Hiscox in theft claims warning

Hiscox has warned that theft claims could double by end of 2009 due to the recession.

The warning coincides with the Home Secretary’s announcement today of a burglary summit.

Hiscox believes that despite the current gloomy economic climate, individuals have more to lose relative to previous recessions if their homes are burgled.

The insurer said that the recent period of prosperity enjoyed by British home owners in the last decade and the rise of a consumer culture has led individuals to accumulate more valuable personal possessions, including home digital equipment, jewellery, watches and fine art.

Hiscox estimates that British home owners have, on average, three times more of these portable valuables than a decade ago. In addition, Hiscox’s data shows that the value of customers’ contents has increased by 20% in the last five years.

Steve Langan, managing director of Hiscox UK, said: “The 2009 home contains a treasure trove of valuables for thieves. British home owners have been in accumulation mode for the past decade, and the values of what we own – from watches to Wii’s – have increased. It’s now time to take stock of the belongings you have and make sure they are appropriately protected.”