Printer Friendly

FDF to put spotlight on insurance hikes. (News).

The Food and Drink Federation has added its voice to a furore over spiralling insurance premiums after surveying its members.

Food and drink suppliers reported hikes in property, business and employer liability insurance across the board.

One company said its property and business interruption insurance premium alone had risen 2,000%.

The FDF is planning to explore what can be done to contain costs at a conference on February 19.

It will look at why insurers are demanding large premium increases, what the future holds, and what FDF is doing.

A spokeswoman said: "We have been gathering information from members over the last few months, and we will look to contribute our findings to ongoing government work."

The Department of Work and Pensions, and the Office of Fair Trading are both looking into the UK insurance market.

Meanwhile, supermarkets are battling to keep down costs of their insurance policies for the coming year, with talks on terms under way.

Somerfield said its premiums rose 30% in 2002. It is due to renew its premium in April, in line with most other multiples.

Safeway said its premiums "rose substantially" in 2002.

Tesco is the only major retailer to have agreed terms for 2003. It started a new contract just before Christmas but details are not available.

And the British Retail Consortium is pushing ahead with preparations to survey members about retail business costs, including cost of insurance premiums.

The Grocer reported in August that insurance premiums had gone up up to 1,300% since insurers reassessed risk in the light of September 11.
COPYRIGHT 2003 William Reed Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Comment:FDF to put spotlight on insurance hikes. (News).
Article Type:Brief Article
Geographic Code:4EUUK
Date:Jan 18, 2003
Previous Article:Beckett cracks the whip to improve staff competency. (News).
Next Article:Conversion `to take six years'. (News).

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters