Cost of living: Is there anything left to cut?
84% of heritage sites will have to make drastic cuts to survive.
Find out how index-linking, valuations and our resources can help cut costs and raise funds to innovate and attract visitors.
Heritage risk barometer 2022
04 January 2023
The heritage landscape is full of concerns and challenges, but those who safeguard our heritage are resilient, passionate and ingenious.
The Heritage Risk Barometer is a major research-based report that aims to uncover the risks that the heritage sector is facing, enabling us as a specialist insurer, to consider what we can do to support the sector in managing and mitigating those threats.
In July 2022, we interviewed 500 decision-makers across the heritage sector and 84% of them told us they will have to drastically cut costs to survive.
Perhaps inevitably, this year’s report is dominated by the cost-of-living crisis (89% concerned above all else). It also finds that:
- The majority (58%) have seen a reduction in visitor numbers since the pandemic
- Most (78%) think they will need to innovate to survive
- 80% are concerned about the wellbeing and retention of volunteers and staff
- And almost all (90%) are concerned about energy consumption.
The report celebrates the sector’s significant progress towards sustainability targets and improving access for all visitors. And it demonstrates that, while the challenges are significant, heritage organisations are already displaying determination and creativity in the ways they are meeting them.
How we support heritage organisations
- With the cost-of-living crisis, many heritage organisations need funding to innovate to attract visitors and push sustainability projects. Look at how we’ve supported other heritage organisations with our Movement for Good.
- Make sure your sums insured are at the correct level with the Ecclesiastical Heritage Index (EHI). We use our unique Ecclesiastical Heritage Index to help ensure that our Heritage Policyholder’s building sums insured are maintained at an adequate level for buildings of a traditional construction.
- In times of uncertainty, a traditional approach to risk management may no longer be enough for heritage organisations. Learn how a strategic approach to risk can help your organisation to build resilience.
- Times of hardship are often linked to increased crime. Mitigate against theft and damage with our smash-and-grab risk guidance.
- Learn more about preventing Heritage Crime with our Heritage crime guidance.
- If you’re looking to move to renewable energy sources, call our preferred supplier Isoenergy (Designers and installers of renewable energy systems) who offers all customers a free telephone consultation.