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Riots prompt 147% rise in insurance quotes

Last week saw a 147% increase in demand for insurance quotes from fashion retailers because of the riots.

Simply Business, a UK-based insurance broker, saw the rise in requests for quotes following the riots that swept across the country last week.

Between August 8 and 14, Simply Business provided more than double the average number of quotes for the time of year.

Requests from retailers began to rise on Monday before peaking on Tuesday, when the company provided almost four times the daily average of retail quotes and the highest number ever quoted by Simply Business in one day.

The riots, which began in Tottenham on August 6, spread across London and other cities including Birmingham and Manchester.

The quote requests received by Simply Business reflect the areas where the trouble hit, with a 298% week-on-week rise seen in London, a 137% rise in the West Midlands and an 86% rise in the North West.

Jason Stockwood, chief executive of Simply Business said: “While insurance may seem like an unnecessary expense, it can make or break a business if their premises or stock is damaged or destroyed by events outside their control.

“The typical independent high street store we see has, on average, £13,932 worth of stock and £19,818 worth of contents, fixtures and fitting at any given time.  As well as covering the costs of replenishing stock and repairing property, insurance policies can offer help and advice in securing buildings that have been broken into or damaged.”

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