The insurance industry is currently edging towards what we call a “hardening” market. So, what does this mean for individuals and their businesses?

Essentially, and rather unfortunately, this means that a number of lines of insurance premiums across various markets – not just those at SEIB Insurance Brokers – are likely to start rising more than in previous years. There are a number of factors that can contribute to this, such as:

  • Insurers own capital challenges
  • Changes in regulation which have affected ratings
  • Underfunded rates across a number of lines of insurance
  • Significant storm claims (particularly in the US)
  • An increase in the frequency and/or severity of claims
  • Rising reinsurance rates (that is the insurance that insurers themselves purchase)
  • The full impact of the Covid-19 business interruption insurance losses

There are three key things that you can do to help ensure that you remain adequately insured and supported during this challenging time. These are:

  1. Work with a specialist broker who understands your needs
  2. Prepare for your renewal earlier than normal. This will give your broker more time to find the best package for you in the current market.
  3. Be flexible. The market has changed and your broker might recommend changes to your cover, to ensure you get what you need at a desirable price.

So, how can the experienced team at SEIB Insurance Brokers help you?

  • We have excellent, flexible relationships with a vast range of insurers.
  • SEIB specialises in an array of distinct fields. We boast more than 50 years of experience in horse insurance, more than 40 years of experience in funeral and private hire insurance, and decades more experience in other areas covering both business and personal.
  • We’re on your side. We’ll provide assistance and advice to help keep your premiums down.
  • We take a no-nonsense, jargon-free approach. We’ll explain things to you clearly and concisely.

For more information contact Stephen Taylor on 01708 850046 or email to discuss your requirements and scope out the best solution.

About SEIB

SEIB have been operating for over 50 years, with a vast range of commercial business insurance experience. If you have any concerns over your business insurance, please contact our team on 01708 850000, or email