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Weather is responsible for 25% of property claims, and Insurers have sophisticated risk-mapping tools for a potential major incident such as Flooding and Hurricane. When managing claims, insurers also need to pay for a network of suppliers, lawyers, and loss adjusters. The underwriter will then make a calculation of the more predictable losses and then for the “known unknowns” i.e. large unexpected losses. Once a premium is agreed the underwriter will issue a Policy and collect the premium. There is usually a time gap between receipt of premium and payment of claim, so Insurers have time to invest the premiums and hope for an investment return. How much claims do Insurers pay out? and expenses for every £1 of premium collected. Do and should we care if insurers make money? Insurers play a key part in society and our economy, and we need them. They provide many supportive services and financial help in times of need. They work to reduce risk across all industries, lobby and contribute to important issues such as climate change and changes in Law. They remain a critical vehicle for UK savings and pensions, and manage a pool of assets whose value is equivalent to the UK’s annual GDP. Additionally, the UK insurance industry employs over 340,000 people. Many will continue to shop around for lower premiums and this is a natural p You can see that it’s not easy to make money if you are an underwriter. In fact Motor Insurers have not made any money for 20 Years, and Liability Insurers have only made money once in 13 years. Also around 4% of claims paid out are down to fraudulent claims and overall insurers pay out each year approximately 96p in claims However, falling premiums cannot continue forever henomena. However, falling premiums cannot continue forever and at some stage the pendulum will swing. When it does, companies will need to be prepared. They will need to illustrate a culture of willingness to invest in Risk Management, and evidence how they are going to reduce risk in order to minimise future premium spend. Sutton Winson is a specialist Insurance Broker in the Broadcast & Media industry and is able to help you manage your business risks. To discuss your insurance requirements, please contact Leighton Chenery on, call 07976327407 or visit Virtual Studios and Real-time 3D Graphics Systems, Services and Hire Green Screen Studio available for hire at Elstree Film Studios 6.7mtrs x 5.5 mtrs CG Production Services Design, Build, Data Acquisition, Control and Operate Services Technical Consultancy System Design Initial Planning Project Management Installation Services Training Emergency Maintenance Support Contracts Solutions Virtual Studios Augmented Reality News & Sports Elections Branding Finance Weather Entertainment Product Areas Real Time 3D Systems (Software & Hardware) Camera Systems Camera Robotics Lighting Blue & Green Screen Backdrops Compositing Devices Motion Capture Camera Tracking Storm Broadcast Ltd Elstree Film Studios Shenley Road, Borehamwood, Hertfordshire WD6 1JG T +44 (0)845 500 66 44 STORM AD DEC 2015 1 21/12/15 11:42:21 KITPLUS - THE TV-BAY MAGAZINE: ISSUE 111 MARCH 2016 | 41 TV-BAY111MARCH_Book.indb 41 11/03/2016 17:17