Association of British Insurers also revealed a rise in the average payout per home insurance claim, which rose by 16% from the previous quarter to £5,284
The UK insurance industry has reported a surge in property claims, with a record payout of £1.4 billion in the second quarter, according to the Association of British Insurers.
This marks the highest quarterly figure since the ABI began gathering such data in 2017.
Association of British Insurers also revealed a rise in the average payout per home insurance claim, which rose by 16% from the previous quarter to £5,284.
Homeowners and businesses are facing substantial damage due to a series of weather catastrophes, including storms, heavy rainfall, and frozen pipes, leading to a consistent increase in claims.
Claims specifically for damages to homes totalled £144 million during this period, exceeding £100 million for the fifth successive quarter.
Business-related weather damage claims also remained high, touching £81 million.
This surge in claims has coincided with a rise in the average cost of home insurance.
Association of British Insurers reported that the average home insurance premium has increased to £396, a 6% rise from the preceding quarter.
The average buildings-only policy now stands at £321, up by £23 (7%) while the average contents-only cover has risen by £5 (4%) to £137.
Despite the recent spikes, when considering the long-term trend and adjusting for inflation, the average premium for a combined policy is still 2.5% lower than in the second quarter of 2017, at £406.
However, the average claim paid out has become 45% more costly compared to the same quarter in 2017, reflecting the growing impact of weather-related incidents on the insurance sector.
ABI policy adviser Louise Clark said: Our latest figures show the devastating effect that adverse weather can have on people and their homes. That is why it is necessary that the government takes the opportunity to reform the planning system, to focus on prevention and resilience measures to help reduce our nation’s vulnerability to the effects of climate change.
