2023 motor insurers paid a record £9.9bn in claims, a 18% increase from 2022, with vehicle repair costs rising 31% to £6.1bn.
❗ Motor insurers paid a record £9.9bn in claims in 2023, reports the Association of British Insurers (ABI). This is a 18% increase on the £8.4bn paid in 2022, with the total number of claims settled also rising by 10%. The cost of vehicle repairs saw a 31% rise to £6.1bn, reflecting increased material and labour costs for insurers.
April 05, 2024
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