2024 Q1: UK home insurance premiums rose 3% to £375, with severe winter weather causing a 5% rise in buildings-only cover to £298.
In Q1 2024, UK home insurance premiums rose 3% to £375, with a 19% annual increase. Severe winter weather led to a 5% rise in buildings-only cover to £298, and contents-only insurance remained at £132. The ABI reported £573m in weather-related claims in 2023, with storms and flooding causing significant damage. Despite the increases, when adjusted for inflation, current prices are still below Q1 2016 levels.
May 09, 2024
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