The Association of British Insurers (ABI) cited EY stats that revealed in 2023, for every £1 property insurers took in home insurance premiums, they shelled out £1.18 in claims.
Insurers forked out £585m for weather-related damage to homes and possessions in 2024, setting a new record since the Association of British Insurers (ABI) began tracking these figures in 2017.
The final quarter alone saw claims for home damage due to adverse weather hit £146m, marking the seventh consecutive quarter where weather-related claims exceeded £100m.
This surge in claims has nudged premiums upwards, with the annual average cost of combined building and contents home insurance in 2024 jumping by £55 (16%) from the previous year, reaching £395.
Mark Shepherd, head of general insurance policy at the ABI, commented: "Our latest data serves as a blunt reminder of the devastating damage that adverse weather can cause to people’s homes and businesses.
