Is there anything that I can do to prevent my premium from increasing? There are many actions with little or no cost that can be done. Tip 24 – The Year Ahead I want to start 2015 by thanking those of you for responding to the advice and tips given to date. The positive news is that the number of incidents reported involving slips and trips has reduced by 50%! As I repeatedly tell you the cost of claims for slips and trips are the highest when compared to all other classes of claims so this is extraordinarily brilliant news. Well done to all who have reacted! In spite of the positive news burglaries continue to escalate. The cost of burglary claims is second only to slips and trips. The savings that will be made on slip and trip claims will unfortunately take some time to filter through whereas the cost impact of burglary claims are immediate. The net effect of this is that we are now entering what is known in the insurance business as a “hardened market.” In short this means fewer insurers willing to offer shop insurance and a massive increase in premiums from the few that remain. We have been engaged in discussion with insurers across the Irish market and beyond and can report that this problem is widespread. The concept of the insurance market has simplified in recent years. Investment income is no longer relevant. It’s very simple. Premiums simply have to exceed claims and expenses costs and they have been failing to do so for some considerable time. If you compare the size of our population with that of the UK you realise that the number of contributors to each fund paying for claims means that the contribution of the few have the greater burden by a massive distance. Let’s be positive here folks! We have made progress and we will be rewarded for actions taken. I will continue to engage with sources that will provide information which I will share with you and your response will help! Keep watching this space! Always remember – call us to discuss any/every incident. We will advise and guide you.