UK Insurers Report Record £1.4 Billion Payouts

The UK insurance industry reported a record £1.4 billion in property claims during the second quarter of 2024, marking the highest amount since the Association of British Insurers (ABI) began tracking data in 2017. This reflects a 5% increase from the previous quarter, driven by adverse weather events such as storms and flooding, which caused home damage claims totaling £144 million. The average payout per home insurance claim rose by 16% to £5,284, while subsidence claims hit a record £60 million. The average home insurance premium also increased to £396, a 6% rise from the prior quarter. Despite these increases, the average premium remains lower in real terms compared to 2017 levels. ABI officials emphasized the critical role of home insurance in supporting customers amid these escalating costs and claims.