{"id":34281,"date":"2022-06-09T10:06:29","date_gmt":"2022-06-09T09:06:29","guid":{"rendered":"https:\/\/www.coopersolutions.co.uk\/public\/?p=34281"},"modified":"2022-06-09T10:08:59","modified_gmt":"2022-06-09T09:08:59","slug":"claims-inflation-and-how-to-mitigate-costs-to-your-business","status":"publish","type":"post","link":"https:\/\/www.coopersolutions.co.uk\/public\/claims-inflation-and-how-to-mitigate-costs-to-your-business\/","title":{"rendered":"Claims inflation and how to mitigate costs to your business"},"content":{"rendered":"

Working alongside our colleagues at PIB Insurance Brokers<\/a>, Karen Reed, Motor Trade Director discusses claims inflation and how to mitigate costs to your business.<\/strong><\/p>\n

The rising cost of claims is due to a number of factors.\u00a0 These include Brexit, fuel shortages, the increased cost of energy, the continued impact of workforce absences due to Covid 19, vehicle technology, and environmental and legislative issue.\u00a0 More recently, Russia\u2019s invasion of Ukraine is impacting the global financial market.<\/p>\n

Specifically, claims within the automotive sector are being affected by delays in parts and increased costs. Parts for cars and commercial vehicles have been impacted by supply chain issues, in particular due to issues with semiconductor computer chips, and vehicles are often off the roads for months at a time if they are involved in an accident.<\/p>\n

In addition, labour costs have also increased.\u00a0 According to Allianz data1<\/sup>, in just the last year labour costs have risen by 6.5%, repairs by 6.6% and parts by 9.1%.<\/p>\n

These problems are affecting most vehicle manufacturers, and subsequently retailers.\u00a0 It is vital that business mitigate costs in the event of a claim by doing the following:<\/p>\n