INDUSTRY NEWS

Commercial property insurance ‘will grow to £5.4bn’

The commercial property insurance market will grow to £5.4 billion by 2012, new research has claimed.

Analysis of the UK commercial property insurance sector by Datamonitor, has predicted a turnaround in fortunes.

Its report revealed: "After three consecutive years of decline, the market looks on the verge of turning the corner, with increased underwriting discipline set to return to the market."

Looking back on recent difficulties, its authors revealed the sector suffered following commercial property claims after summer floods.

"The commercial property market experienced a large underwriting loss in 2007 but is forecast to make underwriting profits from 2008 onwards," it said.

Datamonitor has found the number of commercial property fires was down and insurers are alarmed over what it described as "non-existent government measures regarding the prevention of warehouse fires".

Government health and safety regulations advise that all new employees undergo fire safety training and familiarisation.

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