affordable solutions to support risk management including health and safety requirements.
If you need help accessing our Risk Management portal or if you would like to find out how A&T can help your business, speak to a member of the team today! Call this number of click on it to send us an email.