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Economics

Prediction: Surveyors and property professionals: Sustaining values but what about insurance risk?

Economics
Professional Liability
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Prediction

In recent years, the issue of valuation sustainability has been at the forefront of thinking amongst property professionals: the global pandemic caused cosmic change in working patterns; generational thinking around work/life balance is very different now than in decades past; climate change continues to throw up challenges for the built environment; and building safety has come to prominence in the aftermath of Grenfell. Throw into this mix both the continuing housing shortage and the ever-tighter regulation disincentivising private rental provision. Despite all these challenges, claims against professionals active in this sector remain quiet, which has softened premiums considerably.  A word of warning however: these challenges may come home to roost as the UK economy continues to flat line, geopolitical instability remains and government continues to encourage lenders to lend.  For now, soft is justifiable but 'knowing your client' is crucial against a real risk of an uptick in claims.

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