Context
The ABI has published its latest data from the second quarter of the year showing that Insurers paid £1.4bn in claims for property damage. This is a quarterly high since the ABI started collecting the data in 2017 – and a 5% increase on the first quarter of 2024 when pay-outs hit £1.3bn. The quarterly rise in claims comes as adverse weather continues to play a significant role in the amount insurers pay out in home insurance claims.
Key points to note and next actions
- The average price of home insurance rose to £396, up £21 (6%) on the previous quarter.
- The average buildings-only policy was £321, an increase of £23 (7%) from the previous quarter.
- For contents-only cover, the average price paid was £137, an increase of £5 (4%) higher than the first quarter of 2024.