The British Insurance Brokers’ Association and Allianz have produced updated digital guidance on underinsurance. It will be distributed to BIBA members and Allianz’s panel of brokers and is available to view at the BIBA 2022 conference in Manchester.

Graeme Trudgill (pictured), executive director at BIBA, said: “This new guide couldn’t be more timely. Not only do we know that underinsurance is already an issue, but the current economic climate, supply chain problems and rapidly increasing inflation could all mean that people and businesses are underestimating the amounts that they need to insure. Allianz’s input on this vital topic will help us raise awareness and the information in the guide will help to reduce the problem.”

Nick Hobbs, chief distribution and regions officer at Allianz Commercial, added: “Our own 2022 survey of SMEs has revealed practices that would leave businesses without sufficient cover in the event of a relevant loss, so we are committed to working with BIBA to reduce that potential.

“We want customers to secure the exact levels of cover they need – and it’s our broker partners who provide them with that crucial guidance, the absence of which reveals itself too late.”

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