Griffiths & Armour Europe DAC PII

50% and 100% as being a realistic assessment for 2021.

For clients renewing under our Scheme facilities, it will still be the case that individual renewals will turn on their individual circumstances. That being said, we would suggest that budgeting for potential increases of 50% would not be an unreasonable starting point.

Next Steps

The reasons ‘why we are where we are’ could easily swallow up this entire communication, so please forgive our providing a significantly abridged version. If you want to read about the market context in more detail, please click here for ‘The Supermarket Revisited’ or here for extracts from our ‘A Brave New World’ publication. We will be issuing further guidance and context to all of these issues in the forthcoming months. For now, however, we leave you with the concluding 5-point plan from a chapter in our ‘A Brave New World’ series on steps to take now to deal with the problems ahead: ������y Start – and expect to be prompted to start – discussions early. In 2021, time will be an asset not a luxury as renewals are going to take longer to conduct and to finalise than at any other point in the last two decades. Even ‘straightforward’ smaller and medium sized risks (say with fees under €1M and undertaking ‘plain vanilla’ activity) should expect to be engaging with their broker at least two months ahead of renewal. For complex risks buying large limits, unusual risks, or firms impacted by claims, more time will be required. Meaningful engagement can be required six months or more ahead of renewal date. ��������������������� Insurers are demanding more data to provide renewal terms. If you are undertaking any ‘higher risk’ work, then they will have further questions and perhaps separate forms. Higher risk is an ill defined phrase, but if we were to come up with a list of the usual suspects this includes: Basements Façade engineering Any involvement in cladding Any risk with pollution exposures Any work involving surveying or valuation of residential or commercial property Asbestos