In its latest property pricing trends report, Verisk’s analysis has identified a mixed bag of news for insurers. There is an ongoing fight in the industry to manage increasing property claims costs. This suggests that the effect of inflation on rising premiums is not going away anytime soon.
Verisk’s analysis reveals shifts in the prices of materials commonly used in property repairs, including roofing products, wall tiles, and carpets. Additionally, the report also provides fluctuations in labour wages across various trades used in the repair of damaged property. This data offers valuable insights for the insurance sector.
Price Movements in Materials:
The research indicates that prices for essential materials have shown mixed changes over the past quarter. Overall, the cost of materials fell by 1.4%. This is a welcome easing of inflationary pressure on property insurers. Some materials experienced an increase in cost such as paint, wall tiles and carpets. However, the price of other materials went in the opposite direction, with the price of floor tiles, roofing, electrical and masonry products all falling.
Regional Variations:
The fluctuations in material prices were not uniform across the United Kingdom. In Wales, the Midlands, Northeast and Southwest regions, prices fell in line with the national average. In th