That was according to the ABI, which said the rise was partly driven by an increase in subsidence claims following last summer’s record-breaking heatwave. In a report published yesterday (19 September 2023), the association said subsidence payouts jumped 21% year-on-year to £54m in Q2 2023, while the average claim increased 24% to £4,300. Mervyn Skeet, the ABI’s director of general insurance policy, said: “Home insurance continues to do what it says on the tin – support customers when the worst happens. The ABI found that the average price paid for a combined buildings and contents policy rose to £329 in Q2 2023, up from £299 in the same period in 2022. And the association revealed that last year, for every £1 insurers received in home insurance premiums, they paid out £1.22 in claims and expenses.

Source: The Times September 20, 2023 10:08 UTC