2023 home insurance payouts reach a record £573m due to extreme weather claims, a 36% increase from 2022.
Home insurance payouts hit a record £573m in 2023 due to extreme weather claims, a 36% increase from £421m in 2022, reveals the Association of British Insurers (ABI). The surge in bad weather claims was fuelled by a series of storms, including Babet, Ciaran, and Debi, which hit last autumn. Homeowners claimed £133m for storm damage, with storm-related flooding adding another £286m. Homeowners also received £153m in payouts for burst pipes, most of which occurred in the first three months of 2023 due to the cold start to the year. Businesses also faced £443m in weather claims in 2023.
April 14, 2024
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