News & Insights

Insurance Post Podcast: Carrying on Caravanning

Kevin Minnear, Head of Underwriting at Compass, and Dan Dawson, Head of Underwriting at Ripe

In this episode of the Insurance Post podcast, editor Emma Ann Hughes is joined by Kevin Minnear, Head of Underwriting at Compass, and Dan Dawson, Head of Underwriting at Ripe. They discuss how caravan and motorhome insurance has adapted post-pandemic, the challenges facing the sector, and how insurers are working to protect their customers’ homes on wheels.

Evolving trends post-pandemic

Kevin highlighted that the pandemic changed holiday habits, increasing demand for caravans, which in turn pushed up theft claims. “There was a greater demand for caravans and a shortage supply so that actually increased theft claims,” he said.

Dan agreed, noting a more diverse customer base. “We’re seeing a lot more younger customers… the market has just exploded really,” he explained, adding that most policyholders now take short UK-based trips rather than long European tours due to Brexit-related travel restrictions.

Common types of claims

Both insurers see a range of seasonal and usage-related claims. Kevin pointed out that, “in terms of frequency probably the accidental damage claims,” are most common, such as clipping posts or hitching failures.

Dan said, “in the winter it is generally weather-related claims,” while thefts tend to spike based on where vehicles are stored. “There is a real difference in terms of risk profile… between customers who keep their caravan at home or in a best-in-class CaSSOA-type storage site versus those… on the corner of a farm.”

Risk education and communication

Kevin and Dan both emphasised the need for ongoing customer education. Kevin noted, “we try to communicate with our customer base via emails and marketing campaigns,” to raise awareness of risks and encourage better storage.

Dan described a more content-driven approach: “We’ve got a fantastic content team… they’ll put together some great content… we try to be more proactive in terms of if there is a weather warning incoming.”

They’ve even attended events and festivals to better understand the community. “There’s people queuing up to talk to the guys… so it’s about that real in-depth understanding of the market,” said Dan.

Challenges and opportunities ahead

Looking forward, Kevin cited inflation and supply chain issues as major challenges. “The market is extremely competitive at present… at some point that will have an impact on insurers,” he warned.

Dan agreed, also highlighting the need to keep pace with vehicle sophistication and customer expectations. “There is a lot of competition out there… great news for customers but it can cause challenges on our side,” he said.

The episode concludes with a reflection on the growth and diversification of the market, and how insurers are adapting to new consumer needs and risks.