- In 2022, 68% of bicycle claims occurred away from the home, with thefts up 54%.
- 26% of home claims were for accidental damage.
- LV= launches campaign to help IFAs understand the importance of ensuring customers are fully protected
With new data from LV= General Insurance (LV= GI), the UK’s third largest home insurer, revealing that claims for accidental damage, bikes and thefts away from the home have all risen in 2022, the company has launched a new campaign titled ‘A little extra cover goes a long way’. Aimed at IFAs, the new campaign is designed to highlight the benefits of home insurance optional extras, to help ensure customers are protecting the things that are important to them.
Following analysis of its recent claims data, LV= GI identified that in 20221 68% of bicycle claims happened away from the home. What’s more, thefts away from the home were up 54% and 26% of new claims reported were for accidental damage. The average claim costs for accidental damage in 2022 was £1,300, with the average theft claim away from the home costing £1,400 and bicycle claims at £1,350.
With cover for items away from the home, protection for bicycles and accessories away from the home2, and accidental damage offered as optional extras, the campaign will help advisors understand what their clients are covered for and where they might need extra insurance. Advisors will be able to tailor a home insurance policy to cover their client’s specific needs, which in turn will help provide reassurance for unexpected events such as water damage, spills, lost items and theft.
Sarah Watts, Head of Intermediary at LV= General Insurance said: “We’re committed to helping advisors provide insurance advice to their clients so that they have the best protection, but we understand that most of their time is taken up advising on mortgages.“By providing the information to advisors on the simplicity and value of tailoring a home insurance policy, we hope this will help ensure their clients have the right insurance. Plus, our innovative SmartQuote technology makes obtaining a home insurance quote an easy and efficient process.”
Notes to editors
For more information on LV Intermediaries, visit the LV= about us page for an introduction...
Find out more about LV= optional extra to see what cover might be right for you: A little extra cover goes a long, long way | LV= GI for Intermediaries (lvgi-intermediaries.co.uk)
1 LV= claims data covering 2021 – 2022.
2 Covers bicycles and accessories away from the home, up to £500 per bicycle - other bicycles worth more need to be specified.
About Liverpool Victoria General Insurance
- LV= General Insurance provides car, home, pet, travel, landlord, breakdown and home emergency insurance to around 6.5 million customers in the UK.
- We’re the UK’s third largest personal lines insurer with just over £2 billion in annual premium in income.
- We offer our products and services directly to consumers as well as through intermediaries, including brokers, affinity partners and IFAs.
- LV= General Insurance uses the LV= brand under licence from the Liverpool Victoria Financial Services Group.
- We are part of the Allianz Group, one of the world's leading insurers and asset managers with more than 125 million retail and corporate customers.
- Within the Allianz Group, LV= General Insurance forms part of Allianz Personal, one of the largest personal lines insurers in the UK, with gross written premiums of £2.6 billion, almost 8 million customers and around 4,000 employees. Allianz Personal comprises LV= General Insurance, Petplan, Home & Legacy and Allianz Musical Insurance.
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About the Insurance Fraud Bureau (IFB)
IFB is a not-for-profit organisation at the heart of the UK’s fight against insurance fraud. It acts as a central intelligence hub for industry members to share intelligence to help detect and disrupt fraud networks. IFB Investigators work alongside police forces, regulators and industry watchdogs to build evidence and support enforcement.
Since its inception in 2006, IFB’s investigations have helped to secure nearly 1,300 arrests and over 670 convictions (totalling more than 600 custodial years in prison).
IFB regularly runs awareness campaigns to help the public spot signs of insurance scams and encourages the public to report evidence of insurance fraud to its Cheatline. IFB is on Twitter, LinkedIn, Facebook and Instagram. Learn the latest convictions on IFB’s media centre.