In Q2 of this year, property insurance payouts reached the highest figure since records began in 2017*.
Homeowners and businesses are continuing to reap the benefits of having protection, as insurance companies paid out £1.4bn in claims between April-June 2024 – a 5% quarterly increase. The average home insurance payout also rose by 16%, reaching £5,284 per claim.
The impact of global warming
A rise in weather damage claims has contributed to the uptick in payouts, with the ABI commenting that ‘adverse weather continues to play a significant role in the amount insurers pay out in home insurance claims’. In fact, Q2 was the fifth consecutive quarter in which claims for weather-related damage to homes totalled more than £100m.
Reflecting on the figures, Policy Adviser at the ABI, Louise Clark, said, “it’s important that the government takes the opportunity to reform the planning system, to focus on prevention and resilience measures to help reduce our nation’s vulnerability to the effects of climate change.”
Get in touch
With weather damage a growing issue, it’s important to make sure that your home is sufficiently insured as we head into the winter months. Contact us to review your cover.
As with all insurance policies, conditions and exclusions will apply.
ABI, 2024
