Insurance Weather: 5% Inclement Weather Now
- According to insurers, storms and a lot of rain were factors in the largest property insurance claims in at least seven years.
- The Association of British Insurers (ABI) said that between April and the end of June, payments totaling £1.4 billion were made to businesses and homeowners.
- This was the highest quarterly total since similar records started in 2017 and was up 5% over the previous three months.
- However, rate increases for billers have been substantial, and according to a consumer advocacy group, some insurers are still delaying payments.
- Data indicates that the UK experienced an abundance of rain in the late fall, winter, and early spring.
- October 2023 to March 2024 was the second wettest period on record for the United Kingdom in terms of total rainfall.
According to the ABI, weather-related claims over £100 million for the fifth consecutive quarter from April to June was caused by the ongoing unfavorable weather.
£144 million worth of claims were made for storm, severe rain, and frozen pipes that caused damage to dwellings; weather was the main determinant of domestic compensation. The insurers’ total claims were increased by additional problems, such as subsidence.
Insurance Weather: 5% Inclement Weather Now
Although billpayers experienced an increase in the average combined house and contents premium of 19% in the second quarter of this year compared to the same period last year, providers had to contend with their own growing costs at a period of high inflation.
Furthermore, according to Which? consumer advocate Sam Richardson, insurers still needed to address the issues.
“Good quality home insurance is increasingly important, yet customers with these products face some of the lowest claims acceptance rates,” he stated.
Insurance Weather: 5% Inclement Weather Now
While some house insurers are raising their rates, studies reveal that some are making their clients’ experiences worse by handling claims improperly.
“Huge rates of interest are also being imposed on certain home insurance customers who are unable to pay for coverage in a single annual lump sum and must pay monthly.”
Policy adviser at the ABI Louise Clark stated that providers were making every effort to offer “competitively priced cover”.
She also urged the government to address the causes and consequences of flooding.
Between April and June of this year, the average compensation for a home insurance claim increased by 16% over the first three months of the year to £5,284.
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