Latest news with #LouiseClark
Business Mayor
07-05-2025
- Business
- Business Mayor
Claims for weather-related damage to homes and possessions hit record £226m
Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Insurance claims for weather-related damage to people's homes and possessions totalled a record £226 million between January and April, according to the Association of British Insurers (ABI). The ABI said it is the first time that quarterly claims for weather-related damage have topped £200 million in its data, going back to the start of 2017. Payouts surpassed the previous quarterly record set during the first quarter of 2022 by £67 million. The record payouts follow significant and consistent bad weather, including Storm Eowyn, the ABI said. Bad weather was not just a problem for households, as ABI members also paid out £109 million to businesses for weather-related damage and business interruption – a £7 million increase compared with the first quarter of 2024. Louise Clark, manager of general insurance policy at the ABI, said: 'Insurance remains a critical safety net when disaster strikes. But with climate change driving more frequent and severe weather, there must be a greater focus on prevention measures.' The annual average price of combined building and contents home insurance in the first quarter of 2025 was £393 – £1 lower than the previous quarter but £24 higher than in the first quarter of 2024, as high claim costs continue to have an impact on the price of cover. The average price of buildings-only insurance fell by £1 compared with the previous quarter to £322, but this was still £28 higher compared with the first quarter of 2024. The average price of contents-only insurance in the first quarter of 2025 fell by £8 compared with the previous quarter, to £128. This is also £2 lower than the average price paid in the first quarter of 2024, the ABI said.
The Independent
07-05-2025
- Business
- The Independent
Claims for weather-related damage to homes and possessions hit record £226m
Insurance claims for weather-related damage to people's homes and possessions totalled a record £226 million between January and April, according to the Association of British Insurers (ABI). The ABI said it is the first time that quarterly claims for weather-related damage have topped £200 million in its data, going back to the start of 2017. Payouts surpassed the previous quarterly record set during the first quarter of 2022 by £67 million. The record payouts follow significant and consistent bad weather, including Storm Eowyn, the ABI said. Bad weather was not just a problem for households, as ABI members also paid out £109 million to businesses for weather-related damage and business interruption – a £7 million increase compared with the first quarter of 2024. Louise Clark, manager of general insurance policy at the ABI, said: ' Insurance remains a critical safety net when disaster strikes. But with climate change driving more frequent and severe weather, there must be a greater focus on prevention measures.' The annual average price of combined building and contents home insurance in the first quarter of 2025 was £393 – £1 lower than the previous quarter but £24 higher than in the first quarter of 2024, as high claim costs continue to have an impact on the price of cover. The average price of buildings-only insurance fell by £1 compared with the previous quarter to £322, but this was still £28 higher compared with the first quarter of 2024. The average price of contents-only insurance in the first quarter of 2025 fell by £8 compared with the previous quarter, to £128. This is also £2 lower than the average price paid in the first quarter of 2024, the ABI said.
